48 stocks hit 52-week lows, 170 stocks at 52-week high as Nifty 50, Sensex end higher led by pharma, IT stocks

Stock market today: Stock market today: On Thursday, 48 stocks hit their 52-week highs, including Anand Rathi Wealth Ltd, Asahi India Glass Ltd, Ashok Leyland Ltd, Cummins India Ltd, Delhivery Ltd, Eternal Ltd, Hyundai Motor India Ltd, JSW Steel Ltd, Laurus Labs Ltd, L&T Finance Ltd, Maruti Suzuki India Ltd, Poonawalla Fincorp Ltd, Radico Khaitan Ltd, and Zydus Wellness Ltd.

In contrast, 170 stocks touched 52-week lows, with notable mentions Dhruv Consultancy Services Ltd, Digitide Solutions Ltd, Medicamen Biotech Ltd, Regaal Resources Ltd, and Vishnu Prakash R Punglia Ltd.

The Indian stock market wrapped up the day on a positive note, with the Sensex increasing by roughly 320.25 points (0.39%) to approximately 83,013.96, while the Nifty 50 climbed by about 93.35 points (0.37%) to stay close to the 25,423.6 mark.

Vaibhav Vidwani, a Research Analyst at Bonanza, remarked that the optimistic market sentiment was largely influenced by the US Federal Reserve's choice to lower interest rates by 25 basis points to 4.25%, the first reduction since December. This action of monetary easing enhanced expectations for global liquidity and bolstered investor confidence in emerging markets such as India.

Furthermore, the persistent positivity surrounding India-US trade discussions and the recent implementation of GST reforms starting September 22 continued to bolster market sentiment. The stability of the rupee against the dollar also played a role in fostering a positive atmosphere.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained volatile after a gap-up start, driven by a dovish Fed announcement. The short-term trend is likely to stay positive as the index is comfortably trading above its critical moving average. The daily RSI is in a bullish crossover and rising above the previous swing high, indicating strengthening momentum.

In the near term, support is placed at 25,300 and 25,150. On the other hand, crucial resistance is seen at 25,500. A decisive move above this level could trigger a rally towards 26,000. Overall, a buy-on-dips strategy remains favourable in the current market scenario.

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