Stock market today: 33 stocks hit 52-week lows, 83 stocks rise to 52-week highs as Sensex, Nifty 50 gain for fourth day

Stock market today: On Thursday, 83 stocks hit their 52-week high, including ICICI Bank, HDFC Bank, Eicher Motors, Chambal Fertilisers & Chemicals, Bharti Airtel, Bajaj Finserv, InterGlobe Aviation (IndiGo), Narayana Hrudayalaya, Paradeep Phosphates, and SBI Cards and Payment Services.

Today, the Indian stock market closed strongly in the green, with the Sensex jumping 1,508.91 points (1.96%) to reach 78,553.20, while the Nifty 50 climbed 414.45 points (1.77%) to settle at 23,851.65.

There was significant buying across major sectors such as Banking, Autos, and Pharma, which broadly fueled the surge. This upward trend was propelled by positive sentiments regarding a possible trade agreement between the US and India, along with expectations of a more-than-average monsoon season.

Vaibhav Vidwani, a Research Analyst at Bonanza, mentioned that the decline in inflation to a five-year low and the softness in crude oil prices, which are around USD 61, have further enhanced investor confidence. The banking sector spearheaded the gains, with major players such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank playing a key role in the rally as they approach their Q4 earnings announcement due on April 19.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the index witnessed a spectacular rally, with the Nifty 50 moving above the previous swing high on a closing basis. This recent sharp rally has pushed the index above the 100 EMA on the daily chart, suggesting a midterm positive trend.

“ In the short term, we expect the rally to extend further, potentially taking the Nifty towards 24,100. A move above 24,100 could open the path for a rise towards 24,500. On the downside, support is placed at 23,650 and 23,300,” said De.

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