78 stocks hit 52-week lows, 57 stocks at 52-week highs in subdued stock market trade today

Stock market today: On Wednesday, 78 stocks hit their 52-week lows, which included Jai Corp Ltd, Orchid Pharma Ltd, Schneider Electric Infrastructure Ltd, DAM Capital Advisors Ltd, Eveready Industries India Ltd, TCC Concept Ltd, and Welspun Specialty Solutions Ltd.

In contrast, 57 stocks touched 52-week highs, with notable mentions InterGlobe Aviation (IndiGo), Chambal Fertilisers & Chemicals Ltd, and Narayana Hrudayalaya Ltd.

The domestic benchmark indices, Nifty 50 and Sensex, experienced a decline on Wednesday, reflecting a global market downturn caused by US President Donald Trump's tariffs, as a widely anticipated rate cut and dovish stance from the Reserve Bank of India (RBI) failed to improve market sentiment.

The Nifty 50 fell by 0.61% to close at 22,399.15, whereas the Sensex decreased by 0.51% to finish at 73,847.15. The "reciprocal" tariffs imposed by US President Donald Trump came into effect earlier in the day, affecting markets worldwide.

Even though the RBI opted to lower interest rates by 25 basis points to encourage growth, market sentiment continued to be cautious. The wider market also experienced a decline, with the BSE Midcap and Smallcap indices falling by 0.73% and 1.08%, respectively.

Vinod Nair, Head of Research at Geojit Investments Limited, notes that global financial markets are experiencing renewed downturns following the implementation of reciprocal tariffs. A trade conflict is heightening global risks, with increasing US bond yields leading to a sell-off of the world's traditionally safe treasury assets. In India, a reduction in the repo rate, coupled with an accommodating policy approach, is viewed as a positive move. However, it has had minimal impact on overall market sentiment, as the world faces recessionary threats.

The IT sector is still struggling ahead of the Q4 results, which are anticipated to be disappointing. The pharmaceutical sector remains cautious due to potential challenges posed by the introduction of US tariffs on the industry. On a brighter note, domestic focus sectors, such as FMCG, are performing better as there are no immediate recessionary risks from the global economic slowdown.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 continues to trade below the upper band of the falling channel and the 21-day EMA, indicating short-term weakness and resistance near 22,500. The RSI shows a bearish crossover, reinforcing the negative momentum. The trend is expected to stay weak below 22,500, with a breakout potentially driving the index to 22,750–22,800. Failure to cross 22,500 may drag it down toward 22,000.

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.