Stock market ends winning streak amid Kashmir tensions; 75 stocks hit 52-week highs, 25 at lows

The Indian stock market snapped its seven-day winning streak on Thursday as heightened geopolitical tensions weighed on investor sentiment. A total of 75 stocks surged to their 52-week highs, including major names like Bajaj Finserv, Bajaj Finance, GlaxoSmithKline Pharmaceuticals, SBI Cards, UltraTech Cement, and UPL. In contrast, 25 stocks fell to their 52-week lows, with Retaggio Industries, Eastcoast Steel, and Shyama Computronics and Services among the laggards.

Both benchmark indices, the Nifty 50 and the Sensex, closed in the red, declining by 0.34% and 0.39%, respectively. The Nifty ended at 24,246.7, while the Sensex settled at 79,801.43.

The drop came after a powerful rally in the previous sessions that pushed both indices to their highest closing levels in 2025. Over the last seven trading days, the indices had gained as much as 8.6%. However, news of a deadly militant attack on tourists in Pahalgam, Kashmir, shifted the market’s tone. In response, the Indian government announced diplomatic actions against Pakistan, and Prime Minister Narendra Modi vowed to pursue the attackers "to the ends of the earth."

Vaibhav Vidwani, a Research Analyst at Bonanza, noted that investor caution prevailed after the recent geopolitical shock. He also pointed to earlier gains in IT, pharma, and auto sectors as having pushed the market to multi-month highs, leading to some profit booking.

Adding to the pressure were mixed cues from global markets and ongoing uncertainty around US-China trade talks. Among sectoral indices, FMCG and real estate stocks dragged the markets, while counters like IndusInd Bank and Tata Motors showed relative strength.

Nifty 50 Technical Outlook

Rupak De, Senior Technical Analyst at LKP Securities, observed that the Nifty traded largely flat through the session. While short-term momentum remains positive, early signs of exhaustion are surfacing. If the index falls below 22,300, it could signal a short-term correction, possibly dragging it down to 21,900. On the upside, resistance is expected at 24,300 and 24,500.

Despite Thursday’s pause, analysts maintain that India’s long-term market fundamentals remain intact, though near-term caution may persist as geopolitical developments unfold.