The broader NSE Nifty reclaimed the 8,700-level and hit a high of 8,750.60 before settling up by 136.90 points, or 1.59 per cent, at 8,744.35, its highest closing since April 15, 2015 when it had closed at 8,750.20.
Dewan Housing Finance Corporation, Gujarat Mineral Development Corporation, eClerx Services, Zee Entertainment Enterprises and Maruti Suzuki India were among the 87 stocks that hit their fresh 52-week high on NSE on Tuesday as the bourse closed above 8,700 level to hit 16-month high on global cues amid positive corporate earnings. The broader NSE Nifty reclaimed the 8,700-level and hit a high of 8,750.60 before settling up by 136.90 points, or 1.59 per cent, at 8,744.35, its highest closing since April 15, 2015 when it had closed at 8,750.20.
Strong Asian markets also contributed to stock markets rally with Hong Kong’s Hang Seng rising 0.85 per cent. Shanghai Composite Index up 0.15 per cent, while Singapore rose 0.06 per cent. Japan’s Nikkei, however, ended a shade lower.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said,” Finally, the month-long consolidation phase in Nifty ended with a decisive break above 8700 on Tuesday. After gap-up start, rotational buying in index majors kept the momentum going till the end and also aided benchmark to close at the day’s high. Sentiments got a boost with the latest statement from the RBI, sharing optimism over the growth prospect in this fiscal. Also, firm opening of European markets further strengthened the rally.”
Among other stocks that hit their fresh 52-week high were Ambuja Cements, Deepak Fertilizers and Petrochemicals Corporation, HDFC Bank, Indiabulls Housing Finance, Gruh Finance, The India Cements, JK Lakshmi Cement, JK Tyre & Industries, Mahanagar Gas Ltd, Tata Motors and V-Guard Industries.
MBL Infrastructures, Transport Corporation of India, Welspun India,The Grob Tea Company, Tata Elxsi and Lypsa Gems & Jewellery were among 20 stocks that hit their fresh 52-week-low.