On Tuesday, Nifty 50 closed 0.88% higher at 25,013.15. 36 stocks gained while 14 declined.
Leading the pack of gainers was Trent, which saw a whopping 7.95% increase from its last close, with the current price standing at ₹8041.95. Trent raced to its all-time high after Morgan Stanley maintained an “overweight” stance on the stock.
This was followed by Bharat Electronics which registered a 4.82% rise, with its current price at ₹280.25. BEL gained after winning ₹500 crore worth of orders.
Top Gainers
| Stock | Current Price | Last Close | % Change |
|---|---|---|---|
| Trent | ₹8041.95 | ₹7449.5 | 7.95% |
| Bharat Electronics | ₹280.25 | ₹267.35 | 4.83% |
| Adani Enterprises | ₹3160.7 | ₹3018.0 | 4.73% |
| Adani Ports | ₹1418.55 | ₹1355.2 | 4.67% |
| Mahindra & Mahindra | ₹3165.85 | ₹3060.2 | 3.45% |
Next in line were Adani Enterprises and Adani Ports, which recorded gains of 4.73% and 4.67% respectively. The current prices for these stocks are ₹3160.7 and ₹1418.55 respectively. Mahindra & Mahindra also had a good run, with a 3.45% increase, taking its current price to ₹3165.85.
See Also: Bharti Airtel Said To Eye Acquisition Of Another Loss-Making Tata Group Company
Top Losers
| Stock | Current Price | Last Close | % Change |
|---|---|---|---|
| SBI Life Insurance | ₹1728.05 | ₹1787.95 | -3.35% |
| Tata Steel | ₹159.52 | ₹164.36 | -2.94% |
| Titan | ₹3493.35 | ₹3589.25 | -2.67% |
| Bajaj Finserv | ₹1838.15 | ₹1879.30 | -2.19% |
| JSW Steel | ₹998.20 | ₹1018.75 | -2.02% |
On the flip side, SBI Life Insurance was the biggest loser, with a 3.35% drop, followed by Tata Steel with a 2.94% decrease.
Other underperformers included Titan, Bajaj Finserv, and JSW Steel, which saw declines of 2.67%, 2.19%, and 2.01% respectively.
Ajit Mishra – SVP, of Research, Religare Broking said, “After six consecutive days of decline, the markets rebounded, gaining nearly 1%. Following a flat start, the Nifty gradually climbed throughout the day, primarily driven by a recovery in select heavyweight stocks, and closed near the day’s high. Most sectors contributed to the rise, with auto, energy, and pharma leading the gains. The broader indices also saw a recovery, advancing over 2% each.
While the recovery in key heavyweights could drive Nifty further upward, sustaining this momentum may be challenging. Nifty faces an immediate resistance zone around 25,150-25,300, with a significant hurdle still at 25,500. Traders should consider using this recovery to lighten positions and remain selective for long trades. We continue to favour IT and pharma stocks for their resilience and recommend careful stock selection in other sectors.”
Read Next: Hyundai IPO To Be Launched At ₹1,865-1,960 Price Band Next Week: Report
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.