Stock market today: On Tuesday, 144 stocks hit their 52-week highs, including Aditya Birla Capital Ltd, Affle 3I Ltd, Bosch Ltd, Cummins India Ltd, Eicher Motors Ltd, Endurance Technologies Ltd, Mahindra & Mahindra Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Maruti Suzuki India Ltd, Motherson Sumi Wiring India Ltd, Muthoot Finance Ltd, and TVS Motor Company Ltd.
In contrast, 58 stocks touched 52-week lows, with notable mentions Deepak Nitrite Ltd, Praj Industries Ltd, Refex Industries Ltd, Sprayking Ltd, Pioneer Embroideries Ltd, Panama Petrochem Ltd, Maral Overseas Ltd, Highway Infrastructure Ltd, Chemfab Alkalis Ltd, Affordable Robotic & Automation Ltd, and Adroit Infotech Ltd.
Today, the Indian stock market finished on a high note, with gains in both the Nifty 50 and Sensex primarily driven by strong performance in the IT sector, along with positive global signals and renewed buyer confidence in large-cap stocks. The Nifty 50 ended at 24,868.6, gaining 95 points (+0.39%), while the Sensex wrapped up at 81,101.32, up by 314 points (+0.39%).
Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the market’s positive close was driven by significant buying in IT stocks, resulting in a 2.8% surge in the Nifty IT index. This rally gained momentum following Infosys’s announcement of a proposed share buyback, which boosted sentiment throughout the sector.
Optimism in global equities, fueled by expectations for interest rate cuts from the US Federal Reserve and the robust performance of US tech indices such as the Nasdaq, supported domestic technology stocks. Furthermore, a stable rupee and consistent oil prices contributed to the optimistic mood in the market.
“Investors are closely watching upcoming inflation data from India and the US for clues on the Federal Reserve’s rate outlook, which will remain key for short term direction. The proposed second weekly derivatives expiry on Nifty 50 supports current volumes and volatility. With a positive undertone and sectoral rotation fueling resilience in large caps, near term market trajectory is likely to hinge on global monetary signals and domestic macro numbers,” said Vaibhav Vidwani.
Nifty 50 Outlook
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said that after showing weakness from the highs on Monday, Nifty 50 continued with range bound action with positive bias on Tuesday and closed the day with modest gains of 95 points.
Shetti noted that after opening with an upside gap of 90 points, the market shifted into a narrow high low range movement that lasted for the whole session. The opening upside gap remains unfilled and Nifty 50 closed at the highs.
“The underlying trend of Nifty 50 remains positive with choppy movement. Nifty is apparently creating base for decisive upside breakout of important resistance zone of around 24,900-25,000 levels (down sloping trend line and recent weekly highs). Immediate support is placed at 24,750,” said Nagaraj Shetti.