Rate Pause Spurs Stock Rally: 8 Nifty 50 Stocks Hit New Peaks

8 Feb 2024 , 01:32 PM

On February 8, eight Nifty 50 equities reached a new 52-week high, while the major benchmark indices fluctuated within a narrow range. This was due to the Reserve Bank of India Monetary Policy Committee maintaining the 6.5% repo rate.

The 52-week peaks reached by the stocks of SBI, HeroMotoCorp, TCS, Sun Pharma, BPCL, HCL Technology, SBI Life, and Dr. Reddy’s demonstrate the relative strength of these companies. PowerGrid shares are exhibiting an aggressive long build-up, with OI rising by almost 13%. Leading Sensex gainer PowerGrid jumped over 5%, with SBI, TCS, and HCL Tech following suit with gains of over 1% apiece.

Trent shares are also exhibiting an aggressive long build-up, as OI has increased by more than 11%. Lupin and Hindalco exhibit long build-up, whilst Cummins and Bank of Baroda exhibit short-covering.

Axis Bank and ICICI Bank both had losses of more than 1%, indicating a bad trading position for private banks. PSU banks beat the market, with SBI and Bank of Baroda leading the charge.

Larger markets appear to be outperforming, as evidenced by the BSE SmallCap index’s positive trading. Gains of up to 1.26% have been observed in the BSE Oil & Gas index, BSE Power index, BSE MidCap index, BSE Telecom index, and BSE CPSE index. 

Among the BSE 500 components trading with a price volume breakout are GIC, NIACL, Justdial, Jindal Saw, Elgi Equipments, CRISIL, and KEC. Vinati Organics and UPL dropped at a new 52-week low.

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