With the Nifty hitting the highest level since Jan 2011, markets are surging on good liquidity flows. Here are some blue chip stocks that have hit 52-week highs. It would be unwise to buy these stocks at rich valuations and at such high prices.
Axis Bank hit a 52-week high of Rs 1540 on frenzied buying in the stock. The rise was despite allegations of money launedring against the bank by Cobrapost. Easing inflation and hopes of a rate cut have pushed private sector banking names to dizzy heights.
ICICI Bank like Axis Bank hit a 52-week high of Rs 1233, as foreign funds continued to chase the stock. Again, investors continue to prefer private banks on hopes of a rate cut.
Pharma company Glenmark has also hit a 52-week high of Rs 580. Investors are completely discarding the rich valuation theory, as easy liquidity continues to drive stock prices higher. Pharma stocks are defensives and are liked by foreign and domestic funds.
Glaxo Smithkline Consumer
Fast Moving Consumer good stocks, like private sector banking names have been in the limelight. Glaxo Smithkline Consumer hit a 52-week high of Rs 5249. Again, an expensive stock by any stretch of imagination.
es Bank is another private sector banking name that features among the list of 52-week highs. Again, hopes of easing by the Reserve Bank of India and low non performing assets is what is pushing private sector banking names higher.