L&T Shares Jump Close To 3% To Lead Gainers As Nifty Hits New All-Time High

On Tuesday, the benchmark index Nifty closed 0.07% lower to 24,123.85. Earlier in the day, Nifty had hit a new all-time high of 24,236.35.

Larsen & Toubro led the charge with a robust 2.83% increase, closing at ₹3626.5, up from ₹3526.55. The stock gained after the company reportedly won gas projects worth over $4 billion (₹33,394 crore) from Saudi Aramco.

Top Gainers

StockCurrent PriceLast Close% Change
Larsen & Toubro₹3626.5₹3526.552.83%
HDFC Bank₹1730.6₹1705.21.49%

Wipro also saw significant gains, with its stock price rising by 2.06%. Infosys and HDFC Bank also posted gains of 1.90% and 1.49% respectively. TCS closed the gainers list with an increase of 0.99%.

Conversely, Shriram Finance recorded the largest drop, falling by 3.40% to ₹2824.9 from ₹2924.25.

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Top Losers

StockCurrent PriceLast Close% Change
Shriram Finance₹2824.9₹2924.25-3.40%
Bharti Airtel₹1418.95₹1454.0-2.41%
Kotak Mahindra Bank₹1769.6₹1808.1-2.13%
Tata Motors₹981.3₹1002.05-2.07%
IndusInd Bank₹1429.45₹1456.9-1.88%

Bharti Airtel also underperformed, dropping 2.41% to ₹1418.95. Kotak Mahindra Bank and Tata Motors also fell above 2% in the session. Tata Motors fell as its June sales data disappointed analysts.

IndusInd Bank rounded up the losers with a 1.88% drop.

Vinod Nair, head of research, at Geojit Financial Services said, “The domestic market took a breather, resonating with the mixed global trend, with the ECB showing caution regarding further rate cuts. In sectoral trends, IT stocks gained due to expected increases in discretionary spending, while auto stocks declined following lower-than-expected monthly volumes. The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget, alongside the US election, which can have potential global economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends.”

Rupak De, senior technical analyst, LKP Securities, said, “The Nifty faced profit booking around 24,200, leading to a close 100 points off the high. The sentiment is likely to favour selling on rallies until it moves above 24,250. On the lower end, 24,000 is likely to act as immediate support for the Nifty. A fall below 24,000 might trigger a correction towards 23,850/23,700.”

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