Lacklustre trade at markets; 74 stocks defy trend to hit their fresh 52-week high on NSE

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Published: August 23, 2016 5:02:32 PM

Biocon, Federal Bank, Escorts, Cinevista, Indraprastha Gas, The Phoenix Mills, Taj GVK Hotels & Resorts and Tata Chemicals were among 74 stocks that defied the trend and hit their 52-week-high on NSE.

Lacklustre trade at markets; 74 stocks on NSE defy trend to hit their fresh 52-week highBiocon, Federal Bank, Escorts, Cinevista, Indraprastha Gas, The Phoenix Mills, Taj GVK Hotels & Resorts and Tata Chemicals were among 74 stocks that defied the trend and hit their 52-week-high on NSE on Tuesday. (Photo: Reuters)

Stock markets that opened flat on Tuesday ended with marginal gains in a lacklustre trade as investors remained cautious as they awaited a speech by US Federal Reserve Chair Janet Yellen’s later this week at the gathering of central bankers in Jackson Hole, Wyoming, for further cues on US interest rates. Sensex closed 4.67 points up to settle at 27,990.21, while Nifty ended 3.45 points up to settle at 8,632.60. Biocon, Federal Bank, Escorts, Cinevista, Indraprastha Gas, The Phoenix Mills, Taj GVK Hotels & Resorts and Tata Chemicals were among 74 stocks that defied the trend and hit their 52-week-high on NSE on Tuesday.

Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund said, “It was a volatile day on the bourses as key benchmark indices oscillated around the flat line amid investor uncertainty. A mixed trend was observed in overseas stock markets, as participants await a speech from Federal Reserve Chairwoman Janet Yellen, scheduled for later this week. Sectoral performance was conflicting, with the Information Technology (IT) and Media indices on the National Stock Exchange (NSE) registering sharp gains, while the FMCG, healthcare and metals indices languished in the red.”

Among other stocks that hot their fresh 52-week-high were Dewan Housing Finance Corporation, Petronet LNG, Zee Entertainment Enterprises, Power Grid Corporation of India, Shalimar Paints, Hindustan Oil Exploration Company and Mahindra Holidays & Resorts India.

Howeever, in all 18 stocks hit their fresh 52-week-low on Tuesday. Welspun India, MindTree, Larsen & Toubro Infotech, Rainbow Papers, FCS Software Solutions and Karuturi Global were among few stocks in this list.

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