Stock market today: On Monday, 149 stocks hit their 52-week high, including Authum Investment & Infrastructure Ltd, Anand Rathi Wealth Ltd, Bajaj Finance Ltd, Fortis Healthcare Ltd, Gujarat Mineral Development Corporation Ltd, HBL Engineering Ltd, L&T Finance Ltd, Maharashtra Scooters Ltd, Muthoot Finance Ltd, Radico Khaitan Ltd, and Sarda Energy & Minerals Ltd.
In contrast, 64 stocks touched 52-week lows, with notable mentions All Time Plastics Ltd, Medicamen Biotech Ltd, and S. M. Gold Ltd.
Today, the Indian stock market closed lower, ending its recent upswing with both the Sensex and Nifty 50 experiencing slight decreases by the end of the trading day. The Sensex dropped 118.96 points to finish at 81,785.74, while the Nifty 50 fell by 44.8 points, closing at 25,069.2.
Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the prevailing negative sentiment was mainly due to global uncertainties before the upcoming US Federal Reserve policy meeting, which made investors wary and resulted in diminished activity across Asian markets. Investors were observed taking profits after a recent period of market gains, especially in major IT stocks and consumer sectors, reflecting international caution and a lower risk appetite.
The overall market showed more decliners than advancers, as unease set in ahead of the US Fed policy announcements and significant global discussions. Volatility remained subdued, with the indices trading within narrow ranges for most of the session.
“Looking ahead, we can expect the market trend to remain muted and rangebound until there is greater clarity from the US Federal Reserve regarding its policy trajectory. Market participants remain watchful for global cues and domestic macroeconomic data, with buying expected on dips for fundamentally strong sectors such as BFSI, auto, and consumption,” said Vidwani.
Nifty 50 Outlook
According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking, the markets took a breather as the Nifty 50 snapped its eight-day winning streak, closing below the 25,100 mark. A Tweezer Top candlestick pattern has formed, suggesting a phase of consolidation may be underway before the next leg higher.
“Despite this pause, the broader trend remains positive as long as Nifty 50 holds above the 24,900 level, which aligns with the 50-DMA. A decisive breakout above 25,150 could trigger short covering and potentially lead to a rally toward the 25,300 zone. Given the recent upward momentum, some profit booking at higher levels is expected. Therefore, the preferred strategy would be to buy on dips,” said Jain.
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.
