Stock market today: On Friday, 143 stocks hit their 52-week high, including Anand Rathi Wealth Ltd, Biocon Ltd, Dalmia Bharat Ltd, Gujarat Mineral Development Corporation Ltd, HDFC Asset Management Company Ltd, JK Cement Ltd, Krishna Institute of Medical Sciences Ltd, Nuvoco Vistas Corporation Ltd, Piramal Enterprises Ltd, and RBL Bank Ltd.
In contrast, 45 stocks touched 52-week lows, with notable mentions like Bharat Global Developers Ltd, HDB Financial Services Ltd, Mirae Asset Nifty India Internet ETF, Jindal Worldwide Ltd, Network People Services Technologies Ltd, and Sukhjit Starch & Chemicals Ltd.
Today, the Indian stock market concluded on a negative note, with the Nifty 50 closing at approximately 24,968, reflecting a decline of around 0.57% (143 points), falling further beneath the crucial 25,000 mark following a widespread sell-off. The Sensex also fell by about 501 points, finishing close to 81,757.
Based on insights from experts, the unfavourable market close was mainly influenced by unsatisfactory earnings reports, particularly from Axis Bank, whose performance in Q1FY26 raised concerns among investors and led to a significant drop in financial stocks such as HDFC Bank and Kotak Mahindra Bank.
Vaibhav Vidwani, a Research Analyst at Bonanza, noted that foreign Institutional Investors (FIIs) sold more stocks than they bought in July after experiencing significant inflows in prior months, indicating increasing global risk aversion and a change in sentiment.
Vidwani stated that furthermore, Citi’s downgrade of India’s equity rating from “overweight” to “neutral” also weakened confidence, pointing to high valuations at 23x forward earnings and a slowdown in growth expectations. Heightened global uncertainties, especially unclear indications regarding the US Federal Reserve’s monetary policy and rising crude oil prices due to disruptions in Iraq, intensified worries about inflation and input costs for India, as it is an oil-importing country.
Nifty 50 outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 remained under selling pressure, falling towards 24,900 where it found initial support. The index stayed above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback after a sharp correction. However, it remains a ‘sell on rise’ as long as it trades below 25,260. On the downside, selling may intensify if it breaks below 24,900.
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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