58 stocks hit 52-week highs, 40 stocks at 52-week lows as stock market ends in lower amid profit booking

Stock market today: On Friday, 58 stocks hit their 52-week high, UltraTech Cement Ltd, Coromandel International Ltd, Dalmia Bharat Ltd, UPL Ltd, Anupam Rasayan India Ltd, Coromandel International Ltd, Navin Fluorine International Ltd, and JK Cement Ltd.

In contrast, 40 stocks touched 52-week lows, including some notable names like Jai Balaji Industries Ltd, Hilton Metal Forging Ltd, Lasa Supergenerics Ltd, Raw Edge Industrial Solutions Ltd, and Uma Exports Ltd.

The Indian stock market ended significantly down due to rising geopolitical tensions and varied corporate earnings reports. The Sensex decreased by 588 points (0.74%) to finish at 79,212, while the Nifty 50 fell by 207 points (0.86%) to end close to the critical 24,039 level.

Vaibhav Vidwani, a Research Analyst at Bonanza, pointed out that the main cause of the decline was the escalation of tensions between India and Pakistan following the Pahalgam terror attack, which resulted in retaliatory fire along the Line of Control and India's suspension of the Indus Water Treaty. This increase in geopolitical risk unnerved investors, particularly ahead of the weekend, leading to widespread selling. The volatility index rose by 6%, indicating a rise in investor anxiety.

During Friday's trading session, small and midcap stocks faced the greatest impact, as evidenced by the declines in the BSE Small Cap and Midcap indices, reflecting concerns over high valuations in these sectors. Despite the general downturn, IT stocks managed to perform better, offering some reprieve.

This week, the stock market recorded an increase of almost 1%, marking the second consecutive week of growth. The declines observed on Thursday and Friday diminished the overall weekly gains, with Nifty Bank rising by 0.7% and the Midcap index climbing nearly 2% for the week.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has slipped after a consolidation on the daily chart, indicating a rise in bearish sentiment. Additionally, the index has fallen below its 200-DMA, signaling a potential re-entry into a bearish trend. Investor sentiment remains weak, with a clear risk-off approach ahead of the weekend, amid rising tensions between India and Pakistan.

“In the short term, sentiment is likely to continue driving the market trend, with the possibility of the index heading lower. Support on the lower end, is placed at 23,800/23,515,” said De.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.