Stock market today: On Thursday, 73 stocks hit their 52-week high, including AU Small Finance Bank Ltd, Muthoot Finance Ltd, Steel Strips Wheels Ltd, S Chand and Company Ltd, Indiabulls Enterprises Ltd, and GRM Overseas Ltd.
In contrast, 79 stocks touched 52-week lows, with notable mentions like Easy Trip Planners Ltd, Vodafone Idea Ltd, Protean eGov Technologies Ltd, Ola Electric Mobility Ltd, Music Broadcast Ltd, Spicejet Ltd, and Schloss Bangalore Ltd.
India’s stock market indicators saw little movement on Thursday, while the broader markets experienced a downturn, as investors remained wary due to rising tensions in the Middle East and signals of a strict monetary policy from the US.
The Nifty 50 decreased by 0.08% to settle at 24,793.25, while the BSE Sensex dropped by 0.1% to reach 81,361.87.
Vinod Nair, the Head of Research at Geojit Investments, noted that the Indian equity index exhibited a rangebound trend with a negative inclination, as global caution increased due to worries about potential US involvement in the Middle East conflict.
Nair highlighted that the mood among investors was further impacted by the Federal Reserve’s choice to maintain interest rates while indicating ongoing inflation and a slowdown in economic growth, which adversely affected software export stocks.
The overall market performance fell short of the benchmark index, primarily due to selling pressure in mid- and small-cap stocks, whereas larger-cap growth stocks demonstrated greater stability, all while closely monitoring crude oil prices and international developments, according to Vinod.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 witnessed a lackluster expiry on the NSE, as the index remained within a narrow range throughout the session, indicating indecisiveness ahead of any directional move.
On the hourly chart, the index continues to trade below the 200-DMA, reflecting weak market sentiment. On the daily chart, it has slipped below the 21-EMA, further reinforcing the bearish outlook. This negative sentiment is likely to persist as long as the index remains below 24,850. On the downside, support is seen at 24,550.
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