Indian stock markets reached new heights on Thursday, achieving their highest close since January. The Nifty index surged past its previous March 25 peak, finishing at 23,851, marking a nearly 2% increase. Similarly, the Sensex experienced a robust rally, closing up 1,500 points at 78,553. While large-cap stocks dominated the trading day, the smaller and mid-cap sectors lagged behind in performance.
Major Gainers in Today’s Market
A diverse range of sectors contributed to this upward trend, with notable performances from banks, pharmaceuticals, and the oil and gas sector. Reliance Industries and HDFC Bank were standout performers, with HDFC Bank achieving a new 52-week high for the second consecutive day.
- Top gainers included:
- Eternal: +5%
- Sun Pharma: +4%
- ICICI Bank: approximately +3.5%
- Bharti Airtel: around +3%
- Bajaj Finserv: about +3%
- Kotak Mahindra Bank: close to +3%
Decliners in the Market
Conversely, certain technology firms struggled, with Wipro leading the decline at -4%. Other companies facing similar downward trends included Tech Mahindra, Hero MotoCorp, JSW Steel, Coal India, and Adani Enterprises, each experiencing drops of nearly 0.5%.
52-Week Highs: A Record Number of Stocks
In a clear sign of bullish sentiment, 63 stocks on the Nifty reached their 52-week highs in today’s trading session. Noteworthy names hitting this milestone included:
- Ajax Engineering
- Bajaj Finserv
- Bharti Airtel
- HDFC Bank
- ICICI Bank
52-Week Lows: Stocks Facing Challenges
On the flip side, 16 Nifty stocks fell to their 52-week lows. Gensol Engineering faced another downturn, marking its yearly low for the second time this week. Additional stocks that struggled included Delta Autocorp, Kesoram Industries, and KBC Global.
Stocks Making Upper Circuit Records
The thriving market momentum led 116 stocks to hit their upper circuit limits today. Significant players among these included:
- Senco Gold
- Quess Corp
- JSW Holdings
- Emcure Pharmaceuticals
Lower Circuit: Stocks Encountering Hardships
Despite the overall market surge, 29 stocks faced a downturn, hitting their lower circuit limits. Gensol Engineering continued its decline for a second consecutive day, while other companies like Tembo Global Industries, Force India, and Keynote Financial Services also experienced significant drops.
Tech Sector Under Pressure
The tech sector was notably under strain. Although the Nifty IT index closed in positive territory, Wipro experienced substantial losses due to disappointing future guidance, plummeting 6% intraday before settling at a 4% loss.
Market Volatility Eases
Investor sentiment improved as market volatility decreased, with the Nifty VIX dropping by over 2% to settle at 15.47. This reduction in volatility typically indicates a more stable market environment, encouraging sustained bullish activity.
Currency Strengthens Against the Dollar
The Indian rupee also saw gains, appreciating by 31 paise to close at 85.37 per dollar. This improvement follows Wednesday’s close of 85.68, as the dollar continues to show weakness, maintaining a position below 100 on the dollar index.
US Futures Take a Hit
In international markets, Dow futures took a sharp decline of 450 points after comments from US President Donald Trump criticized Fed Chair Jerome Powell for not reducing interest rates. In contrast, S&P 500 and Nasdaq futures managed to stay afloat, trading 30 and 170 points higher, respectively.
This trading day has highlighted the resilience and dynamic nature of the Indian markets, with investors keenly watching for ongoing trends and developments.
