Stock market today: 111 stocks hit 52-week highs, 68 stocks at 52-week low as Nifty 50, Sensex end nearly 1% down

Mint

a day ago

In contrast, 68 stocks touched 52-week lows, with notable mentions like Colgate Palmolive (India) Ltd, Tejas Networks Ltd, Spicejet Ltd, HDB Financial Services Ltd, Kalpataru Ltd, Raymond Realty Ltd, R K Swamy Ltd, and Smartworks Coworking Spaces Ltd.
Today, domestic markets witnessed significant declines, with prominent indices closing notably lower and extending their losing streak for the third consecutive session. The Sensex fell by 721 points (0.87%) to close at 81,463, while the Nifty 50 decreased by 225 points (0.9%) to end at 24,837, decisively dropping below the key 25,000 level. The broader market reflected this trend, as the Nifty MidCap declined by 1.6% and the Nifty SmallCap dropped by 2.1%.
As stated by Vaibhav Vidwani, a Research Analyst at Bonanza, the earnings reports from significant index players like Bajaj Finance and Bajaj Finserv fell short of investor expectations. Following downgrades from global brokerages after the results, the shares of the Bajaj twins dropped over 2%, putting pressure on financials and heightening negative sentiment.
Vidwani believes that the declines were led by sectors such as Information Technology, automotive, FMCG, metals, and power due to sector-specific challenges, weaker global it-tech signals, and worries about inflated valuations. Only a few pharmaceutical stocks offered some relief.
Asian markets were down as caution prevailed concerning the timing of interest rate cuts by the US Federal Reserve. Additionally, the mood was further affected by impending global trade tensions and uncertainties about the trade agreement between the US and India, according to Vaibhav.
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained under sustained selling pressure as the index slipped below the crucial support level of 24,900. Moreover, it has closed below the 50-day Exponential Moving Average (50EMA) for the first time in several sessions, signaling a meaningful weakening of the ongoing trend.
Additionally, the index has now fallen back into the zone of the previous swing high on the daily timeframe, which further highlights a potential trend reversal. The current setup appears notably weak and suggests the possibility of a deeper correction.
If the Nifty 50 fails to reclaim levels above 24,900 in the next session or two, bulls could face significant short-term challenges. On the downside, immediate support is seen at 24,700, followed by 24,500. On the upside, resistance is now placed around 25,000.
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.