Over 500 stocks hit the upper circuit on BSE

Hindustan Oil, GVK Power, KSK Energy, JK Laskhmi Cement, Reliance Ind Infra, Shakti Pumps, Man Infra, Suzlon Energy and Dalmia Cement have rallied 20% each on BSE.

A sharp rally in equity market has seen an over 500 stocks hit the upper circuit on the Bombay Stock Exchange (BSE) in trade on Monday. Of the 2,859 stocks that are traded on the BSE, as many as 532 hit upper circuit levels.

Three stocks – MMTC and Suzlon Energy (up 20% each at Rs 74.20 and Rs 17.50 respectively) and Pipavav Defence (up 5% at Rs 47.15) from the frontline A group hit upper circuit today. About 208 stocks from the B group and 321 stocks in the T-group hit their ceiling. The T-Group represents stocks that are settled on a trade-to-trade basis.

Of these 532 stocks, around 51 stocks have gained 20% each and 53 scrip locked in upper circuit of 10% on the BSE. The remaining 428 stocks up between 2-5%.

Among the stocks that hit the 20% ceiling are Hindustan Oil Exploration Company, GVK Power and Infrastructure, KSK Energy, JK Laskhmi Cement, Reliance Industrial Infrastructure, Shakti Pumps, Man Infraconstructions, Suzlon Energy and Dalmia Cement.

Most of the mid and small-sized stocks are on a roll after election results suggested the opposition Bharatiya Janata Party (BJP) and its allies won an absolute majority in the recently concluded Lok Sabha polls.

The decisive mandate at the 2014 general elections has created the best environment in a long time to bite the bullet on government finances so as to ensure a long and healthy phase of economic growth in the country, analysts say.

Kalindee Rail Nirman (Engineers), Texmaco Rail and Engineering, Kernex Microsystems (India) and Titagarh Wagons have locked in maximum higher limit of the day on hopes that BJP’s Prime Minister designate, Narendra Modi will stand by his promise to improve the Indian Railways.