Stock market today: On Thursday, 155 stocks hit their 52-week highs, including Aster DM Healthcare Ltd, Eternal Ltd, Fortis Healthcare Ltd, Hindustan Copper Ltd, JSW Steel Ltd, Muthoot Finance Ltd, Tata Steel Ltd, and Usha Martin Ltd.
In contrast, 149 stocks touched 52-week lows, with notable mentions Blue Dart Express Ltd, Clean Science and Technology Ltd, Crompton Greaves Consumer Electricals Ltd, Vedant Fashions Ltd, Signatureglobal (India) Ltd, and United Breweries Ltd.
The Indian stock market finished with gains today, as the Sensex increased by 398 points, closing at 82,172, while the Nifty 50 rose by 135 points to end at 25,181. The market’s rally was bolstered by strong buying activity in the metal, pharmaceutical, and IT sectors, with metal stocks leading the gains due to higher global commodity prices.
Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that investor confidence was further enhanced by the alleviation of geopolitical tensions following initial ceasefire agreements between Israel and Hamas, alongside encouraging signals from global markets, where the U.S. technology sector experienced substantial increases.
Highlights from today’s trading session include widespread participation across sectors, with significant gains in the Nifty Metal and Pharma indices. The surge in metal stocks such as Tata Steel was fueled by strong commodity prices and anticipation of ongoing demand, while major IT companies like HCL Technologies experienced gains due to positive outlooks.
“Looking ahead, market expectations remain cautiously optimistic as the Q2 earnings season gains momentum. We will closely watch corporate results for cues on earnings growth, margin trends, and credit costs, especially in sectors like banking and automobiles. Global macro factors, including US Fed policy signals and China’s economic data, will continue to influence market direction,” said Abhinav Tiwari.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 moved higher, shrugging off yesterday’s negativity. However, the index remained below the resistance level of 25,250. The short-term sentiment remains positive, with the index sustaining above the critical moving averages on the daily timeframe. On the higher end, a decisive move above 25,250 might trigger a rise towards 25,600 in the short term, while on the lower end, support is placed at 25,000.
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