Stock market today: 281 stocks hit 52-week lows, 64 stocks hit 52-week highs amid stock market crash

Stock market today: On Wednesday, 281 stocks hit their 52-week lows, including Delta Corp, Equitas Small Finance Bank, Happiest Minds Technologies, Infibeam Avenues, Kesoram Industries, Orchid Pharma, Paisalo Digital, RateGain Travel Technologies, Spandana Sphoorty Financial, Star Health and Allied Insurance Company, and Vakrangee. In contrast, 64 stocks touched 52-week highs, with notable mentions like AAVAS Financiers, Chambal Fertilisers & Chemicals, and SBI Cards and Payment Services.

The Indian stock market faced a notable decline, with the Sensex dropping more than 700 points to finish at 77,288, while the Nifty 50 slid under 23,500, closing approximately at 23,486. This decrease ended a winning streak that had lasted for seven days, as multiple factors influenced the market's downturn.

A key concern was the uncertainty surrounding US tariffs, leading investors to exercise caution ahead of President Donald Trump's tariff announcements set for April 2, which could affect Indian exports, especially in the IT and pharmaceutical industries.

Vaibhav Vidwani, a Research Analyst at Bonanza, pointed out that profit booking significantly contributed to the downturn, as the market experienced a rapid increase over the past week, leading investors to lock in their profits. The decrease in major stocks, such as HDFC Bank and Infosys, further intensified the decline.

Overall, the market's retreat was driven by a mix of global economic uncertainties and domestic profit-taking, underscoring the importance for investors to remain vigilant amid ongoing geopolitical and economic difficulties.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has extended its correction as it has fallen below the support level of 23,600, leading to a decline towards 23,400. On the smaller time frame, the index has dropped below the near-term moving average. The trend looks bearish, with a negative crossover in the RSI (14) on the hourly time frame.

“On the lower end, support is placed at 23,300, up to which the current decline might extend. However, any fall below 23,300 might raise questions about the recent sharp rally from 21,964. Resistance is placed at 23,550, above which sentiment might improve,” 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.