Stock, which has outperformed the sector by 3.24 per cent, has been gaining for the last 4 days and has risen 13.66 per cent returns in the period.
Share Market News: Shares of Toyam Sports Limited, a small-cap company, hit the upper circuit amid a rally in the stock market on Tuesday i.e. February 20. The counter opened at Rs 6.49 and surged around 5 per cent to touch the day’s high of Rs 6.62. The share of the company, which has a market cap of Rs 364.63 crore, has a 52-week high of Rs 19.45 and a 52-week low of Rs 4.65.
Stock, which has outperformed the sector by 3.24 per cent, has been gaining for the last 4 days and has risen 13.66 per cent returns in the period.
On technical parameters, the stock is moving higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 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