Stock market today: On Thursday, 141 stocks hit their 52-week highs, including Cummins India Ltd, Dalmia Bharat Ltd, Eicher Motors Ltd, Gujarat Mineral Development Corporation Ltd, India Cements Ltd, Lemon Tree Hotels Ltd, Mahindra & Mahindra Ltd, Maharashtra Scooters Ltd, Marico Ltd, Maruti Suzuki India Ltd, Nuvoco Vistas Corporation Ltd, FSN E-Commerce Ventures Ltd, and TVS Motor Company Ltd.
In contrast, 50 stocks touched 52-week lows, with notable mentions Gem Aromatics Ltd, GSS Infotech Ltd, Imagicaaworld Entertainment Ltd, Maral Overseas Ltd, Regaal Resources Ltd, Vikram Solar Ltd, Vikran Engineering Ltd, and Vishnu Prakash R Punglia Ltd.
The domestic benchmark indices experienced gains for the second day in a row on Thursday, with the BSE Sensex rising following the announced GST rate reductions on everyday personal items and essential goods. However, the index ended off the day’s high amid selling in major stocks like Reliance Industries and Infosys,
The 30-share Sensex closed higher by 150.30 points, marking a 0.19 per cent increase to settle at 80,718.01.
Everyday items ranging from roti and paratha to hair oil, ice cream, and televisions will see a price drop, and the tax burden on personal health and life insurance is set to decrease to zero after the powerful GST Council approved a complete restructuring of the complex Goods and Services Tax (GST) system on Wednesday.
The GST Council agreed to limit the tax slabs to 5 per cent and 18 per cent, with the new rates taking effect from September 22, coinciding with the start of Navaratri.
Vinod Nair, Head of Research at Geojit Investments, noted that after an encouraging beginning, the domestic market ended nearly unchanged as investors took profits across most sectors, with the exception of those benefiting from consumption, such as Auto, Finance, and FMCG. The situation was negatively influenced by the expected outcomes of GST rationalization and ongoing tariff threats from the United States.
“Considering that the US constitutes India’s largest export destination, making up 2.2% of the GDP, the implications are unavoidable. Companies are looking for ways to sustain exports to their current clients through methods like cross-country billing and establishing manufacturing facilities overseas. Nonetheless, a decline in exports is anticipated, which will impede new growth opportunities,” said Nair.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 pared most of its gains after a gap-up start driven by optimism over GST reforms. The daily close was just below the 21 EMA, indicating a continuation of weakness, although the index appears to be nearing a potential trend reversal.
“A decisive move above 24,750 could provide the strength needed for the Nifty 50 to move towards 25,000. A sustained move above 25,000 could trigger a further rally. On the other hand, failure to close above 24,750 within the next two to three days may lead to renewed selling pressure on the index,” said De.
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