Stock market today: On Wednesday, 122 stocks hit their 52-week high, including Aditya Birla Capital Ltd, Dalmia Bharat Ltd, Divis Laboratories Ltd, and Max Financial Services Ltd.
In contrast, 36 stocks touched 52-week lows, with notable mentions like Naksh Precious Metals Ltd, Manoj Jewellers Ltd, and Subam Papers Ltd.
The domestic benchmark indices, Sensex and Nifty 50, closed marginally higher, reflecting an increase in regional markets as investors cautiously reacted to encouraging indications of advancements in trade discussions between the United States and China.
The Sensex increased by 123.42 points, finishing at 82,515.14, while the Nifty 50 climbed 37.15 points to close at 25,141.40.
Vinod Nair, the Head of Research at Geojit Investments, noted that profit-taking is ongoing in the broader markets due to high domestic valuations. Nevertheless, the resilience of large-cap stocks is bolstering the indices as institutional investors are leaning towards companies with stable earnings projections.
Nair believes that the Auto and IT sectors are still in the spotlight—Auto shares are rising due to improved monthly sales, while the IT sector is seeing gains from optimism surrounding a possible resolution of US-China trade issues.
At the same time, after the recent market upswing, investors are seeking clearer direction as they await crucial macroeconomic data and news on trade discussions. The US inflation figures, set to be released later today, are anticipated to show a slight increase, influenced by recent tariff hikes, according to Nair.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained volatile throughout the day before closing flat. However, the overall sentiment remains positive as the index continues to hold above the breakout point. Additionally, a golden crossover is in place, which supports the bullish outlook. Any dip should be viewed as a buying opportunity. Crucial support is placed at 24,850. As long as the index holds above this level, the trend is likely to remain positive, with potential to move towards 25,350 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.
