Stock market today: 37 stocks hit 52-week lows, 127 stocks at 52-week high as Nifty 50, Sensex end over 1% higher

Stock market today: On Thursday, 127 stocks hit their 52-week high, including Abbott India Ltd, Aditya Birla Capital Ltd, AU Small Finance Bank Ltd, Bharti Airtel Ltd, Dalmia Bharat Ltd, EID Parry India Ltd, Fortis Healthcare Ltd, Gillette India Ltd, Grasim Industries Ltd, HDFC Bank Ltd, HDFC Life Insurance Company Ltd, Home First Finance Company India Ltd, Laurus Labs Ltd, Lloyds Metals and Energy Ltd, L&T Finance Ltd, Max Healthcare Institute Ltd, Multi Commodity Exchange of India Ltd, Max Financial Services Ltd, Narayana Hrudayalaya Ltd, and Nuvama Wealth Management Ltd.

In contrast, 27 stocks touched 52-week lows, with notable mentions like Ola Electric Mobility Ltd, Protean eGov Technologies Ltd, Axita Cotton Ltd, Naksh Precious Metals Ltd, and Uma Exports Ltd.

The Nifty 50 and Sensex, the key domestic indices, rose for a third consecutive day on Thursday, fueled by gains in Reliance Industries shares and sectors like financials and metals, as reduced tensions between Israel and Iran enhanced investor confidence.

The Nifty 50 climbed 1.21% to reach 25,549, while the Sensex advanced by 1.21% to 83,755.87, following a 1% increase in the prior two sessions and achieving nine-month peaks.

Currently, both indices are approximately 3% below their historical highs reached in September 2024. This year, the Nifty 50 and Sensex have appreciated by about 8% and 7%, respectively.

Vinod Nair, Head of Research at Geojit Investments, indicated that the benchmark index demonstrated robust investor confidence, bolstered by the seeming stability of the Middle East ceasefire, which has alleviated worries about possible supply chain disruptions.

Nair noted that Foreign Institutional Investors (FIIs) continued to reduce their holdings due to the shrinking yield differential between US and Indian 10-year bonds, while Domestic Institutional Investors (DIIs) stepped in as net buyers, benefiting from improved liquidity and a recovery in domestic consumption. In the wider market, important sectors like banking and auto showed significant gains, aided by diminishing concerns over domestic inflation.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has given a decisive move above the recent consolidation on the daily chart, indicating growing optimism among traders and investors. Unprecedented put writing and call unwinding ahead of the NSE monthly expiry also signaled bullish aggression yesterday.

“Now that the index has broken above the consolidation zone, we continue to maintain our bullish view going forward. With no major resistance until the 25,700–25,750 zone, we expect this rally to extend by another 150–200 points on the upside. On the downside, support is seen around 25,300–25,350,” said De.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.