151 stocks hit 52-week highs, 53 stocks at 52-week low as Nifty 50, Sensex snap six-day winning streak

Stock market today: On Friday, 151 stocks hit their 52-week high, including Aditya Birla Capital Ltd, Apollo Hospitals Enterprise Ltd, Cummins India Ltd, JM Financial Ltd, Lemon Tree Hotels Ltd, Nippon Life India Asset Management Ltd, One 97 Communications Ltd (Paytm), Sai Life Sciences Ltd, and UNO Minda Ltd.

In contrast, 53 stocks touched 52-week lows, with notable mentions Agarwal Industrial Corporation Ltd, Bajaj Steel Industries Ltd, Hikal Ltd, Pakka Ltd, Polyplex Corporation Ltd, Praveg Ltd, Regaal Resources Ltd, and Shivalik Rasayan Ltd.

Indian stock market benchmarks declined on Friday as investors adopted a cautious stance ahead of U.S. Federal Reserve Chair Jerome Powell's address at the annual Jackson Hole symposium, although hopes for tax reforms contributed to the indexes achieving weekly gains.

The Nifty 50 closed down 0.85% at 24,870.10 points on that day, while the BSE Sensex also decreased by 0.85% to finish at 81,306.85.

Over the week, both indexes experienced a 1% increase, driven by advancements in the automobile and consumer sectors due to anticipated demand growth resulting from adjustments in the goods and services tax (GST) and S&P's recent upgrade of India's sovereign rating.

Investors are looking forward to Powell's remarks later on Friday for insights regarding the potential for a rate cut in September. Although markets had largely accounted for a 25-basis-point reduction next month, expectations tapered following the release of the minutes from the Fed's July meeting.

Market participants are also keeping a close eye on the forthcoming U.S. tariffs on Indian products set to take effect on August 27, along with the ongoing uncertainty surrounding the peace talks between Russia and Ukraine.

Vinod Nair, the Head of Research at Geojit Investments, mentioned that the Indian equity market closed lower today, which halted a six-session rally and wiped out the gains made over the previous three days. Investor sentiment became cautious ahead of the speech from the U.S. Fed Chair at the Jackson Hole symposium, which is anticipated to offer essential insights into the global liquidity situation and future interest rate direction.

According to Rupak De, Senior Technical Analyst at LKP Securities, after a steady run-up, Nifty 50 paused on Friday, suggesting a brief consolidation before the next leg higher. The index continues to hold above the 50 EMA, reinforcing the short-term uptrend. On the downside, support lies at 24,800; staying above this level keeps the trend intact with scope for an advance towards 25,000–25,250.

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.

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