Stock market today: On Friday, 89 stocks hit their 52-week lows, which included Apar Industries Ltd, Bajaj Electricals Ltd, Birlasoft Ltd, Central Bank of India, Dr Reddys Laboratories Ltd, Happiest Minds Technologies Ltd, LTIMindtree Ltd, Tata Elxsi Ltd, Supreme Industries Ltd, Tata Consultancy Services Ltd (TCS), UCO Bank, and Zydus Lifesciences Ltd. In contrast, 66 stocks touched 52-week highs, with notable mentions like Kaveri Seed Company Ltd, and JSW Holdings Ltd.
The Indian stock market finished on a negative note today, with both the Sensex and Nifty 50 dropping by over 1.22% and 1.49% due to global market instability caused by US President Donald Trump’s extensive tariff declarations.
The Sensex wrapped up at around 75,364, down by nearly 930 points, while the Nifty 50 settled at approximately 22,904, a decrease of about 345 points from its prior close.
Vaibhav Vidwani, a Research Analyst at Bonanza, noted that the decline was primarily influenced by concerns over a global trade conflict and a potential recession, worsened by Trump’s implementation of a universal 10% baseline tariff on imports to the US, which resulted in India facing a 26% tariff on its exports.
Key industries such as Metal and Pharma were notably affected, with pharmaceutical stocks succumbing to the broader market strain. The banking sector found some support from stocks like HDFC Bank.
Moving forward, market sentiment remains cautious due to persistent global uncertainties and the possibility of retaliatory actions from trading partners, according to Vidwani.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has given a consolidation breakdown on the daily chart, indicating bearishness. Initially, the index found support at the crucial 22,900 level.
However, sentiment remains weak, and a further decline from the current level could trigger additional market correction.
“On the lower end, if Nifty 50 falls below 22,900, it may move toward 22,676. On the higher end, resistance is seen at 23,100. A move above 23,100 would provide a clear signal for a strong uptrend,” added De.
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