Stock market today: On Monday, 201 stocks hit their 52-week highs, including Aditya Birla Capital Ltd, Aster DM Healthcare Ltd, Bank of Baroda, Canara Bank, Poonawalla Fincorp Ltd, Indian Bank, Muthoot Finance Ltd, and KIOCL Ltd.
In contrast, 117 stocks touched 52-week lows, with notable mentions Aditya Birla Real Estate Ltd, Clean Science and Technology Ltd, Happiest Minds Technologies Ltd, and Torrent Power Ltd.
Today, the Indian stock market finished on a positive note, with the Sensex climbing by 582 points (0.72%) to close at 81,790, while the Nifty 50 increased by 183 points (0.74%) to reach 25,078. The positive closing was driven by strong buying activity in the banking and IT sectors.
Private banks like Kotak Mahindra Bank and Axis Bank experienced substantial gains, contributing to the market’s upward momentum. Additionally, key sectors such as IT saw gains of over 2%, further enhancing overall market sentiment.
Abhinav Tiwari, Research Analyst at Bonanza, noted that the recent market rally was bolstered by sustained domestic investor confidence, steady global cues, and optimism surrounding upcoming quarterly earnings. While sectors like metal, FMCG, and pharma experienced slight declines, the overall market breadth remained favorable, with more stocks advancing than declining.
The upbeat market sentiment was further fueled by the Reserve Bank of India’s stable monetary policy and regulatory measures aimed at facilitating easier capital market access for banks. There was also positive sentiment driven by strong expectations for Q2 earnings, particularly from the financial sector, along with renewed investor interest in consumption-linked sectors. Despite ongoing selling pressure from foreign institutional investors, resilient domestic buying helped cushion the market, reflecting a strong belief in India’s growth story.
Key takeaways from the session highlighted the strengthening role of private banks and IT companies as market leaders, with broad participation from midcap stocks and select sector leaders indicating healthy market breadth and diversification. Looking ahead, market expectations remain cautiously optimistic, with investors keeping a close eye on Q2 earnings results and macroeconomic data releases, according to Tiwari.
Nifty 50 Outlook
According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking, the markets extended their uptrend for the third consecutive session, with the Nifty 50 decisively surpassing the 25,000 mark. It is now trading comfortably above both its key short-term and long-term moving averages.
The support base has shifted higher, with major support now established around the 24,800 level. The Nifty 50 has completed a 50% retracement of the recent decline from 25,448 to 24,588, with the retracement level placed at 25,020. Momentum indicators and oscillators have begun to strengthen, suggesting a continuation of the upward move. If the index sustains above the 25,020 mark, a further rally towards 25,500 in the October series appears likely.
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.
