Stock market today: On Monday, 125 stocks hit their 52-week high, including Aadhar Housing Finance Ltd, Fortis Healthcare Ltd, Laurus Labs Ltd, Global Health Ltd, Nuvoco Vistas Corporation Ltd, Shyam Metalics and Energy Ltd, Torrent Pharmaceuticals Ltd, and UPL Ltd.
In contrast, 89 stocks touched 52-week lows, with notable mentions like Colgate Palmolive (India) Ltd, Easy Trip Planners Ltd, NIIT Learning Systems Ltd, Spicejet Ltd, Tejas Networks Ltd, R K Swamy Ltd, Smartworks Coworking Spaces Ltd, Mukka Proteins Ltd, Salzer Electronics Ltd, and HDB Financial Services Ltd.
Today, the Indian stock market ended on a negative note, with the Nifty 50 index decreasing by 0.63% to close at 24,680, while the Sensex dropped approximately 570 points, ending around 80,890.
Experts indicate that the decline was mainly attributed to significant selling pressure on major banking stocks, particularly Kotak Mahindra Bank, which plunged nearly 7% following a reported decline in consolidated net profit for the June quarter and pointed out stress in its retail commercial vehicle loan segment due to adverse macroeconomic conditions.
As per Vaibhav Vidwani, a Research Analyst at Bonanza, the decline in major Asian market indices such as Japan’s Nikkei and South Korea’s Kospi has added to investor caution.
Furthermore, the increase in Brent crude oil prices has heightened concerns regarding inflationary pressures for India, which is reliant on oil imports. The IT sector experienced selling pressure, particularly from companies like TCS and Infosys, with TCS announcing a 2% reduction in its workforce, further contributing to the negative sentiment. Market volatility, as indicated by the India VIX, surged by nearly 7%, reflecting growing anxiety among traders.
Nifty 50 outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, once again, bears ruled the day as the Nifty 50 fell below 24,700 amid rising weakness in the market. During the session, the index faced resistance around the 50-EMA and remained below it until the close. The RSI continues to support the bears with its negative crossover. In the short term, the index may remain under pressure, with a possibility of slipping towards 24,550. On the higher end, resistance is seen at 24,800 and 24,950.
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.
