Stock market today: Dr. Reddy's to Yes Bank— 274 BSE-listed shares hit 52-week low. Do you own any?

Stock market today: Dr. Reddy's Laboratories, Indusind Bank, LTIMindtree, Titan, and Yes Bank reached their 52-week lows during intraday trading on the BSE on Wednesday, March 12, as a decline in technology stocks due to concerns about US economic growth impacted overall market gains. The Sensex decreased by 72.56 points, closing at 74,029.76, while Nifty 50 fell by 27.40 points to finish at 22,470.50.

Anand Rathi Financial Services, Cyient, Gensol Engineering, Gmm Pfaudler LatentView, J B Chemicals and Pharmaceuticals, Senco Gold, Tata Elxsi, Star Health, and V I P Industries were also among the stocks that reached their lowest levels in a year.

Rajesh Sinha, a Research Analyst at Bonanza, pointed out that today, the Indian stock market wrapped up a tumultuous session with mixed results across various sectors. The IT sector weighed heavily on the market, with Infosys and TCS being the biggest losers.

In contrast, the Banking, Auto, and Oil & Gas sectors showed strength, achieving notable gains. The fluctuations in the market were affected by global macroeconomic conditions, particularly the dynamics of the US market and the impending retail inflation data, which may influence decisions on policy rates. Overall, the market remains vigilant, waiting for clearer economic indicators amidst ongoing global uncertainty.

"Today's key concern is whether the ongoing correction happening in the US market can spill over to the global market. The US market is under pressure from weakening economic data and uncertainty over tariff policy," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical Views

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 experienced another volatile session as traders remained skeptical about the recent market recovery and chose to stay neutral ahead of the Nifty 50 weekly expiry. Throughout the day, the index remained above 22,300. A multiple-bottom formation is observed around 22,300, making this level a crucial short-term support. On the higher end, it faces resistance at 22,500/22,600.

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.