Stock market today: On Tuesday, 143 stocks hit their 52-week high, including Aditya Birla Capital Ltd, Ashok Leyland Ltd, CCL Products (India) Ltd, HBL Engineering Ltd, Hyundai Motor India Ltd, JSW Steel Ltd, Maharashtra Scooters Ltd, Maruti Suzuki India Ltd, Nuvoco Vistas Corporation Ltd, ne 97 Communications Ltd (Paytm), and TVS Motor Company Ltd.

In contrast, 65 stocks touched 52-week lows, with notable mentions like Flexituff Ventures International Ltd, Ksolves India Ltd, Mercury Ev-Tech Ltd, Sukhjit Starch & Chemicals Ltd, and Vikas Lifecare Ltd.

Today, Indian stock markets ended on a high, continuing their upward trend despite some global hesitance. The BSE Sensex rose by more than 370 points to close around 81,644, whereas the Nifty 50 reached the significant 25,000 level and finished at 24,980. Broader market indices outperformed, as both midcap and smallcap indices closed in positive territory, indicating strong sentiment beyond large-cap stocks.

Vaibhav Vidwani, a Research Analyst at Bonanza, stated that the rally observed today was driven by significant purchases in major stocks like Reliance Industries, Tata Motors, Adani Ports, and Bharti Airtel. Notably, Reliance experienced a rise of over 2.89% following Jio’s announcement regarding changes in its tariff structure, while Tata Motors and Bajaj Auto gained traction due to positive forecasts for auto sales and reduced concerns about global supply chains. 

The market sentiment was also lifted by expected GST reforms and a recent upgrade in sovereign credit ratings, which heightened hopes for increased capital inflows and stable policies. Encouraging signals from certain global markets, despite a mixed performance in Asia, further bolstered investor confidence. Most sector indices closed in positive territory, with the oil & gas, auto, and media sectors showing the most significant gains. Conversely, pharmaceutical and healthcare stocks underperformed, experiencing slight profit taking.

Nifty 50 Outlook 

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained in strength following a positive start. On the higher end, it reached 25,000 where it found an initial level of resistance. The RSI indicator is in a classic bullish crossover, indicating strong positive momentum. Going forward, the index might remain strong; the strength increases above 25,000. On the lower end, support is placed at 24,800. Positive sentiment remains intact as long as it remains above.

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