The S&P BSE Sensex fell 0.41% to 84,211.88, losing 344.52 points, while the NSE Nifty 50 fell 0.37% to 25,795.15.
This is how analysts read the market pulse:
The domestic economy had largely benefited from earlier cuts in crude oil prices throughout the year, and the recent rise in crude oil has led to continued profit booking in India, said Vinod Nair, head of research at Geojit Investments. Investor sentiment also took a hit after the HSBC Composite PMI for October fell to its lowest level since May, mainly due to a slowdown in the services sector.
On a more positive note, the manufacturing PMI showed some improvement, with businesses experiencing a modest increase in new orders in October and input cost pressures easing, following the recent VAT easing.
“However, the current subdued trend is likely to continue in the near term until there is more clarity on the impact of US sanctions on Russia and the overall availability of crude oil in the market,” Nair said.
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American markets
U.S. stocks rose on Friday, with all three major indexes closing at record highs after data showed inflation cooled more than expected last month, boosting hopes for a Federal Reserve rate cut.
The Dow Jones Industrial Average rose 1.01% to 47,207.12, while the S&P 500 rose 0.79% to 6,791.69. The Nasdaq Composite rose 1.15% to 23,204.87.
European markets
European shares closed at record highs on Friday, boosted by softer-than-expected US inflation data and optimism about easing trade tensions between Washington and Beijing, as investors digested a busy round of corporate earnings.
The pan-European STOXX 600 rose 0.2%, while most major regional benchmarks advanced. London’s FTSE 100 also recorded an all-time high.
Technical view
The Nifty remained weak during the session as traders continued to book profits, breaking below the initial support at 25,850 and declining towards 25,700, said Rupak De, Senior Technical Analyst at LKP Securities.
“The next 1-2 sessions may remain volatile, but after that a sustained rally seems possible. On the higher side, resistance is at 25,850, above which a rally towards 26,000-26,200 seems possible,” De added.
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Most active stocks in terms of turnover
SCI (Rs 1,783 crore), HDFC Bank (Rs 1,770 crore), Sammaan Capital (Rs 1,476 crore), ICICI Bank (Rs 1,455 crore), RIL (Rs 1,407 crore), Hindalco (Rs 1,388 crore) and Infosys (Rs 1,320 crore) were among the most active stocks on the BSE in value terms. Higher value activity in a stock can help identify counters with the highest trading turnover of the day.
Most active stocks by volume
Vodafone Idea (89.53 crore shares), YES Bank (9 crore shares), Sammaan Capital (7.99 crore shares), SCI (6.68 crore shares), Adani Power (4.45 crore shares), Suzlon Energy (4.43 crore shares) and Eternal (3.55 crore shares) were among the most actively traded stocks in terms of volume on the NSE.
Stocks that show buying interest
Shares of SCI, Sammaan Capital, CreditAccess Grameen, Cholamandalam Financial Holdings, Gravita India, Hindalco and Signatureglobal India witnessed strong buying interest from market participants.
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52 weeks high
More than 155 stocks hit their 52-week highs today, while 68 stocks fell to their 52-week lows. Notable stocks that peaked included SCI, Hindalco and Cummins India.
Stocks see selling pressure
Stocks that witnessed significant selling pressure included Ceat, Jindal Saw, Cipla, KPR Mill, Raymond Lifestyle, Supreme Industries and HUL.
Sentiment Gauge: Bearish
Market sentiment turned bearish. Of the 4,342 shares traded on the BSE on Friday, 2,323 shares fell, 1,853 advanced and 166 remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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