Select stocks hit fresh 52-week highs on Thursday even as benchmark indices Sensex and Nifty reversed their 4-day losing streak. Tata Steel, ICICI Prudential Life Insurance, Interglobe Aviation, Aditya Birla Nuva scaled new year highs in early session.
The BSE Sensex was up about 250 points at 31,085 at around 12.15 pm; top index gainers were Axis Bank, Tata Steel, Infosys and Bharti Airtel.
Tata Steel hit Rs 532.10, ICICI Prudential Life Insurance Rs 469.70, Indigo-owner Interglobe Aviation Rs 1,273.10 and Aditya Birla Nuva Rs 1,834 but were trading off their 52-week highs at around 12.25 pm on the Bombay Stock Exchange (BSE).
Budget carrier SpiceJet was trading 3.07 percent higher at Rs 134, close to its one-year high of Rs 136.30 on the BSE. The stock was ranked as the top aviation performer on the bourses by Bloomberg a few days ago.
Foreign institutional investors (FIIs/FPIs) were net sellers of Indian equities worth Rs 469 crore on Wednesday, according to provisional data published by the National Stock Exchange.
The Sensex has gained 15.8 percent since January 1, based on its Wednesday closing of 30,834, according to an update by brokerage Nirmal Bang Institutional Equities.
In other updates, IT software services company Mindtree has announced that it will buyback shares worth Rs 270 crore and Fortis Healthcare said its shareholders a proposal to raise foreign investor shareholding to 74 percent from the current 24 percent. Fortis was trading at Rs 167 and Mindtree at Rs 535 on the BSE at around 12.35 pm.
State-owned oil marketing company Hindustan Petroleum Corporation of India Ltd plans to raise S$500 million through the bond market, Nirmal Bang Institutional Equities said.
Godrej Industries will sell its holding in group firm Godrej Agrovet via the initial public offering route to raise about Rs 400 crore.