Stock market today: 36 stocks hit 52-week lows, 109 stocks at 52-week high as Sensex, Nifty 50 end higher

Stock market today: On Thursday, 109 stocks hit their 52-week high, including Bharat Electronics Ltd (BEL), SRF Ltd, APL Apollo Tubes Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Solar Industries India Ltd, Authum Investment & Infrastructure Ltd, Anupam Rasayan India Ltd, Fortis Healthcare Ltd, Garden Reach Shipbuilders & Engineers Ltd, Intellect Design Arena Ltd, Lloyds Metals and Energy Ltd, Multi Commodity Exchange of India Ltd (MCX), Hitachi Energy India Ltd, and Welspun Corp Ltd.

In contrast, 36 stocks touched 52-week lows, with notable mentions like Bartronics India Ltd, Axita Cotton Ltd, Lasa Supergenerics Ltd, Uma Exports Ltd, and Wendt (India) Ltd.

India’s major stock indexes increased on Thursday, driven by significant contributions from Reliance Industries and interest-sensitive sectors like financials and real estate, as investors anticipate a policy rate reduction by the central bank.

The Nifty 50 closed 0.53% higher at 24,750.90, while the Sensex rose by 0.55% to reach 81,442.04. Additionally, the broader smallcap and midcap indexes saw gains of 1% and 0.7%, respectively. The Reserve Bank of India is largely expected to lower key lending rates by 25 basis points for the third consecutive meeting on Friday, as per market experts.

Vinod Nair, the Head of Research at Geojit Investments, mentioned that while there is clear profit-taking at elevated levels, the main indices are striving to regain their momentum during this phase of consolidation. As the dollar index weakens and US bond yields fluctuate, foreign institutional investors are beginning to buy again following their recent selling in light of pending trade negotiations.

Despite uncertainties on a global scale, strong signals of economic and corporate earnings growth are prompting investors to consider a buy-on-dip approach. Additionally, the markets are closely monitoring forthcoming decisions from central banks, expecting a 25-basis point rate reduction from both the ECB and RBI, added Nair.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the index remained volatile within a range throughout the day, failing to establish a clear directional move as range-bound trading continued. However, a golden crossover is visible on the daily chart, indicating the potential for a strong uptrend in the short term.

“On the 2-hour chart, the RSI has formed a positive crossover, suggesting bullish momentum in the near to short term. Support continues to hold at 24,500; unless the Nifty breaks below this level, a serious correction is unlikely. On the contrary, a steady or even sharp recovery appears possible in the near term,” said De.

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