Indian equity benchmarks opened nearly flat on Thursday, December 18, 2025, after three straight sessions of losses, as a modest rebound in the rupee and renewed foreign buying offered support even while most major sectors started lower. [1]
But beneath the quiet headline indices, a clear theme is playing out on Dalal Street: select “breakout” counters are printing fresh 52-week highs, powered by a mix of commodity tailwinds (especially silver) and deal/corporate-action catalysts. A late-session market scan on Wednesday showed six BSE 500 names hitting new 52-week highs—Hindustan Zinc, The India Cements, Kirloskar Oil Engines, National Aluminium Company (NALCO), Shriram Finance, and Vedanta—even as the Sensex closed lower. [2]
Below is what’s driving the momentum—and what investors are watching next.
The big catalyst: Silver’s record run is rewriting the metals playbook
Silver has become one of the most powerful cross-market drivers this week. Reuters reported that the metal crossed $65/oz for the first time, hit an intraday record around $66.87/oz, and is up more than 120% in 2025—helped by investment demand, momentum buying, persistent supply deficits, and industrial use-cases ranging from AI data centers to solar and EVs. [3]
That matters for Indian equities because the silver surge is directly feeding into the rerating of listed names with meaningful silver linkage—starting with Hindustan Zinc.
Hindustan Zinc share price: new 52-week high, silver tailwind, and a fresh Jefferies “Buy”
What happened in the market
Hindustan Zinc shares pushed to a fresh 52-week high near ₹587–₹588, with the rally closely tracking the spike in silver. In the 52-week-high breakout list, the stock’s new 52-week high was ₹587.65 with a CMP around ₹578, and it was up roughly 19% over one month. [4]
Business Today also noted the company’s market cap rising to about ₹2.43 lakh crore, and highlighted that Hindustan Zinc is a Vedanta group company with Vedanta holding around 65%. [5]
Why brokerages turned louder
A key accelerant has been global brokerage coverage. Jefferies initiated coverage with a “Buy” rating and a price target of ₹660, describing Hindustan Zinc as a beneficiary of rising silver and zinc prices and emphasizing its low cost position. [6]
Investing.com summarized Jefferies’ view as implying ~22% upside including a ~4% dividend yield. [7]
Business Standard added that Jefferies expects EPS growth of 22% (FY26), 29% (FY27) and 7% (FY28E), and highlighted Hindustan Zinc’s scale in zinc and silver as well as its cost advantages. [8]
The Financial Express went further into the valuation framework, reporting Jefferies’ base-case target of ₹660 (built off an EV/EBITDA approach), plus scenario ranges that stretch higher or lower depending on commodity cycles—an important reminder that this trade is fundamentally tied to metals volatility. [9]
The “₹600 question”: should investors chase?
This is where the conversation gets nuanced. While the brokerage narrative is bullish, multiple market technicians cited by Business Today flagged ₹600 as a key psychological and technical zone—and warned that the stock is overbought on some indicators after a sharp multi-session run. [10]
In the same report, analysts mapped out:
- Support zones around the mid-₹550s (with deeper support cited closer to ₹535),
- Resistance near ₹595–₹600, and
- Upside projections into the ₹610–₹630 band if the breakout sustains. [11]
For investors, the takeaway is straightforward: the trend is strong, but the risk is also rising—especially if silver cools or if profit-taking kicks in near round-number levels.
Shriram Finance hits 52-week high as MUFG deal talk turns into boardroom action
Shriram Finance also featured among the day’s breakout names, with the 52-week-high scan showing a new 52-week high of ₹875.4 and a CMP around ₹866. [12]
What’s changed on Dec 18: the MUFG stake story is now a live event
The Shriram Finance move isn’t just technical momentum—there is a major strategic catalyst building.
