As market continues to rise post GDP data, over 120 stocks hit fresh 52-week highs
Positive momentum in the Indian market continued, despite lesser-than-anticipated GDP data for the first quarter of this fiscal.
The Indian market seemed to have taken it in its stride and was trading in the green. This stance by investors could be due to their belief in structural reforms being carried out in the country, Edelweiss Securities explained.
“Potential of the economy growing at 8-9 percent, inflation going down, other markets not giving good returns is all making the market ignore short-term pain. Plus, domestically, money is coming in from investors in terms of financial assets,” Vikas Khemani, President and CEO, Edelweiss Securities, said in an interview to CNBC-TV18. Moreover, the market will remain solid on a sustainable path, with minor corrections, he added.
Speaking on the GDP data, Khemani said that GST, RERA and demonetisation had a short-term impact on the economy. Having said that, we are in the middle of transformative phase and the GDP should be back to normalcy over the next couple of quarters, he added.
Among these times, over 120 stocks clocked fresh 52-week high mark, helping investors expand their wealth.
Ambuja Cements, Blue Star, DCM Shriram, Emkay, Future Retail, Geojit Financial Services, Godrej Properties, Hindalco, HPCL, Hindustan Unilever, HT Media, IndusInd Bank, JM Financial, Mah Seamless and Muthoot Finance, and Tata Steel among others, were included in the list.
Meanwhile, around 40 stocks hit all-time high figures. Among the list, the key names are Future Retail, IndusInd Bank, Asian Tiles, Muthoot Finance, Shankara BuildPro, and Vadilal Industries.