Stock market today: 173 stocks hit 52-week highs, 66 stocks at 52-week low as Nifty 50, Sensex end flat

Stock market today: On Tuesday, 173 stocks hit their 52-week highs, including Adani Power Ltd, Ashok Leyland Ltd, Bajaj Finance Ltd, Canara Bank, Eicher Motors Ltd, Siemens Energy India Ltd, Gujarat Mineral Development Corporation Ltd, Jindal Steel Ltd, JSW Steel Ltd, Maruti Suzuki India Ltd, MRF Ltd, Muthoot Finance Ltd, Radico Khaitan Ltd, Tata Investment Corporation Ltd, Tata Steel Ltd, Usha Martin Ltd, and Varroc Engineering Ltd.

In contrast, 66 stocks touched 52-week lows, with notable names like Crompton Greaves Consumer Electricals Ltd, Five-Star Business Finance Ltd, Pidilite Industries Ltd, Praj Industries Ltd, and Ramkrishna Forgings Ltd.

The market ended the day with little change, as the NSE Nifty 50 closed at 25,169.5, down slightly by 0.13%, while the BSE Sensex finished at 82,102.10, dipping by only 0.07%, indicating a tepid market outlook. The flat closing can primarily be attributed to a cautious attitude among investors due to mixed signals from global markets and pressures within specific sectors.

Also Read | Sensex, Nifty 50 fall for 3rd consecutive session— 10 key highlights

The IT sector, in particular, faced challenges following a significant drop caused by the U.S. government’s increase in H-1B visa fees, which affected the sentiment surrounding technology stocks and associated industries.

Vaibhav Vidwani, a Research Analyst at Bonanza, noted that global mixed signals contributed to the situation, as while the U.S. markets exhibited steady or positive indicators with a surge in tech stocks, the downturn in major Asian markets like the Hang Seng dampened sentiment. The rupee continued to face pressure against the dollar, which led to more cautious trading. Market participants are anticipating the forthcoming trade discussions between India and the U.S.

“We expect the market to continue consolidating with range-bound movement in the near term as investors balance optimism around domestic consumption and earnings recovery against external headwinds and valuation concerns,” said Vidwani.

Also Read | Circuit-to-circuit small-cap stock hits upper circuit. Here’s why

Nifty 50 Outlook

According to Vatsal Bhuva, Technical Analyst at LKP Securities, on Tuesday, Nifty 50 found support near its 20-day EMA and closed close to its 10-day EMA, keeping the broader outlook positive as long as it sustains above the 50-day EMA at 24,900. However, significant call writing was witnessed at the 25,300–25,400 zone, where a hanging man candlestick emerged after consecutive buying sessions. This suggests short-term consolidation.

“For the near term, Nifty 50 is likely to trade in a range of 25,100–25,400, with 25,100 acting as strong support and 25,400 serving as key resistance for the index,” said Bhuva.

Also Read | Sensex, Nifty 50 fall for 3rd consecutive session— 10 key highlights

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.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}