Stock market today: On Tuesday, 124 stocks hit their 52-week high, including Bosch Ltd, Eicher Motors Ltd, HBL Engineering Ltd, Maharashtra Scooters Ltd, MRF Ltd, Star Cement Ltd, TVS Motor Company Ltd, and UNO Minda Ltd.
In contrast, 64 stocks touched 52-week lows, with notable mentions Deepak Nitrite Ltd, Five-Star Business Finance Ltd, Praveg Ltd, Sprayking Ltd, Vikas EcoTech Ltd, Vishal Bearings Ltd, and Vishnu Prakash R Punglia Ltd.
Today, the Indian stock market saw a downturn, with the Sensex closing at 80,157 points, reflecting a decrease of 0.26%. The Nifty 50 fell below the 24,579 level, affected by waves of profit-taking and weak international signals.
This negative sentiment was further heightened by lackluster global markets and investor apprehension in anticipation of significant economic events, such as the forthcoming GST Council reforms and monthly auto sales figures.
Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the prevailing negative sentiment was intensified by lackluster global markets and a cautious stance from investors in anticipation of significant economic events, such as the forthcoming GST Council reforms and monthly auto sales figures. Key players from various sectors experienced selling pressure, with both domestic and foreign institutional investors adopting a careful approach.
Negative signals from global markets added to the risk-averse atmosphere, amid worries regarding international interest rates and geopolitical conflicts affecting investor sentiment. Although FMCG, real estate, and oil & gas stocks displayed some resilience, major players in the auto and banking sectors faced considerable selling pressure, while the IT sector remained relatively subdued. Looking forward, volatility is anticipated in the market as it processes domestic economic data, outcomes from the GST reform, and global happenings, with a phase of consolidation likely in the short term.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, The Nifty 50 faced strong rejection at the 21EMA, leading to a sharp intraday fall. The market continues to remain in a sell-on-rise mode until it moves back above 24,850. The daily RSI is in a bearish crossover with a reading below 50. In the short term, the trend is likely to remain weak. On the lower end, support is placed at 24,500, while on the higher end, resistances are placed at 24,700 and 24,850.
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