Shares of state-owned Mazagon Dock hit their 52-week high of Rs 2,333 on the NSE as the stock rallied more than 13% in the early trade, maintaining its session winning streak.
While the positive sentiments are driving the shipping stocks, the latest trigger was the company signing a Master Ship Repair Agreement (MSRA) with the US government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.
Cochin Shipyard was up nearly 9% to hit the day’s high of Rs 1,254.95, which was also its 52-week high at 9:50 a.m. Today’s rally marks five sessions of uninterrupted gains.Shipping Corporation shares were up over 7% before hitting their 52-week high of Rs 157.30.
The Great Eastern Shipping Company was trading at Rs 840.85 around this time and was up by Rs 25.35 or 3.11% over the Wednesday closing price. The stock hit its 52-week high of Rs 850.90 in the previous session. Garden Reach Ship Builders & Engines shares were also up 3.20% around this time and were trading at Rs 935.85 on the NSE, higher by Rs 28.95 over the previous closing.
Niche sectors like shipping and defense stocks continue to see buying interest on the back of large order wins and strong order books, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
News agency IANS reported Khemka saying that the outperformance in the broader market will likely continue with interest in niche sectors.Even as the Nifty50 was at 19,774.05, up 47 points or 0.24% in early trade, the Nifty Midcap 100 index was trading with gains of 0.48%, while the Nifty Smallcap 100 index was 0.63% higher.
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