Stock market today: On Friday, 190 stocks hit their 52-week low, including ACC Ltd, AIA Engineering Ltd, Central Bank of India, Galaxy Surfactants Ltd, Jindal Saw Ltd, Vedant Fashions Ltd, Ramkrishna Forgings Ltd, Schneider Electric Infrastructure Ltd, Sheela Foam Ltd, and Syngene International Ltd.

In contrast, 52 stocks touched 52-week highs, including some notable names like K.P.R. Mill Ltd, Redington Ltd, and Shriram Pistons & Rings Ltd.

Benchmark stock market indices Sensex and Nifty 50 fell over 1 percent on Friday as rising tensions between India and Pakistan heightened concerns about a broader conflict. Continuing the previous day’s drop, the 30-share BSE index plummeted 880.34 points or 1.10% to close at 79,454.47, amidst mostly range-bound trading. The Nifty 50 decreased by 265.80 points or 1.10% to reach 24,008.

On Thursday night, India quickly countered Pakistan’s renewed efforts to target military locations with drones and missiles, notably in Jammu and Pathankot, after successfully blocking similar attempts at 15 sites across northern and western regions of the country as tensions escalated between the two nations.

Vinod Nair, the Head of Research at Geojit Investments, mentioned that while a conflict was foreseen, the market did not anticipate the situation escalating, leading to worries about how long it might last. Nevertheless, it is still expected to be a brief clash, considering the strategic advantage and the poor economic condition of the opponent. Notably, Foreign Institutional Investors (FIIs) have continued to put money into the Indian market up until yesterday, although retail investors are currently showing a bit of caution.

Nifty 50 Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 traders appeared to embrace risk-off trades amid India-Pakistan tensions, as the index fell from its recent consolidation zone. The Nifty 50 managed to stay above the 24,000 mark as the index found support around the 21-day exponential moving average (EMA).

“In the short term, bears may attempt to push the index decisively below 24,000 to gain the upper hand. A clear break below 23,900 could increase bearish bets in the market. On the upside, 24,250 may act as an immediate resistance level, above which sentiment could improve,” said De.

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