Stock market today: On Wednesday, 109 stocks hit their 52-week high, including Authum Investment & Infrastructure Ltd, Apollo Hospitals Enterprise Ltd, Fortis Healthcare Ltd, HBL Engineering Ltd, Indian Bank, JM Financial Ltd, Nuvoco Vistas Corporation Ltd, One 97 Communications Ltd (Paytm), Star Cement Ltd, and TVS Motor Company Ltd.
In contrast, 104 stocks touched 52-week lows, with notable mentions like Bata India Ltd, Colgate Palmolive (India) Ltd, HFCL Ltd, Poly Medicure Ltd, Praj Industries Ltd, and Tejas Networks Ltd.
Today, Indian stock markets exhibited a strong upward trend, with the Sensex rising by 304 points (0.38%) to close at 80,539 and the Nifty 50 gaining 131 points (0.54%) to finish at 24,619.
A broad-based rally was observed across various sectors, particularly in pharmaceuticals, automobiles, and metals, which were at the forefront of the gains. The Nifty Pharma index spiked by nearly 1.73%, while the metal sector increased by 1.26%, and the auto sector advanced by 1.12%. Apollo Hospitals stood out as the top gainer, soaring 8.19% after announcing a 41.8% rise in its consolidated net profit for Q1. Hindalco increased by 5.15%, and Hero MotoCorp, Cipla, and Dr. Reddy’s Labs also recorded notable gains.
As noted by Vaibhav Vidwani, Research Analyst at Bonanza, the upward movement in the market was largely fueled by several positive factors that coincided in this trading session.
India’s retail inflation dropped to an eight-year low of 1.55% in July, well below the Reserve Bank of India’s 2-6% target range, which significantly bolstered market confidence.
This positive inflation data strengthened the anticipation of possible monetary policy easing by the Reserve Bank of India in upcoming meetings. Global influences also played an important supportive role, with US markets achieving record highs the day before, following milder-than-expected inflation figures. The easing of inflation in the US raised hopes for rate cuts by the Federal Reserve in the coming month, creating a favorable international environment.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained strong throughout the day after initial hours of uncertainty, closing at a multi-day high and signaling improved sentiment amid tariff-related concerns. The daily RSI has recently entered a positive crossover and continues to hold this momentum after several days of indecision.
“With sentiment showing signs of improvement, the likelihood of the Nifty 50 moving above the 24,700 resistance has increased. A decisive move above this level could trigger a rally towards 25,200 in the short term. On the lower side, support is placed at 24,337, below which the dynamics would once again turn in favor of the bears,” said De.