Stock market today: On Tuesday, 108 stocks hit their 52-week high, including Bharti Hexacom Ltd, HDFC Asset Management Company Ltd, Indian Bank, and Solar Industries India Ltd.
In contrast, 48 stocks touched 52-week lows, with notable mentions like Jai Balaji Industries Ltd, AIK Pipes and Polymers Ltd, Sri Havisha Hospitality And Infrastructure Ltd, Diksat Transworld Ltd, Filtra Consultants and Engineers Ltd, Manoj Jewellers Ltd, and Resgen Ltd.
Financial and IT sectors pulled down Indian stock markets on Tuesday due to concerns over foreign capital outflows amidst high US Treasury yields and uncertainty in trade, while Adani group shares decreased following a Wall Street Journal article regarding a US investigation into Iranian LPG imports.
The Nifty 50 declined by 0.70% to reach 24,542.5, while the Sensex dropped by 0.78% to settle at 80,737.51.
Vinod Nair, the Head of Research at Geojit Investments, stated that the domestic market has remained in negative territory due to mixed signals from the global market, ongoing geopolitical tensions, and fluctuations in the currency market influenced by a weak USD.
Profit-taking is noticeable across various sectors, with the exception of real estate stocks, which are benefiting from expectations of an interest rate reduction by the RBI. Mid- and small-cap stocks are experiencing less consolidation compared to large-cap stocks, attributed to stronger earnings growth and a reduction in premium valuations.
Although short-term consolidation is expected to continue, robust domestic-oriented companies are projected to outperform amid external market volatility.
Nifty 50 outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. It appears that investors are awaiting a decisive commentary following the RBI’s interest rate decision.
“Technically, very short-term support is placed at 24,500. A fall below this level may trigger an increase in short positions, potentially leading to a swift decline towards 24,000. On the other hand, if the Nifty 50 holds above 24,500, it could see a recovery towards the 24,700–24,750 zone in the near term,” said De.
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.
