Stock market today: 30 stocks hit 52-week lows, 78 stocks rise to 52-week highs as Sensex, Nifty 50 gain for third day

Stock market today: On Wednesday,78 stocks hit their 52-week high, including Bharti Airtel, Eicher Motors, HDFC Bank, Shree Cement, AstraZeneca Pharma India, Chambal Fertilisers & Chemicals, Kaveri Seed Company, Narayana Hrudayalaya, Paradeep Phosphates, and SBI Cards and Payment Services.

In contrast, 30 stocks touched 52-week lows, including some notable names like Sheela Foam, Gensol Engineering, Kesoram Industries, and Revathi Equipment India.

On Wednesday, the primary domestic indices, Nifty 50 and Sensex, advanced for the third consecutive session, supported by the banking sector as investors overlooked global trade war concerns to concentrate on favourable local developmen

The Nifty 50 increased by 0.47%, reaching 23,437.20, while the Sensex climbed 0.4% to 77,044.29. Over the past three sessions, the Nifty 50 has surged by 4.6%, driven by US President Donald Trump's tariff exemptions, expectations of a stronger-than-average monsoon, and the potential for additional interest rate reductions in India.

Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the market experienced robust performances from the banking and media sectors, with IndusInd Bank and Axis Bank leading the way, while the auto and pharma sectors encountered minor corrections.

The downward pressure observed earlier this week was primarily due to a global risk-off sentiment stemming from concerns about US tariffs and lowered growth projections. Nevertheless, India has emerged as the first significant market to completely recover from the losses incurred due to the US reciprocal tariff announcement on April 2, bolstered by strong participation from domestic investors and foreign inflows. Investors remain vigilant in anticipation of Q4 earnings from key IT and financial firms.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 closed higher after initial weakness in the first half of the session. On the daily chart, the index has closed above the 100-EMA for the second consecutive session.

“Support is now placed at 23,300, and a positive sentiment is likely to prevail as long as it remains above this level. A decisive fall below 23,300 might trigger a correction towards 23,150/23,000. On the higher side, resistance is visible at 23,650,” said De.

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