Stock market today: 33 stocks hit 52-week lows, 137 stocks at 52-week high as Nifty 50, Sensex end flat
Stock market today: On Tuesday, 137 stocks hit their 52-week high, including Abbott India Ltd, Bank of India, Bharat Electronics Ltd, Dalmia Bharat Ltd, InterGlobe Aviation Ltd, Max Financial Services Ltd, Muthoot Finance Ltd, SBI Cards and Payment Services Ltd, and SRF Ltd.
In contrast, 33 stocks touched 52-week lows, with notable mentions like Uma Exports Ltd, Containe Technologies Ltd, Goblin India Ltd, and Suvidha Infraestate Corporation Ltd.
The Indian benchmark indices finished the day with little movement on Tuesday, as profit-taking in the financial sector countered gains fueled by optimism regarding the US-China trade discussions and ongoing support from the Reserve Bank of India.
The Nifty 50 ended slightly altered at 25,104.25, while the Sensex saw a small decline of 0.06%, closing at 82,391.72. Both indices experienced an increase of approximately 0.4% during early trading before losing momentum.
Over the past four sessions, both benchmark indexes increased by approximately 2.3%, with the Nifty 50 achieving its highest closing level since October 14 on Monday, supported by the RBI’s policy measures.
Vinod Nair, the Head of Research at Geojit Investments, noted that domestic equity indices fluctuated within a limited range as investors took a cautious stance following the recent surge caused by favourable domestic macroeconomic indicators and worries about high valuations.
Nonetheless, the overall sentiment remained positive due to optimism surrounding US-China trade discussions. Furthermore, a robust US dollar served as a supportive factor for export-driven sectors, especially IT and Pharma, which saw significant buying interest.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has sustained above the previous consolidation zone on the daily timeframe, indicating a continuation of the uptrend. This positive sentiment is likely to persist and the sentiment favour long trades as long as the index remains above the key support level of 24,850.
On the higher side, the index may move towards 25,350 in the short term, with the potential for an extended rally if it breaks decisively above 25,350. However, a fall below 24,850 could trigger a correction.
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