Stock market today: 79 stocks hit 52-week highs, 48 stocks at 52-week low as Nifty 50, Sensex end lower

The Indian equity markets closed on a subdued note on Tuesday, June 17, with benchmark indices Nifty 50 and Sensex snapping their winning streaks after a volatile session. Despite the broader markets showing mixed trends, as many as 79 stocks hit their 52-week highs while 48 touched 52-week lows, signaling underlying stock-specific momentum amid index-level weakness.

Benchmark Indices End Lower

The BSE Sensex ended the session down by 203 points or 0.27% at 75,845.12, while the Nifty 50 slipped 58.80 points, or 0.26%, to settle at 23,045.20. Both indices remained range-bound throughout the day, struggling to sustain gains due to profit booking and weak global cues.

Broader Market Performance Mixed

While the frontline indices faltered, the broader markets saw diverging trends. The BSE Midcap index was marginally higher, gaining 0.15%, and the Smallcap index outperformed with a 0.65% rise, highlighting selective buying interest among retail and institutional investors.

Out of the total stocks traded on the BSE, 1,796 advanced, 1,719 declined, and 126 remained unchanged. This breadth reflects a tug-of-war between bulls and bears amid concerns over global macroeconomic conditions.

Highs and Lows: Stock-Specific Action Dominates

In a day marked by volatility, 79 stocks touched their 52-week highs, indicating ongoing sectoral bullishness. Notable names among these were:

• Larsen & Toubro (L&T)

• Coal India

• Mazagon Dock Shipbuilders

• HDFC Asset Management

• Bharat Dynamics

Conversely, 48 stocks fell to their 52-week lows, including:

• Zee Entertainment

• One97 Communications (Paytm)

• Dish TV

• Yes Bank

• Bandhan Bank

This divergence signals sector rotation and increased caution in segments facing regulatory or growth challenges.

Analyst Commentary: Mixed Sentiment Amid Uncertainty

Market analysts noted that the drop in headline indices was not unexpected after the recent rally that pushed the Nifty above 23,000 and the Sensex near 76,000.

"Profit booking was due after the sharp upmove seen last week. Investors are cautious ahead of the US Fed Chair’s testimony and upcoming domestic macro data," said Rahul Shah, Senior VP at Motilal Oswal Financial Services.

"The broader market activity suggests that investors are still finding value in select mid and small-cap counters, especially those linked to defence, infrastructure, and energy sectors," added Meera Mehta, Fund Manager at Tata Mutual Fund.

Sectoral Snapshot

Among the sectoral indices:

• Nifty IT fell over 0.5%, tracking weakness in US tech stocks.

• Nifty Bank slipped 0.4%, led by weakness in private lenders like HDFC Bank and Axis Bank.

• Nifty Metal and Energy indices bucked the trend, rising marginally on strong commodity cues.

FMCG stocks also underperformed on rising rural inflation concerns.

Global Cues Weigh on Sentiment

Internationally, markets were subdued ahead of key data releases. Asian peers like Nikkei 225 and Hang Seng ended flat to lower, while European indices opened cautiously. Investors are awaiting US retail sales data, Fed commentary, and updates on China’s industrial output, all of which could influence near-term flows.

Crude oil prices remained steady, with Brent crude hovering around $82/barrel, providing some relief to oil-importing nations like India.

Technical View: Caution Advised Near Highs

From a technical perspective, experts advise caution near current levels.

"Nifty has strong resistance at 23,150-23,200. A break above that could lead to fresh highs, but a failure could result in a pullback to 22,900," noted Manish Hathiramani, Technical Analyst at Deen Dayal Investments.

Support for the Sensex is pegged at 75,400, while resistance lies near 76,300.

Investor Outlook: Focus on Fundamentals and Valuation

Going forward, market participants are expected to stay stock-specific. Valuations remain stretched in some pockets, making earnings growth and policy direction critical for sustaining the current levels.

"Retail investors should consider rebalancing portfolios, avoiding momentum chasing. Instead, focus on fundamentally strong businesses in infrastructure, PSU banks, and manufacturing-linked sectors," said Asha Kumar, Portfolio Manager at QuantEco Capital.

With the Budget session around the corner, investors will also look for cues on government spending, fiscal targets, and reforms.

While benchmark indices cooled off from recent highs, the action in individual stocks—marked by 79 reaching 52-week highs—indicates that the market is far from losing steam. However, the equal number of underperformers hitting 52-week lows reflects underlying caution and volatility. Smart money is clearly flowing into sectors with visibility, making stock selection more crucial than ever.