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Tata Steel, Coal India & Bharat Dynamics hit fresh 52-week high

Upstox
By Upstox News Desk

3 min read | Updated on May 21, 2024, 14:52 IST

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SUMMARY

Tata Steel has entered the prestigious ₹2 lakh crore market-cap club, while Coal India surpassed the ₹3 lakh crore mark in market-cap, hitting a 52-week high. BDL achieved a 52-week high ahead of its record date for a stock split.

Stock list

TATASTEEL
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COALINDIA
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BDL
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Tata steel, Coal India & BDL hit fresh 52-week high

The NSE benchmark Nifty 50 index has shed some of its gains from the day’s high and slipped below the 22,550 mark. Banking and IT heavyweights like HDFC Bank, ICICI Bank and TCS have dragged on the index. Top performing sectors on Tuesday were Nifty Metal (+3.68%) and Nifty PSU Bank (+1.54%).

The performance for the broader markets was also not up to the mark, as they were seen trading mixed on Tuesday. The Nifty Midcap 100 was trading up by 0.27%, on the flip side, Nifty Smallcap 100 was trading down by 0.28%. Due to this, the market breadth was in favour of decline with 1,284 stocks declining against 849 stocks which were seen advancing. Amid this mixed performance, these three stocks have seen some noteworthy action and have made a fresh 52-week high on Tuesday.

Tata Steel: Shares of Tata Steel were on ascend on Tuesday with the stock opening at a level of ₹168.50. Thereafter, it went on to touch a 52-week high of ₹174.55 per share on NSE. The price rise has been accompanied by a surge in the volume as the total volume traded on NSE is above the 10 and 30-day average volume. Tata Steel has entered the league of ₹2 lakh crore market capitalisation and it is now just behind JSW Steel.
Coal India: The stock price of Coal India climbed over 4.5% on Tuesday and with this move, the stock has registered a fresh 52-week high. The stock has managed to cross the milestone of ₹3 lakh crore in terms of market capitalisation. It jumped over 30% this year and in the last one month, the stock has delivered returns of 8.28%. A long build-up is seen in the stock. In May futures we have seen an open interest (OI) addition of over 10% with a rise in the price. Usually, when the price rise is accompanied by open interest addition it indicates a long build-up in the stock.
Bharat Dynamics: Bharat Dynamics (BDL) is a Government of India Enterprises. It is engaged in manufacturing guided missiles and ailed defence equipment. It has made a fresh 52-week high on exchange. On Tuesday, the stock price gained over 5.5%. It is seeing buying activity ahead of the record date for stock split which is May 24, 2024. The company is expected to announce its earnings on May 30, 2024, and the board will also consider a dividend for FY24.
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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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