Stock market today: On Monday, 122 stocks hit their 52-week high, including Delhivery Ltd, eClerx Services Ltd, Fortis Healthcare Ltd, Indian Bank, Nuvoco Vistas Corporation Ltd, One 97 Communications Ltd (Paytm), and Sai Life Sciences Ltd.
In contrast, 161 stocks touched 52-week lows, with notable mentions like Cohance Lifesciences Ltd, Minda Corporation Ltd, Tejas Networks Ltd, Easy Trip Planners Ltd, Protean eGov Technologies Ltd, Quess Corp Ltd, PDS Ltd, Spicejet Ltd, Symphony Ltd, and Tejas Networks Ltd.
Today, the Indian stock markets experienced a significant recovery. The Sensex jumped 746 points to finish at 80,604, while the Nifty 50 increased by 221 points to close at 24,585, clearly surpassing the 24,500 level.
The market was primarily fueled by substantial gains in public sector banks, automobiles, and real estate stocks. The upbeat sentiment was ignited by strong Q1 earnings from State Bank of India (SBI), resulting in a rally among PSU banks.
As per Vaibhav Vidwani, Research Analyst at Bonanza, there is a continued strength in mutual fund flows, with record levels of equity inflows and SIP contributions recorded in July, indicating persistent confidence among retail investors. The main factors contributing to today’s positive market close were robust domestic corporate earnings (notably from SBI), renewed inflows into domestic mutual funds, and favorable global conditions.
“Looking forward, market analysts will monitor global developments (including US inflation figures and geopolitical situations), ongoing corporate earnings reports, and foreign investment flows,” said Vidwani.
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 picked up right where it left off on Friday, but with an entirely different mood. Rising from the ashes, the index staged a spirited comeback, adding nearly 200 points through the day.
“The earlier breakdown now seems to have given way to a short-term pullback, as the market brushed aside recent weakness. We’re not completely out of the woods yet, but Monday’s bounce from the recent low carries enough steam to power further gains. Immediate support lies at 24,337, with the next upside targets seen around 24,850 and 25,000,” said De.
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