Stock market today: On Thursday, 111 stocks hit their 52-week high, including Delhivery Ltd, Fortis Healthcare Ltd, Godfrey Phillips India Ltd, JK Cement Ltd, JSW Steel Ltd, Sarda Energy & Minerals Ltd, and TVS Motor Company Ltd.
In contrast, 161 stocks touched 52-week lows, with notable mentions like Cohance Lifesciences Ltd, Five-Star Business Finance Ltd, Indian Energy Exchange Ltd, Ratnamani Metals & Tubes Ltd, and Tejas Networks Ltd.
Today, Indian equity markets experienced a notable rebound, with both indices finishing slightly higher despite encountering substantial challenges from Trump’s tariff announcements.
The BSE Sensex wrapped up at 80,396.79, gaining 79.27 points (0.10%), while the Nifty 50 concluded at 24,574.20, rising 37.20 points (0.15%). Significantly, the indices bounced back by nearly 750-800 points from their intraday lows, showcasing remarkable strength amidst global uncertainties. According to analysts, the market’s recovery was mainly fueled by robust buying interest in major banking stocks and select IT companies.
According to Vaibhav Vidwani, a Research Analyst at Bonanza, the IT sector played a vital role in providing support, with the Nifty IT index increasing by 0.87%, as investors perceived the impact of Trump’s tariffs as potentially advantageous for IT services due to currency depreciation.
The markets faced initial pressure after Trump’s executive order raised tariffs on Indian goods to 50%, citing India’s ongoing oil purchases from Russia. The 21-day period set for implementation offered some relief, creating space for negotiations between the two nations, in our view. Despite the worries over tariffs, the market’s capacity to bounce back from intraday declines of almost 700 points on the Sensex illustrated notable resilience and demand for buying at lower price levels.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 witnessed a roller-coaster session as the index oscillated between 24,350 and 24,650. Although it briefly fell below 24,400, it did not sustain at lower levels and recovered smartly in the second half, closing near 24,600.
“In the short term, the index may continue to recover; however, immediate resistance is seen at 24,660. A decisive move above this level could take the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis,” said De.