Blue Star, IRB Infra among 7 stocks that defied bearish mood on Street to hit 52-week highs

Ahead of the Federal Reserve minutes release, frayed tempers gripped equity markets with both Sensex and Nifty losing 1.5%. All sectors ended in red with most of it down more than 1%. Meanwhile, India VIX, which is a gauge of fear in the markets, rose sharply by 11% to 15.6 levels.

In a muted market, seven stocks have defied the bearish mood of Dalal Street to hit their respective 52-week highs. These stocks are Blue Star, Cera Sanitaryware, Cyient, IRB Infrastructure, Jindal Stainless, Siemens and Triveni Turbine.

Blue Star rallied over 4% intraday to touch a 52-week high of Rs 1,478. The stock ended the day 2.28% higher at Rs 1,446 apiece on NSE. While Cera Sanitarywears rallied 3%, Cyient rose over 2% and IRB Infrastructure surged 14% in intraday trade to hit fresh 52-week highs.

Though Jindal Stainless, Siemens and Triveni Turbine hit their 52-week highs, the stocks ended the day in red.

Markets were ending in the red for the past four days and investors were left poorer by Rs 6 lakh crore amid concerns that the Fed may remain hawkish for a longer duration than expected, which may even force RBI to keep interest rates high.

Going forward, analysts expect the market to remain weak for the next few days amid derivatives expiry and weak investors' sentiments.
"We expect the market to remain weak for the next few days amid monthly derivatives expiry and increase in global volatility. US Fed and RBI minutes from the last meeting, which would be released late in the evening, and would provide some cues to the market," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

"Resurgence of cold war between US & Russia has brought apprehension in the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially on food and oil exports, is adding to the anxiety," said Vinod Nair, Head of Research at Geojit Financial Services.