Stock market today: Stock market today: On Thursday, 113 stocks hit their 52-week highs, including Affle 3I Ltd, Fortis Healthcare Ltd, Gujarat Mineral Development Corporation Ltd, Indian Bank, Waaree Energies Ltd, and Zydus Wellness Ltd.
In contrast, 42 stocks touched 52-week lows, with notable mentions United Breweries Ltd, Easy Trip Planners Ltd, Affordable Robotic & Automation Ltd, Naksh Precious Metals Ltd, and LGT Business Connextions Ltd.
The Indian stock market concluded the day with little change, as the Sensex gained 124 points to finish at 81,548.73 (+0.15%) and the Nifty rose by 32 points to close at 25,005.5 (+0.13%), maintaining its position above the 25,000 threshold. Although both key indices continued their upward trend, the pace of growth was limited, and there was a lack of broad participation in the market, with the number of advancing and declining stocks being almost equal.
According to Vaibhav Vidwani, a Research Analyst at Bonanza, the market had a positive beginning due to optimism regarding improvements in US-India trade relations and the continued strength of stocks focused on domestic consumption. However, during the session, it encountered pressures from various fronts. The rupee fell to a historic low of nearly 88.45 against the US dollar, highlighting ongoing external challenges and tariff-related concerns that weakened risk appetite.
Vidwani noted that although the indices seem to have stabilized near their all-time highs, medium-term positivity is bolstered by hopes for a potential interest rate cut from the US Federal Reserve, GST rationalization that could enhance consumption, and robust domestic liquidity.
Nonetheless, with the rupee facing challenges and the possibility of volatility before significant inflation data releases, the markets may experience movements within a defined range in the short term. Investors are likely to keep their focus on sector rotation, with consumer goods, financial services, and emerging sectors driving long-term growth, while also keeping an eye on global indicators and currency movements for upcoming catalysts.
Nifty 50 Outlook
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty 50 closed the day with modest gains of 30 points. After opening on a negative note, the market recovered initially but later shifted into a usual small range movement and that continued till the end.
A small positive candle was formed on the daily chart with minor upper shadow. Technically this action signals a range bound action in the market. Though, Nifty 50 placed at the crucial hurdle of 25,000 mark (down sloping trend line and previous two weeks highs) but not showing any strength to witness a decisive break out of the hurdle. The recent opening upside gap of 9th and 10th Sept remains unfilled.
“The underlying trend of Nifty 50 remains positive with choppy movement. Any failure to move sharply above the important resistance of 25,000-25,100 levels in the next 1-2 sessions could open short term weakness in the market. Immediate support is at 24,800,” said Shetti.
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