Tata Stock Tops Nifty With 3% Jump, Markets Hit Fresh All-Time High

On Wednesday, Nifty 50 gained 0.67% to close at 24,286.50 points. The benchmark index also hit another all-time high level of 24,309.15. 38 stocks advanced while 12 declined.

Tata Consumer Products topped the chart with a 3.74% increase, closing at ₹1146.35, up from ₹1105.00.

Top Gainers

Adani Ports also showed a strong performance, increasing by 2.43%, closing at ₹1510.65. The banking sector saw significant movement as well, with Kotak Mahindra Bank, HDFC Bank, and Axis Bank also featuring among the top gainers. HDFC Bank surged after FII holding in the stock fell which increased the likelihood of inflows from the MSCI index review in August.

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Conversely, three other Tata Group stocks in the index had a bad day at the bourses. Tata Consultancy Services faced a downturn, with its stock price decreasing by 1.30% to ₹3965.25 from ₹4017.40, marking it as the day’s biggest loser.

Top Losers

Titan, another major player, saw its stock decrease by 1.16%, closing at ₹3360.25. Reliance Industries and Tata Motors also experienced declines, albeit less steep. Hindalco Industries rounded up the losers with a 0.45% to ₹691.65.

Vinod Nair, head of research, Geojit Financial Services said, “A broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking centre stage. With the drop in Indian banks’ GNPAs to a 12-year low, the sector is anticipated to outperform in the near term. On the global front, the US FED chair’s commentary on inflation cooling down to 2% by the end of CY25 was sentimentally positive. FOMC minutes later today might give hints on the start of the rate-cut cycle.”

Ajit Mishra SVP, research, Religare Broking said, “Markets edged higher, gaining over half a percent, driven by favorable cues. Upbeat global markets and strength in banking majors led to a strong start, followed by a range-bound movement until the close. The Nifty index ultimately settled near the day's high at 24,292.45, up by 0.7%. Most sectors contributed to the gains, with banking, metal, and FMCG being the top performers. Broader indices also moved higher, each gaining nearly a percent. We remain positive and suggest continuing a "buy on dips" strategy, with the 23,800-24,000 zone as the new base for the Nifty index. Favorable global cues and rotational buying in heavyweights are expected to help Nifty test the 24,500 mark.”

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