Tata Steel, NMDC hit 52-week high; L&T, Hindalco touch record high

STOCK MARKET - Tata Steel, NMDC, Oil India, Jain Irrigation Systems, Jet Airways and Jindal Steel & Power (JSPL) are among 36 stocks from the S&P BSE 500 index that hit their respective 52-week highs on BSE.

Of these 36 stocks, around 21 recorded new highs in intra-day trade. These include Larsen & Toubro (L&T), Sun TV Network, Hindalco Industries, APL Apollo Tubes, Bajaj Electricals, Rain Industries and Sterlite Technologies

Besides NMDC and Oil India, NHPC, Steel Authority of India (SAIL) and SJVN from the public sector undertaking (PSU) hit 52-week highs on BSE.

Tata Steel, the largest gainer among the S&P BSE Sensex stocks, was up 3% to Rs 754, while APL Apollo Tubes too rallied 13% to Rs 2,373 on BSE.

Analysts at Emkay Global Financial Services expect steel prices to maintain the strength on the back of trade protection measures, consolidation in Chinese steel industries and expected improvement in industrial and infrastructure activities in India.

“Higher grade iron ore prices also are likely to maintain strength, as Chinese mills are now using better grade. Coking coal prices are too likely to remain firm. In case of non- ferrous metals, we expect mixed trend. For aluminium, better clarity should emerge post winter season; China’s expected new capacity will be crucial for the global demand supply dynamics. Higher supply is likely to weigh on Zinc prices. Mine ore and coal prices are expected to remain strong in 2018,” the brokerage firm said in metal & mining sector update.

L&T hit a new high of Rs 1,305, up 2%, extending its previous day’s 2% gain on BSE. In past three weeks, the stock outperformed the market by gaining 10% against 2% rise in the S&P BSE Sensex. In past one week, L&T has received orders worth of Rs 9,634 crore in various segments.