Stock market today, Sept 29: 227 securities hit 52-week low on NSE; Waaree Energies, Canara Bank, Britannia on list

The brutal sell-off on Dalal Street kept bulls on the back foot on Tuesday, September 29, as elevated crude oil prices and continued foreign fund outflows weighed on investor sentiment amid uncertainty over the West Asia situation.

The 30-share BSE SENSEX fell 242.65 points, or 0.33%, to settle at 72,529.07, after slumping 707.72 points, or 0.97%, to hit an intraday low of 72,064.

The 50-share NSE NIFTY declined 64.05 points, or 0.28%, to end at 22,716.20.

Exchange data showed that foreign institutional investors (FIIs) offloaded equities worth ₹5,353.22 crore on Monday.

Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a SEBI-registered Research Analyst firm, said Indian equities remained under pressure despite stronger-than-expected domestic industrial output, as Brent crude near $105 a barrel and the US 10-year Treasury yield around 5.25% continue to present a challenging backdrop for domestic risk assets.

"Elevated crude prices threaten to add to inflationary pressures and weigh on the rupee, while higher US yields increase the relative attractiveness of dollar-denominated assets. Unless both begin to moderate, foreign portfolio flows could remain subdued, and recovery attempts may struggle to gain lasting traction," Radhakrishnan said.

Tech view

From a technical perspective, the NIFTY50 tested the 22,600–22,580 region, near its 200-week SMA, before recovering, suggesting that the long-term support zone attracted some buying interest. This could support a mean-reversion bounce, but does not by itself signal a trend reversal. The index would first need to reclaim 22,800 and subsequently move above the 23,000–23,100 zone to strengthen the near-term structure. A decisive break below 22,580, however, could expose the index to 22,400.

"BANK NIFTY remains below its 100-week SMA near 55,175, and its inability to reclaim this level could continue to constrain any broader recovery in the Nifty," the expert opined further.

Stocks at 52-week low

The market sell-off also saw a broad list of stocks hit fresh 52-week lows on the NSE, underscoring the pressure across sectors.

As many as 227 securities hit their 52-week lows on the NSE on Tuesday, September 29, highlighting the breadth of the sell-off across the market.

Securities is a broader term that can include equity shares as well as other listed/traded instruments or scrips, including securities appearing under different series such as SM, ST and BZ.

The list included stocks such as Aditya Birla Fashion and Retail, Canara Bank, Voltas, Waaree Energies, Britannia Industries, ACC, Infosys, ICRA, IEX, United Breweries, Wipro, and Tata Motors Passenger Vehicles (TMPV), among others.