Stock market today: On Tuesday, 114 stocks hit their 52-week high, including Bosch Ltd, EID Parry India Ltd, HDFC Asset Management Company Ltd, Laurus Labs Ltd, Shyam Metalics and Energy Ltd, and Torrent Pharmaceuticals Ltd.
In contrast, 91 stocks touched 52-week lows, with notable mentions like Tata Consultancy Services Ltd (TCS), Colgate Palmolive (India) Ltd, Five-Star Business Finance Ltd, Tejas Networks Ltd, and Spicejet Ltd.
The Indian stock market had a positive close today, with the Nifty 50 index increasing by roughly 0.6% to reach 24,821 points, representing a rise of around 140 points from the previous day’s close.
The Sensex also advanced by about 446 points, trading close to 81,337, indicating an approximate 0.55% gain. This upward trend was fueled by strong performances in sectors like healthcare, real estate, and pharmaceuticals, which recorded increases of more than 1%, according to experts.
As per Vaibhav Vidwani, Research Analyst at Bonanza, the market demonstrated resilience following recent downward pressures stemming from stalled trade discussions between India and the US, along with mixed results from quarterly earnings. The healthcare and real estate sectors offered defensive support, while certain prominent stocks enhanced the overall market breadth, resulting in a higher number of advancing stocks compared to decliners.
Looking forward, market expectations are cautious yet somewhat optimistic. Investors are expected to concentrate on the forthcoming quarterly earnings for insights into corporate performance amid uncertainties in the macroeconomic environment. The unresolved trade agreement between India and the US continues to pose a notable challenge, but improved stability in global markets and consistent domestic institutional investments may support the market, explained Vidwani.
Nifty 50 Outlook
According Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 formed a bullish engulfing pattern on the daily chart, suggesting the possibility of a meaningful bullish reversal. On the 2-hourly chart, the index has started a recovery supported by a positive divergence. In addition, a hidden positive divergence is visible on the daily chart, further indicating the potential for a smart recovery in the short term.
“On the higher side, Nifty 50 may move towards 24,950–25,000. A decisive move above 25,000 could trigger a rally towards 25,200. On the downside, support is placed at 24,750,” said De.
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.
