These 3 Stocks Hit 52-Week Highs Today, Keep These Stocks on Your Radar for Tuesday, June 4, 2024

On Monday, the Indian benchmark indices concluded the trading day on a notably positive note, with the Sensex significantly gaining by 3.39% to close at 76,468.78, and the Nifty rising by 3.25% to finish at 23,263.90. The broader market also experienced gains, as the Nifty Mid-Cap closed higher by 3.19%, and the Nifty Small-Cap soared by 2.41%. Among the market performers, several stocks reached their 52-week highs, showcasing robust investor interest and market optimism.

HDFC Asset Management Company Ltd

HDFC Asset Management Company Ltd. reached a new 52-week high of Rs 4186.95, with a traded volume of 1,475,143 shares. The stock is currently trading at Rs 4114, marking a significant increase from its previous close of Rs 3884.3, reflecting a 5.91% rise. The company’s market cap stands at Rs 87,825.67 crore, and it has achieved an impressive 118.19% return from its 52-week low of Rs 1885.55. Notably, the company has informed BSE about a scheduled Board of Directors meeting on 07/06/2024 to consider and approve the declaration of an interim dividend instead of the final dividend.

Hindustan Petroleum Corporation Ltd

Hindustan Petroleum Corporation Ltd. (HPCL) also made headlines by reaching its 52-week high at Rs 594.8. The stock closed at Rs 584.65, up by 8.80% from the previous close of Rs 537.35, with a substantial traded volume of 19,533,213 shares. With a market cap of Rs 82,747.52 crore, HPCL has shown a remarkable return of 144.42% from its 52-week low of Rs 239.2. The company’s recent rally appears to be driven purely by market forces as there have been no significant announcements from the company lately.

Reliance Industries Ltd

Reliance Industries Ltd. (RIL) achieved its 52-week high of Rs 3029, closing at Rs 3027.75, a 5.84% increase from the previous close of Rs 2860.8. The stock saw a traded volume of 10,763,971 shares. With a towering market cap of Rs 20,44,942.13 crore, Reliance Industries has generated a 36.37% return from its 52-week low of Rs 2220.3. Similar to HPCL, the rally in RIL’s share price seems to be driven by market dynamics rather than any recent company-specific announcements.

These stocks’ performance underscores a buoyant market sentiment, reflecting investors’ confidence in the long-term growth potential of these companies.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.