Stock market today: On Monday, 168 stocks hit their 52-week highs, including Ashok Leyland Ltd, Bosch Ltd, Cummins India Ltd, Dalmia Bharat Ltd, Eicher Motors Ltd, Endurance Technologies Ltd, JSW Steel Ltd, KIOCL Ltd, Lemon Tree Hotels Ltd, Mahindra & Mahindra Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Muthoot Finance Ltd, FSN E-Commerce Ventures Ltd (Nykaa), TVS Motor Company Ltd, and Tata Steel Ltd.
In contrast, 69 stocks touched 52-week lows, with notable mentions Deepak Nitrite Ltd, Aurionpro Solutions Ltd, Quess Corp Ltd, Affordable Robotic & Automation Ltd, Dhruv Consultancy Services Ltd, Pioneer Embroideries Ltd, Regaal Resources Ltd, and Suyog Telematics Ltd.
Today, Indian stock markets finished on a positive note, with both the Sensex and Nifty concluding in the green, largely fueled by robust buying in the auto sector, PSU banks, and metal stocks. The benchmark Sensex rose by 76 points, while the Nifty 50 ended above the 24,770 level, gaining 32 points or 0.13% for the session, after fluctuating between 24,751 and 24,885 during intraday trading.
Vaibhav Vidwani, a Research Analyst at Bonanza, stated that the primary factor behind today’s increases was a fresh wave of optimism regarding domestic growth, continuous investments in auto stocks due to improved demand outlook, and encouraging signals from Asian markets. Looking ahead, the market sentiment remains cautiously optimistic.
Vinod Nair, the Head of Research at Geojit Investments Limited, said that “The local market struggled to maintain its initial gains as a sell-off in the latter part of the session demonstrated the ongoing ‘buy-on-dips, sell-on-rallies’ approach, indicating a cautious stance among investors.
On a global scale, market sentiment improved after weaker U.S. jobs data raised expectations for a Federal Reserve rate cut in September. Nonetheless, fresh worries about sanctions on Russian oil drove crude prices up, while gold continued to rise due to trade-related uncertainties keeping demand for safe-haven assets high, according to Nair.
Nifty 50 Outlook
According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd, on the daily chart, the Nifty 50 formed a Doji candle, reflecting indecision among market participants. On the downside, immediate support remains at 24,710, followed by 24,620.
“Overall, the market continues to lack a clear directional bias, and the Nifty 50 is expected to consolidate within a broader range of 24,600–24,950 ahead of the weekly expiry. A decisive breakout above the 25,000 mark is crucial to trigger a fresh leg of the uptrend. If this breakout occurs, it could pave the way for a rally towards 25,300, and potentially extend to 25,500,” said Jain.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
