Around 34 stocks on the National Stock Exchange including YES Bank, Hero MotoCorp, DB Corp, Ajanta Pharma, TTK Prestige and V-Guard Industries hit their fresh 52-week high on Wednesday despite a fall the benchmark Nifty 50 index slid nearly a percentage point. NSE Nifty index slid 78.05 points down at 8544.85. Carborundum, Geometric, Advanced Enzyme Technologies, Mahamaya Steel Industries, Kajaria Ceramics, Indian Bank and Kansai Nerolac Paints stood among other stocks which hit their new 52-week high in today’s trade.
Domestic equity markets closed lower on Wednesday with BSE Sensex plunging over 284 points to end at 27,697.51 and NSE Nifty ending 78.05 points down at 8,544.85 following weak global cues as investors remained cautious before a decision on the GST bill, debate on which is underway in Rajya Sabha. Overall market breadth remained in favour of decliners as 906 stocks advanced on BSE while 1825 stocks ended in red. Traders overlooked the Nikkei India Services Purchasing Managers’ Index which jumped to 51.90 in July, up from 50.3 in June.
However, 20 stocks including Max India, Nagarjuna Fertilizers, Birla Cotsyn, Rainbow Papers, SRS Ltd and Surana Industries hit their fresh 52-week low on Wednesday.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “The market slipped due to weak global cues coupled with investors’ sentiment on the long pending GST bill in the upper house. The market is floating on a premium valuation and the risk reward is low so investors are on the verge of profit booking. If GST is passed with a favourable tax rate then the market will get a positive momentum. However, a sustainable recovery will depend upon the actual upgrade in corporate earnings through the implementation of the bill.”