Indices in trade today have again gained momentum and are trading close to its all time high of 15469 on the Nifty. Broader markets also trade in line with the headline indices, with 0.23 percent gain on the Nifty Mid-cap 100.
Individually, stocks from the housing finance space are buzzing in trade today with gains of up to 20 percent on PNB Housing Finance.
|Stocks||Day's high Price||% gains on May 31|
|PNB Housing Finance||Rs. 525.65 (52-week high hit today)||20%|
|LIC Housing Finance||Rs. 490 (52-week high)||5%|
|Repco||Rs. 386.90 (52-week high)||10%|
|Can Fin Homes||Rs. 596.6||7%|
For the stock of PNB Housing Finance, 20% upper circuit is hit, while others in the pack including LIC Housing Finance and Repco have hit a 52-week high price.
The run up in PNB Housing Finance is also due to the board's approval of fund-raising plan of Rs. 4000 crore. For the fund raising spree, Aditya Puri, former HDFC CEO, and The Carlyle group have emerged as the top investors. Post the fund raising action, the new investors would be the promoters in the company as against PNB which holds more than 32 percent stake in housing finance firm as of now.
For some time, the stock of housing finance companies' were at their support zones and have given technical run-up.