After six days of losses, the Indian stock market had a relief bounce on February 13. In the first hour of trading, more than 30 firms, including Kotak Mahindra Bank and Muthoot Finance, hit their 52-week highs.
On Thursday, February 13, the Indian stock market had a relief bounce following six days of losses, with over 30 equities, including Kotak Mahindra Bank, Muthoot Finance, and SBI Cards & Payment Services, reaching their 52-week highs within the first hour of trade. Up to 36 equities have reached 52-week highs on the BSE by 10:15 AM.
In contrast to its previous finish of ₹1,943.30, Kotak Mahindra Bank’s share price opened at ₹1969.90 and increased 2.3% to reach its 52-week high of ₹1987.55.
The price of SBI Cards’ stock surged about 6% to reach its 52-week peak of ₹861.95. The stock had previously closed at ₹816.75 but opened at ₹822.05.
The share price of Muthoot Finance began the day at ₹2,260, up 7% from the previous closing of ₹2,181.10, and reached its 52-week high, which is also its all-time high, of ₹2,335.
Indian Stock Market Rebounds:
The stock market benchmarks, the Sensex and the Nifty 50 ended their six-session losing skid Thursday morning by trading in the green.
The Nifty 50 increased 147 points, or 0.63 percent, to 23,193, while the Sensex increased by over 500 points, or 0.62 percent. The BSE Midcap and Smallcap indexes surged to 1%, so the gains weren’t just concentrated in large-cap stocks.
At around 10:25 AM, the Nifty 50 was up 132 points, or 0.57 percent, at 23,177, while the Sensex was up 401 points, or 0.53%, at 76,572.
After six days of losses, experts predicted that the market would recover since important indices were in the oversold zone.
Short- and medium-term signs point to the possibility of a seasonal bottom forming close to 23,700, and the Nifty 50 should return to 24,500 at the very least, according to Rohit Srivastava, the creator and market strategist at Indiacharts.com.
“We can return to 25,000 in four to six weeks if necessary. Although it is too soon to tell, the federal government and RBI’s recent efforts to increase liquidity through fiscal and monetary policies can enable greater levels. Thus, we must be ready and receptive to the concept,” Srivastava stated.
