2024-08-30 21:47:08
New Delhi: The local stock market reached record levels on Thursday due to buying in the shares of big companies Reliance Industries and Tata Motors. The 30-share BSE Sensex jumped 349.05 points or 0.43 percent to close at an all-time high of 82,134.61. During trading, at one point it rose 500.27 points to reach its highest level of 82,285.83. This was the eighth consecutive session of growth in the Sensex. In these eight trading sessions of growth, the Sensex registered a total gain of 1,709.93 points or 2.12 percent. Similarly, the National Stock Exchange (NSE) Nifty closed at a new record level of 25,151.95, up 99.60 points or 0.40 percent. During trading, it rose 140.55 points to reach its highest level of 25,192.90. This was the 11th consecutive session of Nifty’s rise. During this period, Nifty jumped a total of 1,012.95 points or 4.19 percent. Among the companies included in the Sensex group, Tata Motors’ shares registered the highest rise of four percent. Shares of Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India were also on the rise. On the contrary, shares of Mahindra & Mahindra, Sun Pharma, JSW Steel, Kotak Mahindra Bank, Infosys and Tata Steel declined.
These stocks are showing growth
Momentum indicator Moving Average Convergence Divergence (MACD) has shown a bullish trend on Protean eGov Technologies, Lupin, Coforge, Emami and Max Financial Services. MACD is known to indicate trend reversal in traded securities or indices. When MACD crosses the signal line, it gives a bullish signal. It indicates that upward movement can be seen in the stock price. Similarly, it also indicates a bearish divergence.
Signs of recession in these stocks
The MACD has given a bearish signal for Kaynes Technology, Venky’s, Safari Industries, Polyplex Corporation, Thyrocare Technologies and Century Enka. This means that these stocks have now started to fall.
Buying seen in these shares
Stocks that are witnessing strong buying include Whirlpool India, GSPL, Concord Biotech, Godfrey Philips, PNB Housing, Bajaj Finserv and L&T Tech. These stocks have crossed their 52-week high. This indicates a bullish trend in these stocks.
(Disclaimer: The suggestions given in this analysis are those of individual analysts or broking companies, not of NBT. We advise investors to consult certified experts before taking any investment decision. As stock market conditions can change rapidly.)