Stock market today: 55 stocks hit 52-week high despite stock market crash | Stock Market News
Source: Live Mint
Nippon India, Kotak Mahindra Bank, Indo Thai Sec, Norben Tea Exp, among 55 stocks that hit 52-week high in intraday trade on Bombay Stock Exchange (BSE), despite market crash on Tuesday, February 11.
Adhata Global Ltd, Blue Coast Hotels, Indobell Insulations, Balgopal Commercial, Jyothi Infraventures, Relic Technologies were among stocks that were 52-week high on Tuesday.
Stock market today
The Indian stock market continued its losing streak for the fifth straight session, with both the Sensex and Nifty declining over 1 per cent each.
The Sensex fell by 1,018 points (1.32%) to close at 76,293.60, while the Nifty 50 dropped 310 points (1.32%) to settle at 23,071.80. Over the past five sessions, the 30-share Sensex has plunged 2,290 points, and the Nifty 50 has shed 667 points, marking a 2.8% decline.
The total market capitalisation of BSE-listed companies has slipped to approximately ₹408.5 lakh crore from ₹425.5 lakh crore on February 4, the last session when the Sensex closed in positive territory, eroding investor wealth by nearly ₹17 lakh crore.
“Indian markets underperformed global indices as benchmark indices plunged over 1% each on wide-spread selling, mainly ignited by worries over escalating tariff war after Trump imposed 25% import tariffs on steel and aluminium, which would hurt India’s business prospects. The mood is already sombre because of likely prospects of subdued government spending going ahead and dismal earnings show so far which has created uncertainty amongst the investors and prompted them to offload their equity holdings,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
From a technical perspective, Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty 50 remains on a downward trend as it trades below the key 21EMA moving average.
“The trend remains weak. However, after a meaningful correction, the proximity to the falling wedge support could provide a reason for recovery. On the lower end, the 22,900–22,940 zone may act as strong support, while on the higher end, resistance is placed at 23,300,” said De.
