Stock market today: 96 stocks touch 52-week lows, over 70 stocks at 52-week highs as Sensex, Nifty 50 rebound

Stock market today: On Friday, 96 stocks reached their 52-week lows, including Adroit Infotech, Bharat Gears, Megastar Foods, Orchasp, Smartlink Holdings, V R Films & Studios, and Wardwizard Innovations & Mobility. In contrast, 75 stocks achieved 52-week highs, with notable mentions like Bajaj Finance, Kotak Mahindra Bank, Shree Cement, and SRF as the market made a comeback.

The Indian stock market wrapped up Friday's session on a strong note, with both the Sensex and Nifty 50 continuing their upward momentum. The Sensex climbed by 557.45 points, or 0.73%, finishing at 76,905.51, while the Nifty 50 advanced to 23,350, reflecting an increase of 159.35 points, or 0.69%.

The Nifty 50 successfully crossed the 23,300 resistance level, with significant contributions to the gains coming from key sectors like Banking, Oil & Gas, and Pharmaceuticals. Experts noted that, despite initial cautious trading spurred by global market fluctuations and trade tensions, the indices sustained their rise, bolstered by domestic consumption themes that are less impacted by international trade conflicts.

Vinod Nair, the Head of Research at Geojit Financial Services, stated that the domestic market has ended the week with a steady recovery. The expected decrease in risk-free rates, along with the pullback in the dollar index, is encouraging capital to flow back into emerging markets. Foreign institutional investors, whose selling pressure has been decreasing, are now turning into net buyers, spurred by the dovish indications from the US Federal Reserve, which hint at the likelihood of two rate reductions this year. This development has rekindled optimism in the domestic market.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 continues to move upward following a falling trendline breakout, supported by upbeat sentiment. During the last trading session, the index encountered resistance at the 21-week exponential moving average, which is placed at 23,382. A decisive move above 23,400 could drive the index higher by another 200 points, as the next resistance is at 23,600. A clear breakout above 23,600 might trigger another leg of the rally. On the other hand, failure to move above 23,400 could lead to near-term consolidation.

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