Stock market today: 109 stocks hit 52-week highs, 43 stocks at 52-week lows as Sensex, Nifty 50 end lower

Stock market today: On Friday, 109 stocks hit their 52-week high, including Bharti Hexacom Ltd, Indian Bank, Max Financial Services Ltd, and Solar Industries India Ltd.

In contrast, 43 stocks touched 52-week lows, with notable mentions like NIIT Learning Systems Ltd, Orchid Pharma Ltd, Dr. Agarwals Health Care Ltd, Signpost India Ltd, and CP Capital Ltd.

The Indian stock market concluded with a negative trend as the Nifty 50 finished approximately 82 points (0.33%) lower at around 24,750, while the Sensex declined by about 182 points (0.22%) to reach 81,451.

This market pullback was mainly influenced by tepid investor sentiment, driven by cautious global indicators, such as worries about a slowing US economy and ongoing trade uncertainties. Furthermore, a 1% decrease in IT stocks, which significantly depend on revenue from the US, heavily impacted the indices.

Vinod Nair, the Head of Research at Geojit Investments, noted that the market continues to experience range-bound movement, with the temporary reinstatement of US tariffs by the appeals court causing investors to remain cautious.

The global markets are likely to face macroeconomic challenges as the international trade environment has yet to stabilise, potentially leading to a short-term period of consolidation. In the meantime, FII inflows have persisted due to fluctuations in the US 10-year yield and anticipation of strong domestic Q4 GDP data being released later today, along with expectations for an interest rate cut by the RBI.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 remained volatile with a slightly negative bias on the first day of the June series. On the smaller time frame, the index has formed a bearish moving average crossover. The RSI on the hourly chart indicates bearish price momentum, suggesting short-term weakness. Additionally, signs of exhaustion are visible on the daily RSI, accompanied by a strong negative divergence.

However, Nifty 50 has been struggling to move beyond a certain level. Immediate support is placed at 24,700; a breach below this level could lead to a decline towards 24,500. On the higher side, 24,800 is likely to act as a crucial resistance, as call writers have built significant positions at that level.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.