Stock market today: On Thursday, 150 stocks hit their 52-week highs, including Aditya Birla Capital Ltd, Fortis Healthcare Ltd, L&T Finance Ltd, Muthoot Finance Ltd, Tata Investment Corporation Ltd, and RBL Bank Ltd.
In contrast, 118 stocks touched 52-week lows, with notable mentions Happiest Minds Technologies Ltd, Praj Industries Ltd, Tata Consultancy Services Ltd (TCS), Capital Trust Ltd, Ellenbarrie Industrial Gases Ltd, Imagicaaworld Entertainment Ltd, and JSW Cement Ltd.
The domestic benchmark indices, Nifty 50 and Sensex, ended on a high note today, with the Sensex gaining approximately 715.7 points and the Nifty 50 climbing by 0.92%. This positive closing can be attributed to the Reserve Bank of India’s choice to keep the repo rate steady at 5.50%, which investors welcomed as a signal of stable monetary policy in light of eased inflation and a more favourable economic forecast, according to experts.
Abhinav Tiwari, a Research Analyst at Bonanza, noted that the RBI’s focus on maintaining a neutral stance while leaving room for future adjustments based on inflation and growth metrics provided reassurance to the markets.
This cautious yet optimistic perspective, alongside international elements such as a stable rupee and favorable global indicators, supported increased participation in the broader market, particularly in the auto and real estate sectors. Tiwari anticipates that the RBI’s upcoming decisions regarding interest rates will hinge on the performance of the economy.
“The RBI is focusing on ensuring credit growth while keeping inflation under control. If global risks reduce and domestic demand picks up, the RBI might cut rates in the future. Investors feel positive about this balanced approach, expecting steady economic growth and good opportunities in sectors like banking and finance, especially because of easier rules for banks. With the upcoming earnings reports and government reforms, the market is likely to stay positive in the near term,” added Tiwari.
Nifty 50 Outlook
According to Vatsal Bhuva, Technical Analyst at LKP Securities, Nifty 50 closed Wednesday’s session with a strong bullish candlestick after the RBI policy outcome and auto sales data, reclaiming levels above its 100-day EMA at 24,750, which earlier acted as resistance.
“The index has also retraced 61% of the Fibonacci move between the September 1 low and September 18 high at 25,453. On the derivative front, heavy put writing at 24,700-24,800 suggests a higher base, with maximum OI at 25,000. Overall, sentiment has turned positive, with support at 24,700 and resistance at 25,000-25,100,” said Bhuva.