Stock market today: 30 stocks hit 52-week lows, 88 stocks at 52-week highs as Sensex, Nifty 50 rebound

Stock market today: On Wednesday, 88 stocks hit their 52-week high, including APL Apollo Tubes Ltd, Bharat Electronics Ltd, Bharti Hexacom Ltd, Dalmia Bharat Ltd, Mazagon Dock Shipbuilders Ltd, Max Financial Services Ltd, and Solar Industries India Ltd.

In contrast, 30 stocks touched 52-week lows, with notable mentions like Aether Industries Ltd, and Last Mile Enterprises Ltd.

India's main stock indexes closed positively on Wednesday, supported by an uptick in information technology shares due to reduced concerns over a US recession and by gains in metals firms as the US dollar declined.

The Nifty 50 increased by 0.36% to reach 24,666.90, while the Sensex rose by 0.22% to 81,330.56. Earlier, they had both experienced a rise of approximately 0.7% before pulling back on those gains.

The broader markets showed better performance, with the BSE Midcap index increasing by 1%, and Smallcap soaring by 1.6%. In terms of sectors, all sectoral indices, except for banking, finished in positive territory. Realty, media, oil & gas, and telecom saw gains ranging from 1% to 2.5%.

Despite volatility during the session, the bulls remained firm, as stability in the overall markets and shifts between sectors provided backing. According to analysts, traders are now focusing on important global data and institutional inflows for immediate signals.

Vinod Nair, the Head of Research at Geojit Investments Limited, pointed out that there is growing market optimism, driven by a significant reduction in both international and domestic risks. In this climate, broader market indices are trending upward, bolstered by a recovering local demand, as indicated by corporate earnings from the March quarter.

Nair added that this has triggered a surge in mid- and small-cap stocks, which had previously lagged behind due to high valuations, downgrades in earnings expectations, and a decline in inflows from foreign institutional investors (FII) and retail investors.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 traded within a narrow range today, following two days of high volatile moves. The short-term trend remains positive, as the index continues to remain above critical moving average. After a sharp rally, this sideways movement appears to be a healthy consolidation, suggesting the market is catching its breath before the next move.

“ As long as the index stays above the crucial support level of 24,400, the bulls are likely to maintain their grip. In the near term, the index might move towards the 24,850–25,000 range. However, a drop below 24,400 could delay this upward trajectory and lead to further consolidation,” added De.

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