Stock market today: On Thursday, 149 stocks hit their 52-week high, including Anand Rathi Wealth Ltd, CreditAccess Grameen Ltd, DCM Shriram Ltd, Delhivery Ltd, EID Parry India Ltd, Eternal Ltd, Fortis Healthcare Ltd, Godrej Agrovet Ltd, HDFC Bank Ltd, Indian Bank, JK Cement Ltd, JM Financial Ltd, Krishna Institute of Medical Sciences Ltd, Laurus Labs Ltd, Muthoot Finance Ltd, Navin Fluorine International Ltd, Nuvoco Vistas Corporation Ltd, One 97 Communications Ltd (Paytm), and Shyam Metalics and Energy Ltd.
In contrast, 48 stocks touched 52-week lows, with notable mentions like Colgate Palmolive (India) Ltd, Indian Energy Exchange Ltd, HDB Financial Services Ltd, Aditya Birla Lifestyle Brands Ltd, Jindal Worldwide Ltd, Mercury Ev-Tech Ltd, Raymond Realty Ltd, R K Swamy Ltd, and Salzer Electronics Ltd.
The domestic stock market ended lower today, with the Nifty 50 index decreasing by 157 points (0.63%) to 25,062, and the Sensex declining by around 609 points (0.74%) to 82,118. The overall decline was mainly caused by widespread selling across various sectors, with the exception of metals and pharmaceuticals.
Vaibhav Vidwani, a Research Analyst at Bonanza, reported a significant drop of 2% in the IT index, with major IT companies such as Coforge and Persistent experiencing declines exceeding 7%. The financial sector also showed weakness, with major financial stocks seeing notable declines.
A dramatic impact was observed in the shares of Indian Energy Exchange (IEX), which fell by 27% following regulatory approval for power coupling in day-ahead markets that prompted a market response.
The midcap and smallcap indices also decreased, indicating a cautious sentiment among investors. On a positive note, certain stocks such as Eternal, Dr. Reddy’s Labs, Tata Motors, and Tata Consumer experienced gains, with Olectra Greentech rising over 10%. Overall, the market faced profit-taking at elevated levels due to weakened global signals and the impending weekly derivatives expiry, contributing to cautious trading, according to Vidwani.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 slipped lower as it faced stiff resistance around the 25,250–25,260 zone. On the hourly chart, the index fell back below the 50-EMA and closed below it. Overall, the index continues its range-bound movement, which may persist in the near term.
On the downside, support remains intact at 24,900; a decisive break below this level could trigger a correction in the market. On the other hand, a sustained move above 25,260 may induce a fresh rally.
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