Stock market today: On Friday, 135 stocks hit their 52-week highs, including CCL Products (India) Ltd, Cummins India Ltd, Eternal Ltd, Gujarat Mineral Development Corporation Ltd, HBL Engineering Ltd, Lemon Tree Hotels Ltd, L&T Finance Ltd, Mahindra & Mahindra Ltd, Muthoot Finance Ltd, FSN E-Commerce Ventures Ltd, RBL Bank Ltd, and Zydus Wellness Ltd.
In contrast, 64 stocks touched 52-week lows, with notable mentions Affordable Robotic & Automation Ltd, Alpa Laboratories Ltd, Alacrity Securities Ltd, Anuroop Packaging Ltd, Brand Concepts Ltd, Gem Aromatics Ltd, Imagicaaworld Entertainment Ltd, Maral Overseas Ltd, Medicamen Biotech Ltd, Raymond Realty Ltd, Regaal Resources Ltd, Shivalik Rasayan Ltd, Sprayking Ltd, Suyog Telematics Ltd, and Vikram Solar Ltd.
The domestic benchmark indices, Nifty 50 and Sensex, closed flat after a turbulent Friday, as investors took profits in consumer stocks while a decline in information technology shares countered broader increases.
Nevertheless, both indexes recorded weekly gains, primarily driven by the automotive sector following tax reductions.
The Nifty 50 increased by 0.03% to 24,741, while the Sensex decreased by 0.01% to 80,710.76, fluctuating between 0.4% gains and 0.5% losses.
For the week, they gained 1.3% and 1.1% respectively, after the GST Council reduced taxes on common goods.
As per Vinod Nair, the Head of Research at Geojit Investments, Indian stocks closed relatively unchanged today, although the sentiment remained slightly optimistic as major indices recovered from their intraday lows due to purchasing at support levels.
The auto sector continued to gain momentum amidst hopes for a revival in demand. The broader market showed better performance with significant involvement from mid- and small-cap stocks as domestic investors shifted their focus toward value and growth opportunities outside of large-cap companies.
Supportive global cues were also present, as US and Asian markets experienced gains in anticipation of the US jobs report, which is a crucial factor influencing expectations for a rate cut from the Fed. In the short term, the markets are expected to stay within a range, with an investment approach of buying on dips and selling on rallies shaping investor actions, according to Nair.
Nifty 50 Outlook
According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking, markets witnessed a smart recovery, with the Nifty 50 managing to close above its 21-DMA, currently placed around 24,700.
“However, the recent momentum faced resistance near the 50-DMA at 24980, which also aligns with the upper boundary of a symmetrical triangle pattern on the index. For a fresh leg of the uptrend, a decisive breakout above 25,000 is essential. A successful move above this level could open the gates for a rally towards 25,300, and eventually 25,500. On the downside, immediate support lies at the recent swing low of 24,520. Overall, Nifty 50 is expected to consolidate within the broader range of 24,400–25,000 in the coming week,” said Jain.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
