Sensex, Nifty up with healthy gains; more than 200 stocks hit 52-week highs

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D-Street Buzz: Sensex, Nifty up with healthy gains; more than 200 stocks hit 52-week highs

Indian equity benchmarks the Sensex and the Nifty traded with healthy gains in morning trade on August 10, with more than 200 stocks hitting their fresh 52-week highs.

Apollo Pipes, Deepak Nitrite, IRCTC, Jubilant FoodWorks, Laurus Labs, Mphasis, Tata Chemicals and Thirumalai Chemicals were among the stocks that hit their fresh 52-week highs in intraday trade on BSE.

Besides, more than 200 stocks, including Future Retail, Rajnish Wellness, ANG Lifesciences India, Earum Pharmaceuticals and Kwality Pharmaceuticals, hit their upper circuits.

The Sensex and the Nifty traded in the green after registering a positive opening, supported by gains in Reliance Industries, HDFC, Kotak Mahindra Bank and HDFC Bank.

At 1025 hours, the Sensex was up 200 points, or 0.37 percent, at 54,603 and the Nifty was trading 47 points, or 0.29 percent, higher at 16,305. Mid and smallcaps were underperforming the frontline stocks.

BSE midcap index was 0.19 percent up, while the smallcap index was 0.16 percent down at that time.

“During the last several trading sessions, the outperformance of largecaps was led by the high-quality private sector financials. The underperformance of the mid and smallcaps is a desirable healthy trend since it is removing the froth in the segment,” said VK Vijayakumar, Chief Investment Strategist,Geojit Financial Services.

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Among the sectors, BSE FMCG, industrials, utilities, realty and metal were in the red, while energy, finance, IT, bank and consumer durables climbed up to a percent.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty is at 16,300 once again and it remains to be seen is if it can close above the level.

“If we can manage that, the index should move higher to 16,500-16,600. Traders should focus on buying rather than selling as the market trend is positive and there is good support at 16,050-16,100. A buy on dips approach would be appropriate,” Hathiramani said.

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