HCLTech Gains 2% As Nifty 50 Makes Another All-Time High

On Thursday, Nifty 50 gained 0.06% to 24,302.15. Nifty hit an all-time high yet again at 24,401. 22 stocks gained while 28 declined.

HCL Technologies topped the gainers’ list, registering a significant increase of 2.79%, with its stock price reaching ₹1522.35, up from ₹1481.00.

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Top Gainers

StockCurrent PriceLast Close% Change
HCL Technologies₹1522.35₹1481.002.79%
ICICI Bank₹1233.00₹1201.602.61%
Tata Motors₹998.20₹975.652.31%
Mahindra & Mahindra₹2902.80₹2856.851.61%
Sun Pharma₹1557.90₹1533.951.56%

ICICI Bank and Tata Motors also show strong performances, with increases of 2.61% and 2.31% respectively. Mahindra & Mahindra and Sun Pharma also gained 1.61% and 1.56% respectively in the trading session.

On the other end, HDFC Bank leads the downturn with a 2.35% decrease to ₹1727.15 from a previous close of ₹1768.65.

Top Losers

StockCurrent PriceLast Close% Change
HDFC Bank₹1727.15₹1768.65-2.35%
Bajaj Finance₹7107.05₹7258.80-2.09%
Adani Enterprises₹3144.25₹3190.95-1.46%
Tech Mahindra₹1459.15₹1479.80-1.40%

Other significant decliners include Bajaj Finance and Wipro, shedding 2.09% and 1.54% respectively. Adani Enterprises and Tech Mahindra fell 1.46% and 1.40% to ₹3144.25 and ₹1459.15 respectively to close the decliners on Thursday’s session.

Vinod Nair, head of research, Geojit Financial Services said, “The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment.”

Ajit Mishra – SVP, of research, at Religare Broking said, “The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday’s gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its lowest point at 24,306.55. Sector-wise, there was a mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. The broader indices performed better than the benchmark, each gaining about half a percent.”

“The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.”, Mishra added.

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