Stock market today: On Monday, 102 stocks hit their 52-week lows, including Honeywell Automation India, ANG Lifesciences India, DB International Stock Brokers, Growington Ventures India, Orchasp, Tasty Dairy Specialities, V R Films & Studios, and Wardwizard Innovations & Mobility. In contrast, 92 stocks touched 52-week highs, with notable mentions like Bajaj Finance, ICICI Bank, JSW Steel, Kotak Mahindra Bank, Shree Cement, and SRF.
The main domestic stock indices, Nifty 50 and Sensex, rose for the sixth consecutive day, marking the longest winning streak since September 2024. Both Sensex and Nifty 50 surpassed significant thresholds, reaching their highest points in two months. Nifty 50 has entered positive territory for 2025, while Sensex has exceeded 78,000.
Sensex jumped 1,078.87 points to settle at 77,984.38; Nifty 50 surged 307.95 points to 23,658.35.
The rally was widespread, as nearly all sectoral indices finished in positive territory, aside from consumer durables and metals. The top-performing sector was Nifty Energy, which increased by 1.44%, whereas Nifty Metal was the least performing, falling by 0.55%.
Vinod Nair, Head of Research at Geojit Investments Limited, mentioned that the domestic market witnessed a strong rally driven by value buying, as valuations reverted to their long-term averages and early signs of earnings growth recovery began to surface.
Increased government expenditure and anticipated monetary easing are expected to enhance optimism in sectors sensitive to interest rates, including banking, NBFCs, automotive, consumer durables, and real estate, potentially leading to strong performance. The continuation of this trend will be influenced by forthcoming PMI data, Q4 earnings reports, and updates concerning reciprocal US tariffs.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 has witnessed a further extension of its upward move, rising above the resistance level of 23,600. The RSI is in a bullish crossover, coupled with the fact that the price has been sustaining above the 50 EMA for the last three days. In the short term, the index is likely to remain strong as long as it stays above the support level of 23,500. Only a decisive fall below 23,500 might trigger a small correction in the market.