Stock market today: On Friday, 133 stocks hit their 52-week high, including The Ramco Cements Ltd, Nippon Life India Asset Management Ltd, Asahi India Glass Ltd, EID Parry India Ltd, Glenmark Pharmaceuticals Ltd, JK Cement Ltd, JK Lakshmi Cement Ltd, and Krishna Institute of Medical Sciences Ltd.
In contrast, 42 stocks touched 52-week lows, with notable mentions like Ola Electric Mobility Ltd, Bharat Global Developers Ltd, Ganesh Benzoplast Ltd, GSS Infotech Ltd, Jindal Worldwide Ltd, and Race Eco Chain Ltd.
The Indian stock market concluded the day on a significant downturn, with the Nifty 50 finishing at 25,149, reflecting a drop of about 0.81% or 205 points from the last closing figure. The Sensex similarly experienced a decline, shedding nearly 689 points or 0.8%, to close at roughly 82,500.
Analysts suggest that the primary factor behind the negative close was intense selling pressure in IT stocks after unsatisfactory Q1 earnings from key figures like TCS, significantly impacting the Nifty IT index, which dropped approximately 1.7%.
Other sectors facing pressure included automobiles, as the Nifty Auto index decreased by around 1.77%, while more defensive sectors like Pharma and FMCG saw slight increases of about 0.55% each.
As per Vaibhav Vidwani, a Research Analyst at Bonanza, market sentiment was additionally affected by worries regarding global challenges, such as tariff uncertainties connected to US trade policies and a lackluster global economic forecast, which have heightened concerns about export growth and the momentum of corporate earnings. The decline was also influenced by profit-taking and a wary approach from investors in anticipation of forthcoming earnings announcements.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 continues to remain weak as the index slipped below the previous swing low on the hourly chart. Additionally, it has fallen below the 21 EMA on the daily timeframe. Momentum also remains weak in the short term, with the RSI in a negative crossover.
However, after the recent decline, the index has approached the support of the 200-hourly moving average. A move above 25,150-25,160 in the initial trading hour could trigger a rally towards 25,250 and 25,400. On the downside, support is placed at 25,090 and 24,900.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
