Stock market today: 63 stocks hit 52-week highs, 78 stocks at 52-week lows as Sensex, Nifty 50 end lower

Stock market today: On Tuesday, 63 stocks hit their 52-week high, including Bharti Airtel Ltd, Anupam Rasayan India Ltd, Ceat Ltd, Chambal Fertilisers & Chemicals Ltd, and Godfrey Phillips India Ltd.

In contrast, 78 stocks touched 52-week lows, including some notable names like Vedant Fashions Ltd, Kirloskar Ferrous Industries Ltd, Jai Balaji Industries Ltd, Hatsun Agro Product Ltd, and Embassy Developments Ltd.

The domestic benchmark indices, Nifty 50 and Sensex, experienced a choppy trading day that started with a sluggish opening, followed by a noticeable drop and a period of fluctuating movement, eventually finishing at 24,379.60, down by 81.55 points. In terms of sectors, Auto was the only one to perform well, while the others closed in negative territory, with PSU Banks and Realty being the hardest hit.

Throughout the session, there was persistent selling pressure in the broader markets, as both Midcap and Smallcap indices fell by over 2%, lagging behind the Benchmark Index.

Vinod Nair, who leads research at Geojit Investments Limited, noted that the domestic market has been stabilizing in recent sessions after a robust recovery, influenced by cautious sentiment due to tensions between India and Pakistan.

According to Nair, the weak earnings growth observed in the current quarter has also affected the market. Small- and mid-cap stocks have lagged behind the benchmark indices. At the same time, investors are closely watching India's trade negotiations with the US. Furthermore, speculation regarding the US Federal Reserve is attracting attention, as no rate cuts are anticipated in the near future, which is impacting global trends.

Nifty 50 Outlook

According to Vatsal Bhuva, Technical Analyst at LKP Securities, on Tuesday, Nifty 50 ended with a bearish candlestick on the daily chart, indicating a firm resistance near the 24,500 mark as market participants stayed cautious ahead of the Fed meeting and Indo-Pakistan tensions. Key support lies in the 24,250–24,200 zone.

“Technically, a directional trend will emerge only after a decisive move above 24,500 or a close below 24,200. Until then, the index is likely to trade in a range. With the Fed outcome now released, a directional move could unfold in the upcoming sessions,” said Bhuva.

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