Stock market today: 82 stocks hit 52-week highs, 29 stocks at 52-week lows as Sensex, Nifty 50 end over 1% lower

Stock market today: On Tuesday, 92 stocks hit their 52-week high, including Shree Cement Ltd, APL Apollo Tubes Ltd, Dalmia Bharat Ltd, Authum Investment & Infrastructure Ltd, and Redington Ltd.

In contrast, 28 stocks touched 52-week lows, with notable mentions like Aether Industries Ltd, Jai Balaji Industries Ltd, Jash Engineering Ltd, Last Mile Enterprises Ltd, and Matrimony.com Ltd.

Today, the Indian stock market ended significantly lower, with the Sensex dropping more than 872 points to approximately 81,186, while the Nifty 50 fell below the 24,700 threshold, closing around 24,683.

Experts noted that this decline was influenced by various factors, primarily global uncertainty stemming from Moody's downgrade of the US government's credit rating from AAA to Aa1, which raised concerns regarding fiscal instability and resulted in a rise in US Treasury yields, thereby reducing global risk appetite.

Vinod Nair, the Head of Research at Geojit Investments Limited, noted that due to the absence of significant positive developments and ongoing uncertainty regarding US fiscal stability, investors chose to take profits and adopted a more cautious approach.

There was a broad sell-off as market participants awaited further clarity on the trade agreement between India and the US Considering the current high valuations and the delays in the trade negotiations, we anticipate a period of short-term consolidation, which may prompt foreign institutional investors to reduce their positions in the domestic market.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 slipped after two days of consolidation, dragged down by broad-based selling and weakening market breadth. Despite this decline, the short-term trend remains strong, although there is a possibility of a deeper pullback toward the 21-day EMA on the daily timeframe.

“The negative divergence on the daily RSI has added to the bearish sentiment. If Nifty 50 sustains below 24,700, the correction could extend further, potentially towards 24,300. However, if the index moves back above 24,700, it may signal a return to a consolidation phase,” said De.

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