64 stocks hit 52-week highs, 33 stocks at 52-week lows as stock market ends flat
Stock market today: On Tuesday, 64 stocks hit their 52-week high, ICICI Bank Ltd, Coromandel International Ltd, Mazagon Dock Shipbuilders Ltd, Max Financial Services Ltd, Solar Industries India Ltd, and Paradeep Phosphates Ltd.
In contrast, 33 stocks touched 52-week lows, including some notable names like Cubex Tubings Ltd, Teamo Productions HQ Ltd, and Uma Exports Ltd.
The benchmark indices in the domestic market, Nifty 50 and Sensex, lost their earlier gains to close flat on Tuesday as concerns regarding tensions with Pakistan dampened enthusiasm surrounding a potential trade agreement with the US.
The Nifty 50 increased by 0.03% to reach 24,335.95, while the Sensex saw a 0.09% rise to 80,288.38. Initially, both indices climbed approximately 0.5% in early trading. US Treasury Secretary Scott Bessent mentioned that one of the initial trade agreements could potentially be finalised with India as early as this week or next week. Indian officials noted on Tuesday that bilateral discussions have shown "positive progress."
Vaibhav Vidwani, a Research Analyst at Bonanza, pointed out that the market rally was widespread, spearheaded by major stocks like Reliance Industries, which climbed by more than 2.26%, along with rises in the IT and Defence sectors. Defence stocks, including HAL and Bharat Electronics, experienced gains in light of escalating geopolitical tensions.
The market's upward movement was fueled by reduced global trade tensions and robust Q4FY25 earnings reports from key corporations, notably Reliance Industries. Improving domestic economic metrics and the anticipation of additional RBI rate cuts also encouraged buying at appealing valuations following a volatile beginning to the year.
According to Rupak De, Senior Technical Analyst at LKP Securities, the index remained choppy within a narrow range throughout the day before closing with a spinning top-like formation. Consolidation may continue in the short term, especially as the index has yet to give a decisive breakout above 24,550, where the 61.80% retracement level lies. On the lower end, support is placed at 24,250; a breach below this level could trigger increased selling pressure in the market.
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.
First Published: 29 Apr 2025, 03:34 PM IST
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