It is turning out to be a terrific Tuesday for the key Indian benchmark indices with NSE NIFTY50 and 30-share BSE Sensex gaining 0.62% and 0.55%, respectively. The Bankex index Bank Nifty is also trading in green up by 0.21%.
Talking about the sectoral performance, barring Nifty Pharma, all other sectors are trading in green led by Nifty Metal (+3.03%) and Nifty Auto (+1.74%). The broader market indices were seen outperforming the frontline gauge. Nifty Midcap 100 and Smallcap inched higher by 0.85% and 1.69%, respectively. Considering the outperformance by the broader market indices, the market breadth is healthy as over 1,700 stocks were seen advancing, while 400 stocks were seen trading in red.
India VIX has retreated from the higher levels of the day and it is trading close to 20-mark, down by 2% on Tuesday.
With a cool-off in the volatility and improved market breadth, let’s look at the 3 stocks which hit a 52-week high on Tuesday
1. Jindal Steel & Power: The Nifty Metal index has been the show stopper on D-Street as the index surged over 3% on Tuesday.
Jindal Steel & Power has a weightage of 5.32% in the Nifty Metal index. The stock jumped over 4.5%. With this surge, it registered a fresh 52-week high of ₹983.05 per share on NSE. The stock opened at a level of ₹939.50 and made an intraday low of ₹930.85 in early deals. Thereafter, the stock has been trending higher. The company reported its numbers for the quarter ended March 31, 2024, and the steel major’s net profit doubled on a YoY basis to ₹933.5 crore. The stock has entered into a ₹1 lakh crore market cap club.
2. Finolex Industries: Share price of
Finolex Industries zoomed nearly 10% on Tuesday. This marked its steepest rise in the single trading session in almost the last four years. Finolex Industries stock price touched a 52-week high of ₹297.50 per share in mid-afternoon session. The company reported strong performance across all operating metrics. PVC Pipes & Fittings volume increased 23% YoY to 1,00,171 MT and PVC Resin volume increased 19% YoY to 69,215 MT. Revenue increased by 8.3% YoY to ₹1,235.42 crore in Q4FY24 vs ₹1,141.06 crore in Q4FY23 due to higher sales volume. The management guided for higher single-digit volume growth in its agri-business and 20% growth in non-agri pipes and fittings segments.
3. Vedanta: Another stock from the metal sector which is shining bright on Tuesday is
Vedanta. Share price of Vedanta has advanced over 4%, and with this, it registered a fresh 52-week high of ₹438.50 per share. The stock has an 8.30% weightage in the Nifty Metal index. It is seen buzzing on bourses ahead of its board meeting which is scheduled on May 16, 2024. The board will consider and approve the first interim dividend, if any, and raising of funds by issues of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, preferential issue
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