Stock market today: On Thursday, 92 stocks hit their 52-week high, including Mazagon Dock Shipbuilders , Solar Industries India, Authum Investment & Infrastructure Ltd, Deepak Fertilisers & Petrochemicals Corporation Ltd, Eris Lifesciences, Garden Reach Shipbuilders & Engineers Ltd, Intellect Design Arena, Procter & Gamble Health Ltd, Hitachi Energy India, and Welspun Corp Ltd.
In contrast, 29 stocks touched 52-week lows, with notable mentions like Orchid Pharma, Bharat Rasayan, National Standard (India) Ltd, Lasa Supergenerics, and CP Capital Ltd.
The Indian stock market ended the day with significant gains, fueled by encouraging global signals and a favourable ruling from a US trade court that annulled President Trump’s blanket tariffs on imports, thereby reducing trade tensions and enhancing investor confidence.
The Nifty 50 index finished close to 24,850, gaining around 81 points, while the Sensex increased by over 320 points, closing at approximately 81,650. Leading sectors contributing to the upward movement included IT, metals, pharmaceuticals, and financials, with Nifty Metal rising by 1.21%, driven by strong buying activity.
As per Vinod Nair, Head of Research at Geojit Investments, global sentiment saw an upturn following a US court’s nullification of Trump’s reciprocal tax policy. Nevertheless, the domestic market largely traded within a limited range throughout the day, influenced by increasing oil prices and elevated US 10-year bond yields. Toward the session’s conclusion, a slight rebound was observed, spurred by covering related to the F&O expiry.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 witnessed a volatile session on the day of monthly expiry. The momentum continues to remain weak, with the RSI still pointing downward. The next crucial support is at 24,670.
If the index falls below this level, a sharp correction may occur, potentially dragging the index down to 24,400/ 24,300. On the other hand, if Nifty 50 holds above 24,670, it could witness a smart recovery towards 25,000 or 25,150 in the short term
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.
