PVR Limited, Tata Motors and Tata Steel stood among 64 stocks on the National Stock Exchange (NSE) that hit their fresh 52-week high, as BSE Sensex and NSE Nifty closed higher on Friday following their global counterparts. Sensex jumped 363.98 points to close at 28,078.35, while NSE Nifty ended 132.05 points up to settle at 8,683.15. Kajaria Ceramics, Larsen & Toubro Infotech, NTPC Ltd, SRF Limited, Havells India, Hero MotoCorp, Indraprastha Gas and Inox Leisure were among other stocks that touched their fresh 52-week high in Friday’s trade.
Asian markets mostly ended higher after Bank of England on Thursday slashed interest rate and announced more stimulus to shore up its economy which supported the domestic markets sentiments. Investors further got a boost when it was announced that the government is set to bring Goods and Services (GST) Bill to Lok Sabha on August 8. The bill was passed by Rajya Sabha on August 3.
“The case for an upgrade in market valuations, post the passage of the GST continued to roll the market. IMD has retained their positive outlook of above average monsoon and Govt’s plan to maintain the long-term inflation target at 4 per cent did provide a philip to the market. The global market was also active on Friday led by Bank of England’s stimulus measures and optimism over US employment data, ” Vinod Nair, head of research, Geojit BNP Paribas Financial Services said.
However, Tree House Education, Nagarjuna Fertilizers and Chemicals, Kalyani Investment Company and Max India were among 16 stocks that touched their fresh 52-week low on the last trading session of the week.