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Buy or sell: Vaishali Parekh recommends three stocks to buy today - September 25
  • 12.00 am - 25 Sep 2024
  • Mint

Buy or sell: Vaishali Parekh recommends three stocks to buy today - September 25

Buy or sell stocks for today: Domestic equity benchmarks Sensex and Nifty 50 extended their winning streak on Tuesday to hit all-time record highs before settling flat, having swung between slight gains and losses through the day. The boost to metal stocks from China's new monetary stimulus measures was later offset by profit-booking, especially in select banking and fast-moving consumer goods (FMCG) stocks.

During morning trade, the Sensex breached the 85,000 mark for the first time, and the Nifty 50 hit the historic 26,000 level during the fag-end. According to traders, investors struggle to find clear directions following a record rally.

After swinging between highs and lows, the 30-share BSE benchmark dipped 14.57 points or 0.02 per cent to settle at 84,914.04. During the day, it jumped 234.62 points or 0.27 per cent to achieve a fresh all-time intra-day peak of 85,163.23.

The Nifty 50 eked out a marginal gain of 1.35 points or 0.01 per cent to end at 25,940.40. During the day, it climbed 72.5 points, or 0.27 per cent, to achieve its new record intra-day high of 26,011.55. It took the NSE index 38 sessions to rise from 25,000 to 26,000.

The US Federal Reserve's supersized 50 bps interest rate cut last Wednesday sparked hopes of higher foreign inflows into Indian equities. The more significant boost on the day came after China, the top producer of several metals, including steel and coal, unveiled several measures to spur its sluggish economy.

The Nifty metal index jumped three per cent, the most among the 13 major sectors, to a near two-month high. Heavyweights Tata Steel, Hindalco and JSW Steel rose between 0.5 per cent and 4 per cent, while NALCO emerged as the biggest index gainer and rose over six per cent. Analysts said a growing domestic economy would stop Chinese steelmakers from dumping low-priced steel in other countries, including India, in search of profits.