As many as 163 stocks, including HCL Tech, Persistent Systems, Indian Hotels and Federal Bank, hit their fresh 52-week highs in intraday trade on BSE on Friday, November 22, as the Indian stock market witnessed broad-based buying, driving the benchmark indices—the Sensex and the Nifty 50—up by over 2 per cent each.
Coforge, Coromandel International, Crisil, Fortis Healthcare, Krishna Institute of Medical Sciences, Mastek and National Aluminium were also among the stocks that jumped to their one-year highs.
The domestic market saw solid buying interest across sectors. Large caps outperformed the mid and small caps. The Sensex closed 1,961 points, or 2.54 per cent, up at 79,117.11, while the Nifty 50 ended 557 points, or 2.39 per cent, higher at 23,907.25. The BSE Midcap and BSE Smallcap indices rose 1.26 per cent and 0.90 per cent, respectively.
The overall market capitalisation (m-cap) of BSE-listed firms rose to nearly ₹432.7 lakh crore from ₹425.4 lakh crore in the previous session, making investors richer by about ₹7.3 lakh crore in a single day.
All 30 stocks closed with gains in the Sensex index, with shares of SBI, TCS, Titan, ITC and Infosys as the top gainers, rising 4 to 5 per cent.
Reliance Industries, Infosys, ICICI Bank, TCS, ITC, Larsen & Toubro, SBI, and Bharti Airtel emerged as the top contributors to the Sensex rally, each adding over 100 points to the index.
"The market witnessed a significant broad-based rally, from the oversold territory, predominantly led by large-cap stocks, as their valuations appeared appealing with expectations of improvement in corporate earnings in the second half of the fiscal year," said Vinod Nair, Head of Research, Geojit Financial Services.
"Positive momentum was also observed in global markets due to a modest decline in Japan's October inflation and 39 trillion yen stimulus package. Moderation in global & domestic political drama relieved the domestic market," said Nair.
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