Reuters reported that Japan’s Mitsubishi UFJ Financial Group (MUFG) is set to invest more than $4 billion for roughly a 20% stake in Shriram Finance, with the deal expected to be closed on Friday, and noted Shriram’s disclosure that its board would meet to discuss fundraising options. [13]
The Economic Times, in a Dec 18 update, said Shriram’s board would weigh a potential stake sale to MUFG and described how valuations have moved sharply higher in anticipation—pointing out that the stock rose over 40% from end-September levels to Wednesday’s price zone and that a 20% stake at current valuations could exceed ₹40,000 crore. [14]
Moneycontrol also reported Shriram Finance hitting ₹875.45 intraday as the market looked ahead to the Dec 19 board meeting to consider fundraising routes (rights issue, preferential allotment, QIP, etc.), with MUFG’s reported minority stake deal seen as part of the discussion. [15]
What investors are watching next:
- Friday’s board outcome and fundraising structure,
- Whether the MUFG transaction is priced at a premium or closer to market, and
- The longer-term possibility—raised in market coverage—that MUFG could increase its stake over time (which could change the strategic trajectory of the NBFC). [16]
Vedanta at 52-week highs after tribunal clears five-way demerger
Vedanta—another breakout name on the 52-week-high list—posted a new 52-week high of ₹579.95 with a CMP around ₹570. [17]
The move is closely tied to a major corporate development: Reuters reported that India’s tribunal approved Vedanta’s plan to split into five separately listed entities, and that Vedanta aims to complete the split by March 31, 2026. [18]
Under the plan outlined in Reuters’ report:
- Vedanta Limited would remain the base metals arm, and
- Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy would become independent entities. [19]
For markets, demergers often trade on a simple thesis: value unlocking + clearer business-line valuation. But execution timelines, approvals, and capital structure questions can still inject volatility into the trade.
India Cements: breakout to ₹447 puts cement momentum back on traders’ screens
The India Cements also appeared among the day’s breakout performers, printing a new 52-week high of ₹447. [20]
A MarketsMojo technical update published on Dec 18 said India Cements closed at ₹447, up sharply from the prior close near ₹408, with an intraday move that stretched up to the 52-week-high level—an action that typically draws momentum traders and short-term technical participants. [21]
With cement names often moving in bursts—on demand expectations, pricing trends, and sector rotation—India Cements’ breakout is now a chart level many desks will track into year-end positioning.
Kirloskar Oil Engines: strong results and product-mix upgrades fuel the industrial breakout
Kirloskar Oil Engines hit a fresh 52-week-high milestone as well (new high ₹1,289.9, CMP ₹1,279.45) and was up about 17% over one month in the breakout scan. [22]
Business Standard tied the run to fundamentals: it reported heavy volumes and highlighted the company’s best-ever Q2FY26 performance, including crossing ₹1,500 crore revenue in a quarter for the first time and H1FY26 sales of ₹3,027 crore, along with profit growth. It also cited brokerage commentary pointing to product-mix improvements and strong growth in the power generation segment, with a reiterated “Buy” view and an updated target price. [23]
In short: this breakout isn’t purely sentiment-driven—it’s also being supported by earnings narrative.
NALCO (National Aluminium Company): steady metals strength adds another 52-week high
The 52-week-high list also included National Aluminium Company (NALCO), with a new 52-week high of ₹281.55 and a CMP around ₹279.15. [24]
While Hindustan Zinc is the headline beneficiary of the silver story, NALCO’s presence on the breakout board reinforces a broader point: India’s metals space is back in focus, with investors scanning for both commodity leverage and balance-sheet resilience.
What to watch on Dec 18–19: the next catalysts for these breakout stocks
- Silver price direction and volatility risk
Reuters flagged that silver’s surge is heavily investment-driven and historically more volatile than gold—meaning sharp pullbacks are possible even within a bull run. [25] - Shriram Finance board decision (Friday, Dec 19)
Any clarity on fundraising mode and MUFG stake contours could reshape near-term price action. [26] - Vedanta demerger timeline and details
Markets will track approvals, structure, and how investors position into the March 2026 target date. [27] - Whether ₹600 becomes a decisive level for Hindustan Zinc
With the stock already extended and widely discussed, the “break above and hold” vs “rejection and profit-taking” battle around round-number resistance could define the next leg. [28]
References
1. www.reuters.com, 2. m.economictimes.com, 3. www.reuters.com, 4. m.economictimes.com, 5. www.businesstoday.in, 6. www.investing.com, 7. www.investing.com, 8. www.business-standard.com, 9. www.financialexpress.com, 10. www.businesstoday.in, 11. www.businesstoday.in, 12. m.economictimes.com, 13. www.reuters.com, 14. m.economictimes.com, 15. www.moneycontrol.com, 16. m.economictimes.com, 17. m.economictimes.com, 18. www.reuters.com, 19. www.reuters.com, 20. m.economictimes.com, 21. www.marketsmojo.com, 22. m.economictimes.com, 23. www.business-standard.com, 24. m.economictimes.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.businesstoday.in
