M&M, Kotak Bank, HUL.. nearly 350 stocks hit 52-week highs on BSE; investors earn about ₹4 lakh crore in a day

Stocks at record highs: Nearly 350 stocks, including Mahindra and Mahindra (M&M), Kotak Mahindra Bank, Hindustan Unilever (HUL), Bharti Airtel, Bajaj Finserv and Sun Pharma, hit their fresh 52-week highs in intraday trade on BSE on Monday, September 23, amid an all-round buying which boosted benchmarks, the Sensex and the Nifty 50, to their fresh record levels.

Shares of Aadhar Housing Finance, Bajaj Auto, Hero MotoCorp, TVS Motor, Apollo Hospitals, Bajaj Holdings, Cholamandalam Investment and Finance, Colgate-Palmolive (India), Divi's Labs, Havells India, Naukri, Trent and Zomato were also among the stocks that hit their one-year highs.

Indian stock market benchmarks- the Sensex and the Nifty 50- extended gains into the third consecutive session despite mixed global cues. The Sensex hit its fresh record high of 84,980.53, while the Nifty 50 made a fresh peak of 25,956 during the session.

The Sensex finally closed 384 points, or 0.45 per cent, higher at 84,928.61, while the Nifty 50 ended 148 points, or 0.57 per cent, up at 25,939.05.

The mid and smallcap indices on the BSE also saw significant gains, rising by 0.73 per cent each. The across-the-board buying shot up the cumulative market capitalisation of the firms listed on the BSE to ₹476 lakh crore from nearly ₹472 lakh crore in the previous session, making investors richer by about ₹4 lakh crore in a single session.

Shares of Mahindra and Mahindra, SBI, Bharti Airtel, Kotak Mahindra Bank, HUL and UltraTech Cement ended as the top gainers in the Sensex index.

On the flip side, shares of ICICI Bank, IndusInd Bank, Asian Paints, Tech Mahindra, HCL Tech and Infosys ended as the top losers in the index.

Barring Nifty IT (down 0.51 per cent), all sectoral indices ended higher, with Nifty PSU Bank (up 3.41 per cent), Realty (up 2.23 per cent), Oil & Gas (up 1.89 per cent), Auto (up 1.56 per cent) and Consumer Durables (up 1.18 per cent) clocking solid gains.

The Nifty Bank index rose 0.58 per cent, while the Private Bank index climbed 0.22 per cent.

"The euphoria from the Fed rate cut continued to lift the domestic market. The benign input costs and an expectation of a change in stance by the RBI amid cuts by global banks will provide tailwinds to valuation. Though there is moderation in India PMI data, investors are anticipating that the wave of liquidity from FII may provide stability in the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.

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