Jindal Steel & Power, Mahindra Finance & 8 other BSE 500 stocks hit 52-week high today

BSE 500 stocks such as Canara Bank, Jindal Steel & Power, Jindal Stainless (Hisar), Lloyds Metals and Energy, Mahindra & Mahindra Financial Services (Mahindra Finance), PFC, PNC Infratech, REC, Rhi Magnesita India and Solar Industries India touched their respective one-year high levels on Tuesday.

Indian equity benchmarks turned positive after a weak opening, led by gains in technology, state-owned banks and consumer durables.

On BSE, 89 stocks hit their 52-week high level today, while 17 recorded their one-year lows. The overall market breadth stood positive as 2,070 shares were seen advancing while 1,172 were declining.

TCS, HDFC Bank, Axis Bank, Bajaj Finance, Infosys, IndusInd Bank, Titan, SBI, Tech Mahindra and L&T were the top index contributors.

On NSE, Yes Bank, South Indian Bank, Suzlon, IRFC, Indian Overseas Bank, UCO Bank, PNB, Tata Steel, Zomato and HCC were among the active stocks in terms of volume.

Nifty IT, Nifty PSU Bank and Nifty Consumer Durables were the top-performing sub-indices, rising 0.54 per cent, 0.84 per cent and 0.72 per cent, each, in late morning deals. Though, losses in metal and energy stocks capped some gains.

Concerns over global economic slowdown weighed on investor sentiment. Data on Chinese PMI for December came in at 47, which indicates a sharp deceleration in the Chinese economy. It reinforces the global slowdown theme, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Though this is a near-term negative for global equity markets, India is likely to shrug off this negative news since India’s economic outperformance is expected to continue," Vijayakumar added.

Although, a drop in oil prices, which fell on global growth concerns after International Monetary Fund predicted a tougher 2023 for the global economy, limited losses today. Lower oil prices aid oil-importing countries like India, where crude constitutes the bulk of the country's import bill.

Further, foreign institutional investors sold Rs 213 crore worth of equities on a net basis on Monday, while domestic investors bought about Rs 743 crore worth of shares, as per provisional NSE data.

On the global front, Asian markets were mostly seen trading on a higher note today.

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