Stock market today: ACC to Tata Technologies — 787 BSE-listed shares hit 52-week low. Do you own any?

Stock market today: ACC, AU Small Finance Bank, Bharat Heavy Electricals Limited (BHEL), Bajaj Consumer Care, Tata Technologies, Titagarh Rail Systems, UCO Bank, Railtel Corporation Of India, Rallis India, ideaForge Technology, Ircon International, JK Tyre & Industries, and Graphite India, hit their 52-week lows in intraday trade on BSE on Tuesday, February 18, due to broad-based losses on persistent worries over tepid corporate earnings and sustained foreign selling, while the broader small and midcaps declined on valuation concerns.

Allcargo Logistics, DB Realty, Indian Railway Catering and Tourism Corporation (IRCTC), KIOCL, Netweb Technologies, Natco Pharma, Relaxo Footwears, Tata Communications, Whirlpool Corporation were also among the stocks that reached their lowest levels in a year.

The market experienced a rebound from its lows during the final hour of trading, with the Nifty 50 maintaining levels above 22,900 and the Sensex holding above 75,900. In the broader market, the Midcap index rose by over 600 points from its lowest point.

The domestic benchmark indices returned to a downward trend after a one-day pause, although they closed above their daily lows on Tuesday. The Sensex fell by 29.47 points, closing at 75,967.39, while the Nifty 50 decreased by 14.20 points, finishing at 22,945.30.

The information technology (IT) sector experienced an uptick in buying, with Tech Mahindra and Persistent Systems seeing the largest increases due to positive sentiment, while power-related stocks also gained ground, with NTPC and Power Grid Corporation of India being among the leading gainers.

In the 30-share pack, 14 stocks ended in the negative territory, with shares of IndusInd Bank, UltraTech Cement, Mahindra and Mahindra, and Hindustan Unilever as top losers, falling over 1-2%. NTPC, Tech Mahindra, Zomato, Power Grid were among the top gaines, up 1-3%.

Prashanth Tapse, Senior Vice President of Research and Research Analyst at Mehta Equities, indicated that the downside for Nifty 50 seems to be safeguarded as all hopeful eyes focus on the meeting between US and Russian officials in Saudi Arabia aimed at peace talks. The lackluster session can be attributed to significant selling by foreign institutional investors (FIIs), who have been net sellers this calendar year, totaling Rs. 120,494 crores.

The last two trading sessions on Dalal Street suggest that a sense of stability has returned as aggressive traders are starting to feel that the anticipated tariffs were overstated, proving to be more talk than action. At the time of writing, Wall Street index futures were climbing, with the S&P 500 approaching its new all-time high. In summary, the bears are taking a momentary break…

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 witnessed another day of volatility as the index failed to take a clear direction. In the short term, Nifty 50 might remain a ‘sell on rise’ as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.