Stock market today: 97 stocks hit 52-week highs, 31 stocks at 52-week lows as Sensex, Nifty 50 end in red

Stock market today: On Wednesday, 97 stocks hit their 52-week high, including Bharat Electronics Ltd, Cholamandalam Investment and Finance Company Ltd, HDFC Life Insurance Company Ltd, APL Apollo Tubes Ltd, Bharti Hexacom Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Max Financial Services Ltd, and Solar Industries India Ltd.

In contrast, 31 stocks touched 52-week lows, with notable mentions like Chembond Chemicals Ltd, and Orchid Pharma Ltd.

The Indian stock market concluded the day with a negative tone after a volatile trading session. The Sensex closed lower by 239 points (0.29%) at 81,312, while the Nifty 50 decreased by 73.75 points (0.30%) to finish at 24,752. The market fluctuated within a limited range, indicating cautious sentiment among investors.

Market analysts indicate that the main factor behind the decline was the pressure on the FMCG sector, which experienced the largest drop of nearly 1.5%, primarily due to ITC's 1.17% fall following British American Tobacco's sale of a 2.5% stake, reducing its veto power in the firm. Other sectors, such as metals and consumer durables, also experienced slight declines, while PSU banks displayed relative resilience.

Ongoing global uncertainties, including rising US Treasury yields, persistent trade tensions between the US and EU, and the anticipation of significant economic data releases, continue to impact market sentiment.

“Key economic indicators such as an improved monsoon forecast, a benign inflation outlook, and expectations of a stronger Q4GDP may help cushion downside risks. However, earnings visibility needs to improve in tandem with the macros, which is vital for stability in the direction,” said Vinod Nair, Head of Research, Geojit Investments.

Nifty 50 Outlook

According Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 spent another day in consolidation, with the index remaining largely range-bound ahead of the monthly expiry. On the hourly chart, the index has slipped below the critical 21-EMA and 50-EMA, indicating a weakening trend in the near term. Immediate support is seen at 24,700; a sustained move below this level could trigger further selling pressure.

Significant put writing at 24,700 reinforces the technical setup. On the higher end, notable call writing is observed at 24,800. A decisive move above 24,800 could force call writers to cover their positions at the 24,800 CE, potentially triggering a sharp rally in the market.

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