These ten stocks are trading close to their 52-week high

52-week high refers to the highest market price of a given stock over a one year period.

The Indian equity markets concluded the trading session on January 24, 2025, with a noticeable dip, reflecting investor caution amidst mixed global cues and profit booking in key sectors. The benchmark indices, BSE Sensex and NSE Nifty, both ended in the red, with the Sensex losing 329.92 points or 0.43 per cent to close at 76,190.46, while the Nifty 50 fell by 113.15 points or 0.49 per cent to settle at 23,092.20.

Sectoral Performance

• Pharma and Oil & Gas: These sectors were among the hardest hit, with the Nifty Pharma and Oil & Gas indices each dropping by over 2 per cent.
• FMCG and IT: In contrast, FMCG and IT sectors showed resilience, closing in positive territory, providing some cushion to the broader market decline.
• Banking: The Nifty Bank index ended the day down by 221.20 points or 0.46 per cent at 48,367, reflecting a cautious approach in the banking sector.

Market Breadth
The broader market indices also mirrored the bearish sentiment:

• Nifty Midcap 100 tumbled by 1.55 per cent, whereas the Nifty Smallcap 100 saw a more significant decline of 2.35 per cent, indicating that smaller companies faced even more selling pressure.

Key Movers

• Losers: Stocks like Hindalco, Sun Pharma, and BPCL were among the Top Losers, dragging the indices down.
• Gainers: On the positive side, HUL, Tech Mahindra, and Nestle India closed higher, offering some resistance against the downward trend.

Market Sentiment
The day's trading was characterized by a shift towards risk aversion, with investors possibly reacting to global market trends and awaiting more clarity on domestic policy directions. The market's fear and greed index hovered in the "Extreme Fear" zone, suggesting that investors might be overly cautious.

Global Influence

• Asia: Asian markets had mixed results, with some regional indices providing a positive cue, but not enough to change the overall sentiment in India.
• US: Positive closes in the US markets overnight might have provided some early optimism, but this was not enough to sustain the Indian markets through the session.

Looking Ahead

• Economic Indicators: Investors will monitor upcoming economic data releases and policy announcements, both domestic and from key global economies.
• Corporate Earnings: The earnings season continues to be in focus, with companies like Coforge and Mahindra Lifespace reporting their Q3 numbers, influencing sector-specific movements.

Technical Outlook
Analysts suggest that the Nifty's support is around 23,000, with the next significant resistance level at 23,700. The market's immediate trend might remain sideways to bearish unless there's a strong positive catalyst.

Here is the list of stocks that ended close to their 52-week high on January 24, 2025:

Closing Thoughts
The Indian equity market faced a day of consolidation, with selling pressure in key sectors like pharmaceuticals and oil & gas overshadowing gains in others. Investors appear to be adopting a wait-and-see approach, especially with global market dynamics at play. As we move into the next trading sessions, the market's direction might hinge on both domestic policy decisions and international economic developments.

Disclaimer: The article is for informational purposes only and not investment advice.