Stock market today: On Thursday, 149 stocks hit their 52-week high, including Anand Rathi Wealth Ltd, Asahi India Glass Ltd, HDFC Asset Management Company Ltd, JK Lakshmi Cement Ltd, Global Health Ltd, MRF Ltd, Nippon Life India Asset Management Ltd, Nuvoco Vistas Corporation Ltd, The Ramco Cements Ltd, RBL Bank Ltd, and Schneider Electric Infrastructure Ltd.
In contrast, 40 stocks touched 52-week lows, with notable mentions like HDB Financial Services Ltd, Jindal Worldwide Ltd, Pashupati Cotspin Ltd, and Sprayking Ltd.
Today, the domestic stock market finished with a negative tone following a careful and fluctuating session, mirroring investor anxiety amid mixed signals from global markets and worries about corporate earnings. The Sensex fell below its earlier levels, closing lower than its previous level of approximately 82,634, while the Nifty 50 also dropped from its nearly unchanged position of 25,212.
Vaibhav Vidwani, a Research Analyst at Bonanza, mentioned that the market’s decline was mainly caused by profit-taking in the IT and financial sectors, along with uncertainty regarding possible global trade disruptions and a cautious approach ahead of quarterly earnings reports from major companies like Axis Bank, Wipro, and Jio Financial Services.
Notable sector movements included declines in IT, PSU bank, and private bank stocks, while sectors such as Realty, Pharma, and Metals demonstrated some stability but were insufficient to uplift the market.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained mostly under selling pressure throughout the day as the index failed to move beyond the crucial resistance level of 25,260, leading to long unwinding. On the hourly chart, a consolidation breakout is visible, indicating weakening bullish momentum. The current sentiment appears bearish and may drag Nifty 50 towards the 24,920–24,900 zone in the short term. On the higher side, 25,260 is likely to remain a strong resistance.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
