Stock market today: On Thursday, 137 stocks hit their 52-week highs, including Amber Enterprises India Ltd, CreditAccess Grameen Ltd, Choice International Ltd, Netweb Technologies India Ltd, and TD Power Systems Ltd.
In contrast, 94 stocks touched 52-week lows, with notable names like Crompton Greaves Consumer Electricals Ltd, Five-Star Business Finance Ltd, Vedant Fashions Ltd, Praj Industries Ltd, Ramkrishna Forgings Ltd, Tata Consultancy Services Ltd (TCS), and United Breweries Ltd.
Today, the Indian stock market closed significantly lower, with the Sensex declining by around 555 points and the Nifty 50 falling below the 24,900 level. Ongoing selling by foreign institutional investors, weak international indicators, and growing worries about US visa restrictions, particularly the new $100,000 fee for H-1B visa applications, dampened investor confidence.
Analysts noted that market participants also remained cautious about the strengthening US dollar and rising crude oil prices, which together heightened concerns over fiscal pressure and potential further outflows of foreign investment.
Vaibhav Vidwani, a Research Analyst at Bonanza, stated that all major sector indices finished lower, with losses particularly in the Realty, Auto, and Private Banking sectors. Tata Motors continued to experience significant declines after reports of an extended halt at its JLR facility, while major players in the IT and financial sectors also ended on a negative note. Overall, the broader indices lagged behind.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 has fallen below the crucial support level of 25,050, which also coincides with the 38.20% Fibonacci retracement of the previous rise from 24,400 to 25,450. Additionally, the index has slipped below the 21 EMA on the daily timeframe, confirming increasing bearish sentiment.
It appears that the bulls are stepping back, giving bears more control over the market. On the downside, immediate support is placed at 24,800; a break below this level could trigger a deeper and more serious correction. On the upside, resistance is seen at 25,000.