Stock market today: On Monday, 209 stocks hit their 52-week highs, including Adani Power Ltd, Canara Bank, Eternal Ltd, Gujarat Mineral Development Corporation Ltd, Grasim Industries Ltd, Hyundai Motor India Ltd, JSW Steel Ltd, L&T Finance Ltd, Muthoot Finance Ltd, Polycab India Ltd, Radico Khaitan Ltd, and UNO Minda Ltd.
In contrast, 63 stocks touched 52-week lows, with notable names like Praj Industries Ltd, United Breweries Ltd, and Route Mobile Ltd.
The market ended the day on a downward trend, continuing the profit-taking from the last session due to global challenges and sector-specific pressures. The benchmark BSE Sensex decreased by 466 points, or 0.56%, to close at 82,159.97, while the Nifty 50 fell by 124.70 points, or 0.49%, finishing at 25,202.35.
The session experienced widespread selling, especially in midcap and smallcap stocks, with the Nifty Midcap index dropping 0.74% and the Smallcap index declining 1.27%. There was noticeable volatility, as the Nifty fluctuated between an intraday peak of 25,331.70 and a low of 25,151.05 before ultimately closing lower, according to technical analysts.
Vaibhav Vidwani, a Research Analyst at Bonanza, mentioned that the key points from today’s discussion highlight the IT sector’s sensitivity to changes in US policies, emphasizing the importance of diversifying tech hiring. Meanwhile, themes centered around domestic consumption appear robust following GST rate reductions that took effect today, which may enhance demand during the festival season.
Market sentiments are leaning towards sustained stability, backed by low interest rates and credit growth that could benefit financial and consumption stocks. Nonetheless, concerns about high valuations persist, and analysts predict trading will remain range-bound unless global indicators improve.
Nifty 50 Outlook
As per Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has been witnessing a pullback over the last two days, which is absolutely normal considering the 1,000-point rally that preceded it. In fact, such minor corrections are healthy for a sustained uptrend.
“In the short term, support is placed at 25,050, and the overall structure remains intact as long as the index holds above this level. A decisive break below 25,050 could extend the correction towards 24,800. On the upside, resistance is seen at 25,250. A move above this level could signal a resumption of the uptrend,” said De.
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.
