Bharti Airtel shares surged 1.5% to hit its new all-time high of Rs 1545.85 while the shares of IndiGo scaled a new peak at Rs 4,944.60, after rallying by 4.2%.
Shares of IEX, ICICI General Insurance, Indian Hotels, Lupin, MCX and SBI Life Insurance Company also posted their 52-week high in Wednesday’s trading session.
Meanwhile, 14 stocks had hit their 52-week low on Wednesday.
Over 300 stocks, including Citadel Realty and Developers, Olatech Solutions and Titan Intech, rallied to hit their upper circuit while 216 stocks hit the lower circuit.On the sectoral front, both Nifty IT and Nifty Pharma hit 52-week highs, with Nifty IT rising 2.36% to 42,711, led by LTIMindtree, Wipro, Coforge, and Mphasis. Nifty Pharma rose 0.5% to 22,856, driven by Granules, Zydus Life, and Biocon.Also read: Expect Nifty to hit new highs for next 2-3 weeks: Rohit Srivastava
Benchmark indices Sensex and Nifty began Thursday’s trading session muted, opening flat to slightly positive.
Overall, the market was expected to be in a consolidation phase characterised by low volatility and this trend is likely to continue in the near term.
“A bull market is prone to excesses. Retail investors chasing many mid and smallcaps without any concern for valuations and hyper speculative activity in the F&O and intra-day segments are instances of some of these excesses,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Another major excess, which is becoming an area of serious concern according to Vijayakumar, is the irrational and hyper-speculative activity in the SME segment. IPOs of some SMEs without any track record and suspect financials are getting oversubscribed. Retail investors, chasing such IPOs in hopes of getting listing gains, has become an unhealthy trend. Irrational frenzies like these often end in tears for investors.
Around 1:15 pm, Nifty was trading 0.31% higher near the 25,100 mark while the S&P BSE Sensex was up by 0.30% at 81,958.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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