Sensex ends flat, but over 200 stocks hit fresh 52-week high on BSE

NEW DELHI: Even though the S&P BSE Sensex moved in a narrow range throughout the trading session on Wednesday, but over 200 stocks managed to hit their fresh 52-week highs on the exchange.

The S&P BSE Sensex closed 1.3 points lower at 28442.71. It hit a low of 28370.73 and a high of 28504.65 in trade today.

The action was seen more in realty, power, banking and banking sector as 217 stocks rose to their fresh 52-week high on the BSE with small and midcap stocks stealing the limelight.

The stocks which rose to fresh 52-week highs include names like Axis Bank, Yes Bank, ICICI Bank, HUL, United Spirits etc.

"It was a dull trading session for the equity markets as the benchmarks closed almost flat after trading sideways for the entire day. However, stock specific move especially in midcap and smallcap space provided ample trading opportunities and kept the participants busy," says Jayant Manglik, President-retail distribution, Religare Securities Limited.

Sentiments got some support as the HSBC services Purchasing Managers' Index (PMI) rose to five-month high at 52.6 in the month of November from 50 in October.

"Further, the positive effect continued for the second successive day especially in the rate sensitive sectors in response to the RBI Governor's statement that a rate cut was likely early next year if the inflation momentum continues to follow downward path," adds Manglik.

We believe the Nifty index would consolidate further in the coming days but the overall bias would remain on the positive side till the Nifty index is upholding above 8350 mark. So, any decline can be considered to accumulate index majors and quality midcap stocks."

The BSE Mid-cap index closed 1.39 per cent higher at 10,499.86 with as much as 27 stocks hitting fresh 52-week highs, which include names like MRF, EIH, Bajaj Corp, Godrej Properties, ING Vysya Bank, Pfizer, Raymond, Tata Chemicals etc.

The BSE Small-cap index closed 1.6 per cent higher at 11,435.88 with as much as 34 stocks hitting fresh 52-week highs, which include names like Texmaco Infrastructures, Atul Auto, JBF Industries, Shasun Pharmaceuticals, OnMobile Global, Nesco Ltd etc.