Back-to-Back Upper Circuit: Standard Capital Shares Hit Upper Circuit in Fourth Consecutive Session

Standard Capital Market is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share Market News: Shares of Standard Capital hit the upper circuit on Tuesday i.e. February 20. This is the fourth straight session when the counter has hit the upper circuit. The counter hit the upper circuit as soon as trading started. Last seen, the scrip held firmly in green and was trading at Rs 2.99 – up by 1.36 per cent from the previous close of Rs 2.95.

The Stock has been gaining for the last 7 days and has risen 15.56% returns in the period

Also, Standard Capital Market is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Meanwhile, Nifty has set six new record highs during intraday trade this year and this is indicative of the strong momentum in the market, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

An important characteristic of the bull market is its ability to set new successive record highs and this market has been doing this consistently, he said.

Selling by FIIs, triggered by rising bond yields in the US, is having no impact on this up trending market where DIIs bought Rs 17850 crores in February so far and domestic HNIs and retail investors are calling the shots, he added.

High quality fundamentally strong largecaps like RIL, ICICI Bank and Bharti taking up the leadership in the rally is positive for the bulls. Also, it is important to remember that large caps have valuation comfort in this market where segments of the broader markets have tipped into frothy valuations. Since the Bank Nifty is around 4% away from its record high, more action is likely in banking stocks.

In the near term, volatility will be high. Sharp corrections can happen at any time, he said.

With Agency Inputs