As many as 726 stocks on Friday hit their 52-week high on the BSE as the benchmark index Sensex recorded a new closing peak on hopes of a big reforms push under the incoming Narendra Modi-led BJP government.
Some of the prominent ones were: Ashok Leyland, Bank of India, Canara Bank, GVK Power, HCL Infosystems, IOB, JSW Steel, Maruti Suzuki, MTNL, NHPC, NTPC, PNB, REC, Reliance Power, SBI, Tata Power, Tata Comm and TVS Motor.
The BSE Sensex spurted by 319 points, or 1.31 per cent, to end at a new historic closing high of 24,693.35.
The index surpassed its previous record closing of 24,376.88 reached on May 20.
Jignesh Chaudhary, Head of Research, Veracity Broking Services said, “Local equities continued to trade strong. It is expected that the new government will form business friendly economic policies which will remove bottlenecks and will eventually help the economy to grow.”
Among the 30 Sensex stocks, 22 ended the day in green with SBI leading the chart.
Out of the 13 BSE sectoral indices, 11 ended the day in positive territory led by power index.
In all, 2,267 stocks advanced, while 912 declined.
“Amid volatility, the benchmarks were seen registering decent gains on Friday and ended close to the day’s high. In absence of any major domestic cue, positive global market and better than expected result from the PSU banking major SBI, kept the sentiments on positive side,” said Jayant Manglik, President, Retail distribution, Religare Securities.