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Indian equity markets crash, but these 3 stocks bucked the trend to hit a 52-week high

Upstox
By Upstox News Desk

2 min read | Updated on May 09, 2024, 17:28 IST

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SUMMARY

Nifty 50 has breached its important psychological mark of 22,000 and the BSE Sensex has tanked over 1,000 points. SBI hit a fresh 52-week high as the bank announced a dividend of ₹13.7 per share and NII grew. Vijaya Diagnostic and Timken India too hit a 52-week high.

Stock list

TIMKEN
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VIJAYA
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SBIN
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52 week high stocks.jpg

Indian equity markets crash, but these 3 stocks bucked the trend to hit a 52-week high

The selling pressure in the mid-afternoon session has only been exacerbated. As a result, key benchmark indices, the 30-shares BSE SENSEX and NIFTY 50 index were seen trading lower by over 1% on Thursday.

The NIFTY 50 index with a fall of over 1% on Thursday is seen decisively trading below its 20 and 50 DMA. Moreover, both the moving averages are on a downward trajectory.

Among the sectors, barring Nifty Auto (+1.24%) and Nifty PSU Bank (+0.52%), all other sectors were seen trading in red led by Nifty FMCG (-2.25%) and Nifty Energy (-2.17%). The market breadth is severely negative. Only 361 stocks on NSE were seen advancing as against 1750 stocks declining.

Amidst the sharp fall on Thursday, these three stocks are seen bucking the market trend and hit a fresh 52-week high.

1. State Bank of India (SBI): Shares of SBI have hit a fresh 52-week high on Thursday of ₹839.65 on NSE. The stock opened at ₹811.90 and made an intraday low of ₹803.55. The stock price of the country's leading state-run lender went on to touch its 52-week high after the earnings announcement. The results were better than street expectations. Net Interest Income (NII) grew 3.13% to ₹41,655, Gross NPA stood at 2.24% and net NPA came in at 0.57%. Additionally, the bank announced a dividend of ₹13.7 per share for FY24. The stock is up by 28.22% so far in the calendar year 2024.
2. Vijaya Diagnostic Centre: The leading diagnostic medicare services provider in Southern India recorded a fresh 52-week high on Thursday, touching a level of ₹733.5 on NSE. Vijaya Diagnostic Centre reported a growth of 21.7% YoY in its net profit to ₹33.45 crore in Q4FY24 and sales rose by 28.3% on a YoY basis. The share price of Vijaya Diagnostic Centre has risen about 7% so far in 2024.
3. Timken India: Shares of Timken India climbed to a fresh 52-week high on Thursday. The up-move in the stock price could be attributed to a robust financial performance by the company. Its net profit rose by 35.3% on a YoY basis to ₹141.4 crore in Q4FY24. EBITDA was up by 30% at ₹198.8 crore and the margin was up by 309 bps to 22.14%. The board has recommended a dividend of ₹2.5 per equity share.
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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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