Infosys and 2 other stocks hit 52-week highs today, rally up to 19% this month; check full list

As many as 90 securities hit their 52-week high on the National Stock Exchange of India (NSE) on Thursday, December 12, as broader markets continued to trade flat for a fifth consecutive session.

At 11:45 am, the benchmark NIFTY50 index was trading at 24,596, down 45 points, or 0.19%. The BSE SENSEX, meanwhile, was trading flat at 81,424, down 101 points or 0.12%. The volatility index, India VIX, was up 0.4% at 13.33. Among sectoral indices, the NIFTY IT was the biggest gainer, up 0.9%, while the NIFTY Media was the biggest loser, down 1.5%.

Infosys (52-week high: ₹1,998)

Besides Infosys, other IT stocks like Tech Mahindra Ltd, Wipro Ltd, Coforge Ltd and Firstsource Solutions Ltd also touched their highest level in a year on Thursday. The rally is being fuelled by the strengthening of the US dollar against major currencies, including the Indian rupee. A stronger dollar is a positive for the profit margins of software exporters who earn in the US currency.

Muthoot Finance (52-week high: ₹2,092)

Muthoot Finance, which primarily offers gold loans, is benefitting from rising gold prices. Gold prices are at their highest level in two weeks, supported by China’s central bank resuming purchases earlier this week after a six-month hiatus. High gold prices are positive for gold mortgage companies like Muthoot Finance as they increase the value of the collateral used for gold loans, which reduces the risk of default.

Gokaldas Exports (52-week high: ₹1,162)

The Gokaldas Exports stock is rising along with shares of other Indian textile exporters on expectations that mounting troubles faced by Bangladesh’s garment companies will divert international manufacturing orders to India.

According to media reports, the country's interim regime plans to sell ownership of 32 loss-making garment companies under the Beximco Group to address ongoing workers’ protests over unpaid wages and allowances.