These 3 stocks hit a 52-week high amid peak volatile market

On Monday, after a rocky start, the key Indian benchmark indices Nifty 50 and Sensex recovered from the day’s low and were seen trading in green. Nifty 50 was trading up by 0.31% above the 22,100 mark, while Sensex added 0.22% to trade above 72,800 mark. The broader markets too recovered from the day’s low, but they witnessed a mixed performance. Nifty Midcap 100 was up by 0.45%, while Nifty Smallcap 100 was down by 0.27%.

Considering the mixed performance from the broader markets, the market breadth was slightly tilted in favour of declines with 1,181 stocks declining as against 936 stocks advances. Top performing sector - Nifty Pharma (+1.54%) and Nifty Health care (+1.36%), while on the flip-side, Nifty Auto tanked nearly 2% on Monday.

Amidst this solid recovery, let’s look at the 3 stocks which hit a 52-week high on Monday

1. ABB India: Shares of ABB rose on Monday logging its highest-ever single-day gain of 11% in the last five years. The stock opened the session with a gap-up and it went from strength to strength to touch a 52-week high of ₹8,188.95 on NSE. The market capitalisation of the stock has touched the ₹1.70 lakh mark and the key catalyst behind the surge in ABB stock price is the strong set of numbers in the first quarter of calendar year 2024 posted by the company. The stock ticked all the boxes - with revenue up by 28%, EBITDA jumped 98% and margin expanded by 651 bps, while the net profit surged 88% to ₹459 crore. The company said that the order book maintains a healthy mix of short as well as long-cycle opportunities. The total order surged in the first quarter of CY24 to ₹3,607 crore, which is the highest for the first quarter in the last five years.
2. Siemens: The stock of Siemens soared more than 7% on Monday, and touched its 52-week high of ₹6,655 per share on NSE. It opened at a level of ₹6,232.60 per share and marked an intraday low of ₹6,218.55 per share, before registering the 52-week high. A Meeting of the Board of Directors of the Company will be held on Tuesday, May 14, 2024, to consider, Financial Results for the second quarter/half-year ended March 31, 2024. The stock has seen a surge ahead of results on the back of robust volume, recorded above the 10 and 30-day average.
3. Tejas Networks: Tata-backed company Tejas Networks hit a fresh 52-week high on Monday as the stock price zoomed over 6%. The 52-week high of the stock stands at ₹1,200 per share on NSE. It has seen an uptick in volume as well. So far in 2024, it has jumped nearly 37% after robust Q4 earnings.