Axis Bank, L&T, NTPC, M&M, Bharti Airtel: 9 of 30 Sensex stocks at 52-week high today

Axis Bank Ltd, Larsen & Toubro Ltd (L&T), HCL Technologies Ltd, NTPC Ltd and Bharti Airtel Ltd are among nine Sensex stocks that hit their fresh 52-week highs in Monday's trade. Among the nine stocks, UltraTech Cement and Mahindra & Mahindra Ltd (M&M) hit their record highs during the session.

Shares of Axis Bank hit a 52-week high of Rs 1,128.85 and were later trading 2.01 per cent higher at Rs 1,126. L&T hit one-year high of Rs 3,347.25. It was later trading 3.86 per cent higher at Rs 3,313.15. Bharti Airtel touched a 52-week high of Rs 1,043.05. It was later up 1.71 per cent at Rs 1,032.40. NTPC gained 2.04 per cent higher at Rs 274.55. The stock hit a one-year high of Rs 279.10 earlier today.

Pranav Haridasan, MD & CEO at Axis Securities said assembly election results have thrown a positive surprise for the market, with the markets now assigning a greater probability of continuation of existing government policies beyond 2024 and decisive election mandates.

"This development removes a significant short-term overhang from the markets. We believe that the near-term markets are likely to see strong interest, led by a rebound in industrial growth and a benign interest rate trajectory. Yesterday’s events have lowered risk for investors in the short term, and they can expect a good closing for the calendar year," Haridasan said.

Bajaj Finserv edged 0.52 per cent higher to Rs 1,693.65 after touching a one-year high of 1,714. Titan Company was flat at Rs 3,488. This stock hit a one-year high of Rs 3,549.65 today. HCL Tech edged 0.11 per cent lower to Rs 1,332.55.

M&M hit a record high of Rs 1674.95 while UltraTech Cement also kissed its all-time high of Rs 9,336.70 today. The two stocks gained 2-3 per cent.

“With the overhang of state poll results now behind us, investors are likely to bet big on a major policy push in the run-up to General Elections next year, which is likely to reflect well on domestic equity markets amid strong (and growing) retail investor participation. The recent macro data numbers along with global rating agencies upgrading growth forecasts indicate India remains a bright spot in a still challenging global economy. While flows from retail investors have been good so far, the overall long-term growth prospects could drive the momentum going ahead.”

Shiv Sharma, India-Head at Stocktwits said investors are likely to bet big on a major policy push in the run-up to general elections next year, which is likely to reflect well on domestic equity markets amid strong retail investor participation.

"The recent macro data numbers along with global rating agencies upgrading growth forecasts indicate India remains a bright spot in a still challenging global economy. While flows from retail investors have been good so far, the overall long-term growth prospects could drive the momentum going ahead,” Sharma said.

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