Stock market today: 196 stocks hit 52-week lows, 76 stocks touch 52-week highs amid Trump tariff worries | Stock Market News
Source: Live Mint
Stock market today: On Tuesday, 196 stocks hit their 52-week lows, Bajaj Electricals Ltd, Birlasoft Ltd, Central Bank of India, Happiest Minds Technologies Ltd, Indo Count Industries Ltd, Indian Overseas Bank, Kesoram Industries Ltd, Metropolis Healthcare Ltd, Sona BLW Precision Forgings Ltd, Tata Elxsi Ltd, TeamLease Services Ltd, Titan Company Ltd, UCO Bank, Vakrangee Ltd, and Venus Pipes & Tubes Ltd.
In contrast, 76 stocks touched 52-week highs, with notable mentions like AAVAS Financiers Ltd, Coromandel International Ltd, and JK Cement Ltd.
On Tuesday, the Indian stock market faced a notable decline, with both the Sensex and Nifty 50 indices ending in negative territory. The Sensex dropped by more than 1,390 points, closing near 76,024, while the Nifty 50 decreased by approximately 349 points to finish at around 23,165.
The main factor contributing to the market’s decline was investor anxiety ahead of US President Donald Trump’s announcement regarding sweeping reciprocal tariffs on April 2, which he referred to as “Liberation Day.”
As per Vaibhav Vidwani, a Research Analyst at Bonanza, these tariffs are anticipated to affect all nations, raising concerns about a potential global trade conflict that could hinder economic growth and influence sectors heavily dependent on international trade, like IT and pharmaceuticals.
Furthermore, profit-taking after a robust rally and worries about decreasing demand in the IT industry played a role in the market fluctuations. The market capitalisation of companies listed on the BSE also saw a notable decrease, indicating the extensive effects of these global economic uncertainties.
Nifty 50 Outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, the index has experienced a sharp decline, approaching the 50EMA on the daily chart. This drop follows a recent phase of consolidation, signaling a weakening sentiment. However, in the near term, the 50EMA support could play a crucial role in stabilising the market. If this level holds, we may see a recovery.
That said, a decisive breakdown below 23,115 could trigger a deeper correction. On the upside, resistance is observed at 23,250—a breakout above this level could reignite bullish momentum in the market.
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