Subdued rise in Sensex but 70 stocks hit fresh 52-week highs

While the BSE Sensex is slowly inching towards the 28,000 mark in a steady-paced rally since early trades, about 70 stocks have already hit their respective 52-week highs so far on renewed optimism with investors betting on select oil stocks and pharma counters.

At 1:12 pm, the benchmark Sensex was at 27,928.33, up a subdued 0.4 percent from the previous close.

Several mid and small-cap stocks scaled to their fresh one-year highs, even as their respective indices (BSE mid-cap and small-cap) are trading with modest gains.

“The market is taking a fresh look at some of the mid-rung stocks after the recent lull, as several of them either witnessed profit taking in recent sessions or exhibited lacklustre trend. If the sentiment improves going ahead, we might see more companies in the BSE mid-cap and small-cap space hitting new highs,” said an analyst with a local brokerage, who spoke on condition of anonymity.

Oil PSU marketing firm BPCL hit a new 52-week high of Rs 871 before trimming some gains to trade 2.2 percent higher at Rs 867.95, while HPCL also hit a fresh 52-week high of Rs 693.75 earlier today, before trading 2.3 percent higher at Rs 690.90.

While HPCL stock has shot up 86 percent in nearly one year’s time, BPCL surged 68 percent since hitting its 52-week low in May last year.

Some of the other notable mid and small-cap companies such as Dish TV, Emami, Ajanta Pharma, Eveready Industries, Jubilant FoodWorks, Lanco Industries also clocked their respective 52-week highs.