Top 3 stocks that have made new 52-week high; Do you own any?

The bulls failed to hold the ground in the closing session as NIFTY 50 fell nearly 180 points from the record high levels to close 38 points lower. NIFTY 50 closed 38 points lower on Tuesday at 22,604

The Nifty 50 index has hit a fresh all-time high. The majority of the sectors were seen trading in green led by Nifty Realty (+2.33%), Nifty Auto (+2.28%) and Nifty PSU Bank (+1%). All three top gainer sectoral indices have also recorded new highs. On a YTD basis, Nifty PSU Bank is topping the charts with a jump of about 34% in the calendar year 2024 so far. Nifty Realty and Nifty Auto have surged over 20% in the same period.

Considering, the buying interest has continued in the domestic markets, let’s look at the stocks which have made a fresh 52-week high on Tuesday.

1. Grasim Industries: Grasim Industries, the flagship company of Aditya Birla Group registered a fresh 52-week high of ₹2,438.45 on Tuesday. The stock is trading up by about 2%. In a recent update, the company has commenced commercial production of paint plants at Ludhiana (200 Million Litres per annum installed capacity), Panipat (230 Million Litres per annum installed capacity), and Cheyyar (206 Million Litres per annum installed capacity). These plants will manufacture different categories of Paints [viz. Water-based Paint, Distemper, Solvent-based Paint (including Wood Finish) and Colorants, etc.] which will currently cater to domestic markets. The company under the banner of Biral Opus has set an ambitious plan to achieve a total production capacity of 1,332 million litres per annum.

2. Mahindra and Mahindra: Shares of Mahindra and Mahindra have scaled to a fresh 52-week high of ₹2,169 and it is trading higher by about 5%. The stock has been trending since the morning session after the carmaker revealed its compact sport utility vehicle (SUV) XUV 3XO, with a starting price of ₹7.49 lakh. The company has set a new benchmark in the company SUV segment. It is likely to witness demand from those upgrading from a hatchback to their first SUV to luxury seekers looking for high-end features at competitive prices. The stock is the top contributor to the index as it has added about 24 points to the Nifty 50 index gains on Tuesday.

3. Ashok Leyland: The flagship company of Hinduja Group, Ashok Leyland also rose to a new 52-week high on Tuesday. The stock has rallied over 4%.The market capitalisation of Ashok Leyland stands at ₹56,740.66 crore. The stock jumped over 12% in April and for the year so far the stock has added about 6%. The stock is in focus ahead of the sales number which is likely to be announced soon.