Stocks

Stock Market Update July 31st: Nifty 50 Above 24,900, Sensex Gain Over 200 Pts: Key Stocks to Watch in Today's Rally

Mwangi Enos

The stock market is maintaining its bullish momentum today with major indices showing positive gains. The Nifty 50 is currently trading at 24,930.25 up 0.29% or 72.95 points. It has moved between a day range of 24,856.50 to 24,954.45 high. 

The BSE Sensex is also positive at 81,658.55 rising 0.25% or 203.15 points and with a day range of 81,434.32 to 81,758.02. The Nifty Bank index is relatively flat at 51,494.55 down marginally by 0.0092% or 4.75 points moving within a range of 51,392.85 to 51,661.85

Nifty 50 4-Hour chart: TradingView

Technical analysis suggests the market remains in a bullish trend because its has consistently been breaking higher highs. The outlook is expected to stay positive unless prices drop and close below the 24,074 level for Nifty 50  and 79,223 for Sensex which would signal a potential bearish shift. Early Q1 FY24-25 results from 726 out of 4,418 companies show a year-on-year revenue growth of 12.47% and a slight net profit increase of 0.43%.

HDFC Life Insurance Company Ltd is leading the pack with a 2.53% gain currently trading at 714.85. The stock opened at 697.20 and has ranged between 693.10 and 714.95 today up from yesterday's close of 697.20

Source: NSEIndia

Asian Paints Ltd follows closely up 2.49% at 3,079.80. It opened at 3,005.05 and has moved between 3,005.05 and 3,098.00 building on its previous close of 3,005.05

JSW Steel Ltd is showing strength with a 2.27% increase  trading at 922.60. The stock started the day at 908.95 and has fluctuated between 902.70 and 927.35 improving from its last close of 902.10.

NTPC Ltd is up 2.13% with its stock price at 415.60. It opened at 409.50 and has ranged from 408.55 to 417.40 advancing from yesterday's 406.95 close.

SBI Life Insurance Company Ltd. has gained 2.02% now at 1,755.80. The stock began trading at 1,721.05 and has moved between 1,720.00 and 1,758.70 up from its previous close of 1,721.05.

Adani Enterprises Ltd is showing a 1.71% increase trading at 3,182.25. It opened at 3,141.00 and has ranged from 3,135.00 to 3,197.50 improving on yesterday's 3,128.75 close.

Bharti Airtel Ltd has risen 1.66% to 1,494.70. The stock started at 1,477.85 and has moved between 1,473.15 and 1,497.00 up from its last close of 1,470.35.

Adani Ports and Special Economic Zone Ltd is up 1.65% trading at 1,571.80. It opened at 1,557.00 and has fluctuated between 1,547.00 and 1,577.90 gaining from yesterday's 1,546.25 close.

Sun Pharmaceutical Industries Ltd has increased by 1.38% to 1,725.00. The stock began the day at 1,702.10 and has ranged from 1,695.20 to 1,730.95 up from its previous close of 1,701.60

Hindalco Industries Ltd. rounds out the top gainers with a 1.04% rise now at 667.35. It opened at 667.00 and has moved between 664.25 and 671.90 improving on yesterday's 660.50 close.

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