Indian market closed in the green for the third day in a row on Thursday tracking positive global cues. The S&P BSE Sensex rose more than 200 points to reclaim 72K while the Nifty50 closed above the 21,900 level.Pune Investment
Sectorally, buying was seen in the public sector, oil & gas, utilities, and energy while FMCG stocks saw some selling pressure.
Stocks that were in focus on Thursday include names like Oil India which rose nearly 13%, Mangalore Refinery which surged about 20% and HPCL which closed with gains of nearly 6% to hit a fresh record high.
We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Vivek Mashrani CFA, Director at Technofunda Ventures Private Limited.
Oil India experienced an 18% surge in its stock following the release of its third-quarter earnings on February 13 but pared gains towards the close of the session.
It reported a marginal Y-O-Y increase in consolidated net profit to Rs 2,608 crore & revenue from operations rose by 3% to Rs 10,912 crore.
The rise in crude and natural gas prices has improved profitability from the E&P segment in fiscal 2023 and the first half of fiscal 2024.
The stock is currently trading at an all-time high, demonstrating a strong and continuous uptrend. Currently, the stock looks extended for fresh entry, but those who have a position can keep riding with a 10% weekly stop loss.Agra Investment
MRPL achieved record crude input in December 2023 (1558tmt/month) and processed 20tmt of High Sulphur Fuel Oil for the first time.Jaipur Stock
They aim to capture 1mmtpa of the domestic retail market, starting with 1,800 outlets and adding 500 more in three years, focusing on South India in Phase 1 and expanding to West and North India in Phase II.
The stock is currently trading at an all-time high, demonstrating a strong and continuous uptrend. One can keep riding the stock by trailing exit below Rs 205.
HPCL, a key player in crude oil refining, petroleum marketing, and hydrocarbon production, reported a record H1 profit, surpassing previous annual earnings.Chennai Investment
With a focus on lubricants, HPCL is poised for substantial value unlocking, having engaged an international consultant to advise on the lubricants business. The lubricants segment's EBITDA stands at almost Rs 1,000 crore annually.
From a technical perspective, the stock has completed a base breakout, marked by strong price volume action on the monthly chart.
It is trading at all-time high levels, indicating a positive and sustained upward trend. One can keep riding the stock by trailing exit below Rs 498.
SEBI RA: INH000012272
TECHNOFUNDA VENTURES PRIVATE LIMITEDKolkata Investment
Financial Interest
Analyst: No
Analyst's Relative: No
Analyst's Associate/Firm: No
Financial Interest above 1% or more
Analyst: No
Analyst's Relative: No
Analyst's Associate/Firm: No
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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