Stock market today: 103 stocks hit 52-week highs, 85 stocks at 52-week low as Nifty 50, Sensex end in red

Stock market today: On Monday, 103 stocks hit their 52-week high, including Aditya Birla Capital Ltd, Aditya Birla Lifestyle Brands Ltd, Authum Investment & Infrastructure Ltd, Bharat Electronics Ltd, Garden Reach Shipbuilders & Engineers Ltd, Multi Commodity Exchange of India Ltd, Narayana Hrudayalaya Ltd, and Poonawalla Fincorp Ltd.

In contrast, 85 stocks touched 52-week lows, with notable mentions like Siemens Energy India Ltd, Ola Electric Mobility Ltd, Easy Trip Planners Ltd, Orient Cement Ltd, Protean eGov Technologies Ltd, Oswal Pumps Ltd, and Spectrum Electrical Industries Ltd.

The Indian stock market experienced notable declines in the opening trade on Monday, June 23, with the Sensex dropping more than 900 points, and the Nifty 50 dipping below 24,850 due to widespread selling amid unfavorable global indicators. The Sensex finished 511 points, or 0.62%, lower at 81,896.79, whereas the Nifty 50 closed at 24,971.90, falling by 141 points, or 0.56%.

According to Vinod Nair, Head of Research at Geojit Investments, last Friday, the markets were gearing up for easing tensions in the Middle East after the US announced a two-week period to consider its involvement in the Israel-Iran conflict. However, the unexpected US airstrike on Iran’s nuclear facilities over the weekend disrupted those expectations, causing a significant spike in crude oil prices and resulting in consolidation in the domestic equity market.

Nair believes, despite the initial downturn, the market managed to recover most of its losses, aided by advancements in capital goods and metal stocks, as concerns about an immediate disruption in oil supply remained minimal. In contrast, IT stocks faced pressure due to uncertainties surrounding global tech spending, worsened by the weak earnings reported by Accenture.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 recovered significantly after a gap-down opening amid weak geopolitical sentiment. A pullback in crude oil prices helped the Indian market pare some of its morning losses, although it still ended on a negative note.

For the day, the Nifty 50 managed to close above the support level of 24,850, and Indian equities may continue to offer buying opportunities as long as the Nifty 50 sustains above this level. On the higher side, if it moves above 25,000, it may head towards 25,350 in the short term.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.