Sensex might be under pressure, but over 180 stocks hit fresh 52-week high on BSE

NEW DELHI: The S&P BSE Sensex may have slipped over 200 points in trade on Tuesday but the momentum was in the rest of the stocks on the Bombay Stock Exchange. This is evident from the fact that as much as 182 stocks rose to their fresh 52-week high.

Although there were no high flying stocks in the BSE Sensex, but as much as 16 stocks rose to their fresh 52-week high on the S&P BSE Mid-cap index and 37 stocks rose to their fresh 52-week highs on the S&P BSE Small-cap index.

At 02:40 p.m.; the S&P BSE Sensex was trading at 22,496.98, down 132.98 points or 0.58 per cent. It touched a high of 22,737.31 and a low of 22,416.24 in trade today.

Stocks which rose to their fresh 52-week high on the BSE Mid-cap index include names like VST Industries, HDIL, Engineers India, CESC, Gruh Finance, Hexaware Technologies, Gujarat Gas etc.

The BSE Midcap index has performed marginally better than the BSE Sensex so far in the year 2014. The index was up nearly 9 per cent as compared to 7 per cent gain seen on the BSE Sensex.

Stocks which rose to fresh 52-week high on the BSE Small-cap index includes names like NCC, Clariant Chemicals, Greaves Cotton, Atul, KEC International, NCC Ltd, Raymond, Sona Koyo, SREI Infrastructure, Tinplate Company of India etc.

India markets have rallied ahead of Lok Sabha Elections 2014, and the euphoria is quite evident the way markets have hit fresh highs in the run-up to election results which are dues on May 16.

The hope based rally has already pushed the BSE Sensex higher by over 7 per cent or nearly 1500 points so far in the year 2014, while the 50-share Nifty index surged nearly 500 points or 7.5 per cent in the same period.

However, part of the pre-election rally is largely over and the index may remain rangebound till May 16th till the time some trickles in as to who is forming the government, say analysts.

“Large part of the pre-election rally has been done because more or less market seems to be factoring in that BJP is forming a government. The only question now left what will happen post May 16th would be what kind of tally it gets,” said Vikas Khemani, CEO, Edelweiss Securities.

“If NDA gets closer to a significant majority anywhere between 270 to 300 numbers, then we might see a market pop building up and if it is slightly short or just in and around 270 number, then we will see market sort of consolidating,” he added.

But to a great extent, Khemani is of the view that the pre-election rally has been played out.

We have collated list of stocks which rose to their fresh 52-week high on the BSE: