Stock market today: Kotak Mahindra Bank, Muthoot Finance — 54 stocks hit 52-week highs on BSE
Stock market today: On February 13, 54 stocks, including Kotak Mahindra Bank, SBI Cards, Shree Cement and Muthoot Finance, reached their 52-week highs in the first hour of trading.
Stock market today: As many as 54 stocks, including Kotak Mahindra Bank, Muthoot Finance, Shree Cement and SBI Cards & Payment Services, hit their 52-week highs in intraday trade on Thursday, February 13.
Kotak Mahindra Bank's share price opened at ₹1969.90, against its previous close of ₹1,943.30, and climbed 2.5 per cent to its 52-week high of ₹1,992.
The SBI Cards share price jumped almost 6.13 per cent to hit its 52-week high of ₹866.85. The stock opened at ₹822.05, compared to its previous close of ₹816.75.
Shree Cement share price opened at ₹28,300 against its previous close of ₹28,251.35 and rose 1.71 per cent to the level of ₹28,734.
Muthoot Finance share price opened the day at ₹2,260 against the previous close of ₹2,181.10 and jumped 7 per cent to its 52-week high, also an all-time high, of ₹2,335.
Indian stock market ends lower for 7th session
Indian stock market benchmarks—the Sensex and the Nifty 50—traded in the green in the morning session on Thursday. However, they erased all gains and closed 32 points, or 0.04 per cent, lower at 76,138.97. The Nifty 50 settled at 23,031.40, down 14 points, or 0.06 per cent. Thus, the key indices extended losses to the seventh consecutive session.
The BSE Midcap index ended 0.07 per cent higher, but the Smallcap index declined 0.43 per cent.
Experts expected the market to rebound as key indices were in the oversold territory after six days of losses.
According to Rohit Srivastava, the founder and market strategist at Indiacharts.com, short- and medium-term indicators suggest that a seasonal bottom may be formed near 23,700, and the Nifty 50 should head back to 24,500 at least.
"I think we can get back to 25,000 if we have to in four to six weeks. It is too early to say whether we can get past that level, but the recent actions by RBI and the central government in expanding liquidity through monetary and fiscal measures have the firepower to allow for higher levels. So we should be prepared and open to the idea," said Srivastava.
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