Markets hit a fresh 52-week high and several stocks hit their 52-week highs with many of them at lifetime peaks. Here is a list of blue chip stocks that hit 52-week highs this week.
Axis Bank hit a 52-week high on Friday. The stock has been rising ever since its had its face value split. The Bank's stock is now at a 52-week high of Rs 506. Banking stocks in general have been rallying on the back of hopes of economic recovery and a cut in interest rates.
Amrutanjan Health Care
Like Axis Bank, Amrutanjan hit a 52-week high on Friday of Rs 501.85. Stocks from the healthcare and FMCG sector are once again in the limelight. If markets continue to rally one can expect a further upside in the stock of Amrutanjan.
Bank of Baroda
There was enough and more action in banking stocks this week due to the credit policy. Hints that interest rates may be cut next year if inflation behaves sent banking stocks higher. Along with Axis Bank, Bank of Baroda also hit a 52-week high.
Lubricants major Castrol also saw buying interest this week. The stock has been on a roll in the last few days. On the basis of fundamentals the stock looks very expensive at the current levels.
FMCG stocks have been in the limelight and Britannia is one amongst them. The stock hit a 52-week high of Rs 1856 and is now trading at very high price to earnings multiple. The dividend yield is less than one per cent.
Fag Bearings hit a 52-week high of Rs 3825 on the National Stock Exchange. The company caters to the automotive industry and there is renewed buying interest in automotive stocks after the recent fall in oil prices.
This week ITC hit a 52-week high after reports that there would be no ban on loose cigarettes. The company still derives a significant portion of revenues from cigarettes though it has over the years diversified its operations.
Punjab National Bank
Like peer Bank of Baroda, Punjab National Bank also has rallied to a fresh 52-week high. Sustained buying in banking stocks has pushed them higher on hopes that there would be an interest rate cuts in January or Feb 2015.
Yes Bank was yet another bank that hit a 52-week high on Friday. Again hopes of an interest rate cut seems to be driving these banks higher.