The Bombay Stock Exchange (BSE) S&P BSE 500 index touched a fresh lifetime high of 11,776, surpassing its previous high touched in March last year, led by automobiles, cement and financials including housing finance companies.
At 0228 hours, S&P BSE 500 index was up 1.26% or 147 points at 11,773 points. It touched a high of 11,776 points during intra-day trade today, surpassed its previous high of 11,765 hit on March 4, 2015 in intra-day trade.
Maruti Suzuki India, Bajaj Auto, YES Bank, LIC Housing Finance, Dewan Housing Finance Corporation (DHFL), Dalmia Bharat, JK Lakshmi Cement, Biocon, V-Guard Industries, Delta Corp and Deepak Fertilisers & Chemicals are among 24 stocks from the BSE500 index touched their respective lifetime highs.
Beside these 24 stocks, total 39 scrips including Tata Motors, Zee Entertainment, Axis Bank, GMDC, Hindalco Industries, India Cements, JK Tyre & Industries and Reliance Capital hit 52-week highs in intra-day trade today.
S&P BSE 500 index represents nearly 93% of the total market capitalization on BSE. S&P BSE 500 covers all 20 major industries of the economy.
DHFL was up 4% at Rs 291, after the company’s public issue of secured redeemable non-convertible debentures (NCD) issue oversubscribed by 6.32 times has attracted a subscription of around Rs 12,645 crore from investors on Day 1 of the NCD issue as per the initial data available on the stock exchanges.
According to an analyst at Motilal Oswal Securities, the mortgage market remains in a hyper-competitive mode, which is affecting growth. However, given the continuous decline in wholesale rates and stable yields (supported by strong growth in high-yielding LAP), LIC Housing Finance is able to report superior spread and margins, resulting in strong earnings growth.
Tata Motors, Maruti Suzuki India and Bajaj Auto from the auto sector trading at multi-year highs as a recovery in economic growth, sales prospects from new models overseas and incremental demand from hike in public sector wages provide a positive outlook ahead for the sector.