Stock market today: Indusind Bank to Yes Bank— 233 BSE-listed shares hit 52-week low. Do you own any?

Stock market today: Indusind Bank, Titan Company, Yes Bank, Birlasoft, LatentView, Prince Pipes and Fittings, RateGain, Raymond, Senco Gold, Shoppers Stop, TTK Prestige, and Vakrangee reached their 52-week low points during intraday trading on the BSE on Tuesday, March 11, in response to poor trends in the US markets and significant selling in leading IT stocks.

Astral Pipes, Dalmia Bharat, ESAB India, Hatsun Agro Product, IDFC First Bank, KNR Constructions, Raymond, Rolex Rings, Salasar Techno Engineering, Spandana Sphoorty Financial, TARC, and Trident were also among the stocks that reached their lowest levels in a year.

Today, the Indian stock market concluded mixed, as both the Sensex and Nifty 50 remained relatively stable. The Sensex finished at 74,102, representing a slight decline of 0.02%, while the Nifty 50 ended at 22,497, reflecting an increase of 0.17% compared to the previous day's closure.

Other Asian markets experienced declines following a significant drop in Wall Street stocks after US President Donald Trump, on Sunday, declined to speculate on whether the largest economy in the world might face a recession amid worries regarding his tariff strategies.

Vinod Nair, Head of Research, Geojit Financial Services, mentioned that although there have been considerable selloffs in US and several Asian markets due to worries about an economic slowdown resulting from the ongoing trade conflict, the local market is beginning to exhibit signs of a slow recovery. Its comparatively lower volatility is linked to a normalisation in valuations after recent downturns, alongside supportive elements such as decreasing crude oil prices, a weakening Dollar Index, and hopes for a recovery in domestic earnings.

Technical Views

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 started the day with a gap down, following weak global cues. However, during the day, the sentiment remained positive. Overall, the sentiment remains positive for the very short term, supported by strong momentum in the RSI indicator and the index closing above the 50 EMA on the hourly timeframe.

In the very short term to short term, the index might continue its strength with the potential to reach 22,660–22,700. Above 22,700, the Nifty 50 might move towards 23,000. On the lower end, support is placed at 22,400 on a sustained basis.

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