Stock market today: 173 stocks hit 52-week highs, 66 stocks at 52-week low as Nifty 50, Sensex end flat

Stock market today: On Tuesday, 173 stocks hit their 52-week highs, including Adani Power Ltd, Ashok Leyland Ltd, Bajaj Finance Ltd, Canara Bank, Eicher Motors Ltd, Siemens Energy India Ltd, Gujarat Mineral Development Corporation Ltd, Jindal Steel Ltd, JSW Steel Ltd, Maruti Suzuki India Ltd, MRF Ltd, Muthoot Finance Ltd, Radico Khaitan Ltd, Tata Investment Corporation Ltd, Tata Steel Ltd, Usha Martin Ltd, and Varroc Engineering Ltd.

In contrast, 66 stocks touched 52-week lows, with notable names like Crompton Greaves Consumer Electricals Ltd, Five-Star Business Finance Ltd, Pidilite Industries Ltd, Praj Industries Ltd, and Ramkrishna Forgings Ltd.

The market ended the day with little change, as the NSE Nifty 50 closed at 25,169.5, down slightly by 0.13%, while the BSE Sensex finished at 82,102.10, dipping by only 0.07%, indicating a tepid market outlook. The flat closing can primarily be attributed to a cautious attitude among investors due to mixed signals from global markets and pressures within specific sectors.

The IT sector, in particular, faced challenges following a significant drop caused by the U.S. government's increase in H-1B visa fees, which affected the sentiment surrounding technology stocks and associated industries.

Vaibhav Vidwani, a Research Analyst at Bonanza, noted that global mixed signals contributed to the situation, as while the U.S. markets exhibited steady or positive indicators with a surge in tech stocks, the downturn in major Asian markets like the Hang Seng dampened sentiment. The rupee continued to face pressure against the dollar, which led to more cautious trading. Market participants are anticipating the forthcoming trade discussions between India and the U.S.

“We expect the market to continue consolidating with range-bound movement in the near term as investors balance optimism around domestic consumption and earnings recovery against external headwinds and valuation concerns,” said Vidwani.

(more to come)

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