As many as 11 components of the 30-share pack Sensex hit their fresh 52-week high in intraday trade on September 1.

Those 11 stocks were Asian Paints, Axis Bank, Bajaj Finserv, Bajaj Finance, Bharti Airtel, Hindustan Unilever, ICICI Bank, Larsen & Toubro, TCS, Titan and UltraTech Cement.

Overall, quite 180 stocks from various sectors hit their 52-week high on BSE. Dabur, Divi’s Labs, DMart, Havells, IRCTC, Tata Consumer Products and Larsen & Toubro Infotech, too, featured among stocks that hit their 52-week highs.

The market extended its bullish run with the Sensex and therefore the Nifty both hitting their fresh record high levels of 57,918.71 and 17,225.75, respectively, yeat again in morning trade.

The BSE Midcap index also hit its fresh record high of 24059.65. The smallcap index hit the intraday high of 27,117.67, about 200 points below may be a record high of 27,323.18 that it hit on August 4.

The market, however, cooled off after hitting a record high due to profit-booking.

Analysts acknowledged some momentum indicators are indicating Nifty is in overbought territory.

“Nifty is in strong bullish momentum but a number of the momentum indicators are indicating an overbought territory and PCR is trading at 1.66 which is additionally a touch overbought area which will cause some consolidation or profit booking at some point,” said Santosh Meena, Head of Research, Swastika Investmart.

“It is usually advisable to stay with momentum until the market shows any sign of weakness because the market may remain overbought for a few longer ,” He said.

Meena is of the view that 17,300 is an instantaneous resistance level while 17,500 are going to be subsequent psychological hurdle. On the downside, 17,000 has become immediate and powerful support where only a move below 17,000 can cause some short weakness towards 16,700 level, he said.