Stock market today: On Wednesday, 126 stocks hit their 52-week high, including Bosch Ltd, CCL Products (India) Ltd, Dalmia Bharat Ltd, Delhivery Ltd, HBL Engineering Ltd, India Cements Ltd, L&T Finance Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Maruti Suzuki India Ltd, FSN E-Commerce Ventures Ltd (Nykaa), One 97 Communications Ltd (Paytm), Radico Khaitan Ltd, RBL Bank Ltd, TVS Motor Company Ltd, and Zydus Wellness Ltd.

In contrast, 64 stocks touched 52-week lows, with notable mentions Deepak Nitrite Ltd, Indus Towers Ltd, Sri Lotus Developers and Realty Ltd, Maral Overseas Ltd, Regaal Resources Ltd, and Vikram Solar Ltd.

Benchmark equity indices Sensex and Nifty 50 ended the day positively in a volatile session on Wednesday, fueled by a surge in metal stocks and optimism surrounding the GST Council meeting.

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After moving between peaks and troughs, the Sensex rose by 409.83 points or 0.51 percent, closing at 80,567.71. The Nifty 50 increased by 135.45 points or 0.55 percent to settle at 24,715.05.

The GST Council is convening in New Delhi for a two-day session to deliberate on the proposed reduction of tax rates to 5 percent and 18 percent. Indian stocks finished higher after a mixed start to the day, supported by the anticipation of a consumption-driven stimulus from the possible rationalization of GST slabs.

Vinod Nair, the Head of Research at Geojit Investments Ltd, noted that all types of consumer-focused sectors, including discretionary, durable, and staples, have been performing well. At the same time, gold prices continued their upward trend in the global market, reaching new heights, as investors remain cautious due to ongoing worries about extended US tariffs and their potential effects on global growth and geopolitical situations.

In the near future, market sentiment will depend on the results of the GST Council meeting, particularly affecting consumption-driven stocks and sectors. However, expectations are quite elevated, which raises the likelihood of disappointment, potentially leading to a period of consolidation once again, according to Nair.

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According to Rupak De, Senior Technical Analyst at LKP Securities, the index has recovered after sustaining above 24,500, leading to a rally towards 24,750. However, on the higher side, it encountered initial resistance at the 200-hourly moving average.

“Technically, the index remains bearish as it continues to trade below the 21 EMA on the daily timeframe. A decisive move above 24,750 could trigger a stronger rally, potentially taking the Nifty 50 towards 25,000. On the downside, support is placed at 24,650, and a break below this level may lead to a decline towards 24,500,” said De.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.