Stock market today: 46 stocks hit 52-week lows, 168 stocks at 52-week high as Nifty 50, Sensex end higher

Stock market today: On Tuesday, 168 stocks hit their 52-week high, Aditya Birla Capital Ltd, Anupam Rasayan India Ltd, AU Small Finance Bank Ltd, Bharat Electronics Ltd, Bharti Hexacom Ltd, Federal Bank Ltd, Laurus Labs Ltd, Max Healthcare Institute Ltd, Navin Fluorine International Ltd, and The Ramco Cements Ltd.

In contrast, 46 stocks touched 52-week lows, with notable mentions like Ola Electric Mobility Ltd, Salasar Techno Engineering Ltd, Twentyfirst Century Management Services Ltd, ArisInfra Solutions Ltd, GACM Technologies Ltd, Raw Edge Industrial Solutions Ltd, and Uma Exports Ltd.

The Indian stock market wrapped up the day with a sideways trend, with the Sensex inching up by 90 points (0.11%) to settle at 83,697, while the Nifty50 rose slightly by 24.75 points (0.10%) to end at 25,541. Trading was volatile as investors exercised caution, even though the month tends to be strong seasonally.

Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the broader market showed signs of weakness, with the Nifty MidCap and SmallCap indices finishing in negative territory.

The flat close was influenced by mixed performances across sectors and uncertainty regarding immediate market drivers. Key stocks, including PSU banks and select blue-chip companies like Axis Bank, TCS, Zomato, Tech Mahindra, Tata Motors, and NTPC, contributed to pulling the indices down.

The underperformance of the broader market indicates a cautious stance among investors, reflecting global uncertainties and varied domestic indicators. In the future, market sentiment will largely depend on forthcoming corporate earnings, developments in global trade, and domestic economic reports.

According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, Nifty 50 has closed above the previous day's low, indicating yesterday's sell-off was only a temporary profit-booking pause in the rally.

Dwarakanath said that the index is trading near the upper Bollinger band, indicating strength in the move upside. The index has support at the 25,200 level and resistance at the 25,900 level. The smaller time frame momentum indicators are sloping upside, indicating a further rally from the current levels. The Keltner channel upper band level is placed at 25,430 which can act as an immediate bounce level in case of a move down.

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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