Hit

Hit reduces the chance to miss with attacks made by physical melee weapons and physical range weapons. The needed amount varies between tiers. The chance to hit increases by .2% per 1 hit.

Hit Cap
In terms of the "cap" of stats, it refers to the point at which stacking more of that particular stat is not advantageous. This is because once you have reached the cap, going above is just wasted stats that are not required by your character to do anything else. In context to the hit cap once you achieve the hit cap for you particular tier you will never miss an attack (unless you are under some sort of debuff that forces you below the cap). These numbers may need more number but they are good to shoot for when gearing up.