Stock market today: On Wednesday, 161 stocks hit their 52-week highs, including Aster DM Healthcare Ltd, Canara Bank, Graphite India Ltd, Hero MotoCorp Ltd, MRF Ltd, Muthoot Finance Ltd, and RBL Bank Ltd.
In contrast, 144 stocks touched 52-week lows, with notable mentions Clean Science and Technology Ltd, Crompton Greaves Consumer Electricals Ltd, Happiest Minds Technologies Ltd, Vedant Fashions Ltd, Signatureglobal (India) Ltd, and United Breweries Ltd.
Today, the Indian stock market finished lower, with the Sensex dropping approximately 151 points and the Nifty 50 closing around 25,046 levels. The market relinquished its early gains as selling pressure dominated sectors such as Auto, real estate, pharmaceuticals, oil & gas, media, and public sector banks, which saw declines ranging from 0.70% to 1.88%.
Major decliners included Tata Motors, UltraTech Cement, Jio Financial, ONGC, and NTPC. Conversely, the IT sector performed well, with stocks like Infosys, TCS, Tech Mahindra, and Bharti Airtel posting gains and helping to prevent the index from declining further.
Abhinav Tiwari, a Research Analyst at Bonanza, noted that the market ended lower primarily due to weak international trends and pressures in certain domestic sectors. Although IT stocks remained stable, declines in real estate and banking sectors pulled the market down. Previous gains were lost as mixed earnings reports and caution ahead of important economic data and policy updates led to investor reluctance.
Tiwari expressed that they are currently anticipating forthcoming company results and economic figures, particularly given the backdrop of global inflation concerns and geopolitical tensions.
“Looking ahead, market expectations center on a cautiously optimistic stance. We are anticipating clarity from upcoming earnings releases and RBI’s monetary policy signals, along side monitoring global economic cues and geopolitical developments.
While cautiousness prevails, sectors with robust fundamentals and growth visibility, especially IT, consumer durables, and select financials,may garner interest with potential rotation away from beaten-down segments like realty and PSU banks,” explained Abhinav.
