Stock market today: 133 stocks hit 52-week highs, 42 stocks at 52-week low as Nifty 50, Sensex end in red

Indian equity benchmarks snapped a multi-day winning streak on Thursday, with both the Sensex and Nifty 50 closing in negative territory amid weak global cues and profit booking at higher levels. Despite the broader indices finishing lower, an impressive 133 stocks on the BSE hit their 52-week highs, while 42 stocks touched 52-week lows, reflecting a mixed but highly segmented market sentiment.

Benchmark Indices Reverse Gains

The BSE Sensex closed the session down 286.35 points, or 0.36%, at 78,965.12, while the NSE Nifty 50 fell 91.30 points, or 0.36%, to settle at 23,980.55. Both indices had hovered near record highs in the early trade before succumbing to selling pressure, primarily in financials, IT, and metal counters.

Mid and small-cap stocks continued to outperform. The BSE MidCap index rose 0.32%, and the BSE SmallCap index gained 0.58%, highlighting strong investor interest in broader market opportunities.

52-Week Highs Outshine Declines

A total of 133 stocks touched their 52-week highs on the BSE on Thursday, signaling strong investor conviction in select sectors and companies. Prominent names included:

• Mazagon Dock Shipbuilders

• Cochin Shipyard

• Jindal Stainless

• Gujarat Mineral Development Corporation (GMDC)

• HAL (Hindustan Aeronautics Ltd)

These gains were largely fueled by strong order books, government defense and infrastructure push, and upbeat earnings expectations.

Conversely, 42 stocks hit their 52-week lows, reflecting the underperformance in sectors like consumer durables, media, and certain mid-cap IT counters.

Sectoral Performance: Bank, IT, Metals Drag

Among sectoral indices, Nifty Bank lost over 0.8%, with top private sector lenders like ICICI Bank, HDFC Bank, and Axis Bank registering losses. The Nifty IT index also closed lower by 0.75%, tracking weak cues from the Nasdaq overnight and ahead of earnings from sector giants like TCS and Infosys.

Metal stocks fell as concerns over global demand weighed in, with Tata Steel and JSW Steel among notable laggards. On the other hand, Nifty Pharma and Nifty Realty closed in the green, offering some cushion to the broader indices.

Analyst Commentary

Ruchit Jain, Lead Research Analyst at 5paisa.com, noted,

“The markets witnessed some profit booking after a strong rally over the last few sessions. The Nifty has strong support around the 23,850–23,900 zone, and a close below this could invite further correction. However, the continued strength in mid and small-caps signals risk-on sentiment in specific themes like PSU, defence, and infrastructure.”

Ajit Mishra, SVP – Research, Religare Broking, added,

“Despite the headline indices closing in red, the broader market participation remains healthy. Investors are rotating money into high conviction sectors which is why several stocks are hitting fresh 52-week highs even in a falling market.”

Global Cues and Macroeconomic Sentiment

The decline in Indian equities came amid mixed global cues. Asian markets like Nikkei and Hang Seng remained under pressure due to renewed inflationary concerns in Japan and a tech-led sell-off in China. European markets opened cautiously as traders awaited comments from key ECB policymakers and new macroeconomic data.

On the domestic macro front, India’s June CPI inflation data, due next week, is being closely monitored, especially in the context of recent food price surges. Meanwhile, foreign portfolio investors (FPIs) turned net sellers, pulling out ₹1,214 crore from Indian equities today, adding to the selling pressure.

Technical Take: Key Levels to Watch

From a technical standpoint, the Nifty 50 faces immediate resistance around 24,100–24,150, while the support lies near 23,850. A breach below this level could lead to a retest of 23,700, analysts say.

The Relative Strength Index (RSI) on the Nifty indicates overbought conditions cooling off, hinting that the market may consolidate before making the next move. Volatility, as indicated by the India VIX, edged slightly higher by 2.4% to 13.75.

Investor Outlook: Cautious Optimism

Despite the decline in benchmark indices, market sentiment remains optimistic among retail and institutional investors due to robust fundamentals, strong corporate earnings projections, and structural tailwinds in sectors like defence, infra, and railways.

Investors are advised to adopt a stock-specific approach and maintain strict risk management, especially in overvalued pockets. Fresh positions may be considered on dips in fundamentally strong counters.

Sectors in Focus going forward include:

• Defence & PSU stocks (due to government push)

• Pharma (benefiting from export revival and FDA approvals)

• Auto ancillaries (on EV growth prospects)

• Capital goods & infra (riding the capex wave)

The Indian stock market closed in the red on Thursday, but the day was marked by an encouraging trend in the broader market with over 130 stocks clocking new 52-week highs. This divergence between large-cap indices and mid-small caps suggests a selective bull run, driven by investor preference for value and growth pockets.

As markets gear up for key corporate earnings and macro data in the coming weeks, volatility may remain elevated. Active portfolio management and a focus on quality stocks will be essential for navigating the current phase of the market.