After the exit poll results indicated Bharatiya Janata Party’s victory in the Lok Sabha Elections with a thumping majority, the Indian headline indices- Sensex and Nifty surged more than 1400 points and 400 points respectively on Monday. Both of the indices opened higher in the morning ahead of vote counting scheduled on Thursday this week. We take a look at a top ten blue chip stocks which hit their 52-week high today.
Most of the banking stocks hit their 52-week high in Monday’s trading session. State Bank of India, ICICI Bank, Kotak Bank and HDFC Bank touched their year’s peak on NSE. The other stocks which saw a massive and hit their 52-week high are Adani Ports, Larsen & Toubro, HDFC, UltraTech Cement, Titan and Bajaj Finance.
“After a few volatile sessions, the markets today opened with a 2% gain on both the indices with exit polls stating a comfortable victory to the NDA. The expected stability and continuity in policy, increase in FII inflow are keeping the markets positive. We are likely to see a revival in the corporate performance from the 2nd quarter in this financial year. If these results hold true on May 23, it will be good for the economy, though short term the markets may be driven by sentiments,”Pradeep Gupta, Co-Founder & Vice Chairman, Anand Rathi told Financial Express Online.
Among the banking stocks, shares of India’s largest bank SBI rallied by 8.3 percent to finally end at Rs 345.80 on BSE. ICICI Banks shares surged about 5 percent to finally settle at Rs 408.25, while shares of Kotak Bank and HDFC rallied around 3 percent to close at Rs 1,502 per share and Rs 2428 per share on NSE.
Stocks of L&T and HDFC rose more than six percent during intra-day trading session and settled at Rs 1,454 and Rs 2,120 a piece respectively. Shares of Adani Ports jumped more around 11 percent to end at Rs 407.45 on NSE. Shares of cement major UltraTech Cement rose around 6.21 percent and closed at Rs 4,771.80 per share. Shares of Titan and Bajaj Finance rose around 4 percent and 3 percent respectively. While, the shares of Tata Group company Titan shares ended at Rs 1,236.90 per share, stocks of Bajaj Finance close at Rs 3,418.50 on NSE.