On a roll: Over 220 BSE stocks hit 52-week high
TIMES NEWS NETWORK Chennai: With sensex crossing 15,200 levels, the activity outside the benchmark also heightened on Friday with 227 stocks touching their 52-week highs. Stocks such as Aurobindo Pharma (Rs 701.9), capital goods maker BGR Energy (Rs 420.75), BPCL (Rs 535), tyre maker Ceat (Rs 145.25) and IT firm CMC (Rs 887.95) were among a host of companies which found market participants bid at one-year high prices driving the stocks high. Of the 2,800 scrips traded, 227 stocks touched their 52-week highs on a single day. This means nearly 1 out 10 counters found takers at the highest price reached during the previous 52 weeks. Tea counters caught marketmen attention. Stocks such as Ledo Tea (Rs 51.6), Jayshree Tea (Rs 248.9), Goodricke (Rs 176.85), Dhunseri (Rs 180) and Warren Tea (Rs 171.4), which mostly belong to S Group, hit their 52-week highs. “Rise in demand for Indian tea, production shortfall in domestic markets and spiralling tea prices in international markets have resulted in huge surge in the price of (raw) tea at Indian auctions,” said a Sharekhan analyst. Auction tea prices stood at Rs 108.80/kg in July 2009 as against Rs 88/kg in July 2008. Among other sectoral patterns, healthcare stocks such as Zydus Wellness (Rs 182), Zyden Gentec (Rs 34.85) and Parenteral Drugs (Rs 104.9) as well as prominent names like Torrent Pharma (Rs 240,) Aurobindo Pharma, Siemens Health (Rs 950.15), Poly Medicure (Rs 117.05), PI Drugs (Rs 36.75) also their 52-week highs. “Barring some fundamental news, there is a section of traders who feel the market might just correct and sustained buying of healthcare stocks next week could confirm this trend,” an equity dealer said. Some infotech stocks like Zylog (Rs 301.9), Polaris (Rs 140.4), Zensar (Rs 198.75), also found hectic activities. * Sensex up 229pts, beats Asian blues *Despite weak Asian cues, sensex rallied for 2nd second consecutive session on Friday and closed 229 points higher at 15,241. Expectations that the poor monsoons will not hurt the economy much, since dependence of economy on the agricultural sector is much lower now than say 10-15 years ago, prompted investors to buy, brokers said. TNN --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
