Market pulseIndian markets turned volatile and fell, following the broader decline in Asian shares after better-than-expected US non-farm payrolls data dampened expectations of a rate cut in December, said Vinod Nair, head of research at Geojit Investments.
“Profit booking after a brief two-day uptrend added to the cautious tone, pushing all major indices into the red, while mid and small caps faced sharper corrections. Market sentiment was further undermined by weak manufacturing PMI, weakening INR and rising concerns over possible delays in India-US trade talks,” Nair added.
American marketsU.S. stocks rose sharply on Friday as traders stepped up bets that the Federal Reserve would cut interest rates next month, even as all three major indexes posted weekly losses amid continued unrest over high technology valuations. The S&P 500 climbed 64.89 points, or 0.99%, to close at 6,603.65, while the Nasdaq Composite added 192.83 points, or 0.87%, to 22,273.08. The Dow Jones Industrial Average rose 505.03 points, or 1.08%, to end at 46,257.29.
European markets
European defense stocks fell to their lowest level since late August on Friday after reports of a US-backed effort to end the war in Ukraine roiled one of the region’s best-performing sectors this year.
The aerospace and defense index fell 3.1% at 16:05 GMT, after falling as much as 3.9% earlier in the session. The decline significantly underperformed the broader STOXX 600, which was down 0.4%.
Technical view
A bearish Harami pattern formed on the hourly chart of the Nifty on Thursday, leading to a sharp decline over the past two days, said Rupak De, Senior Technical Analyst at LKP Securities. He noted that the index has also fallen below the 21 EMA on the hourly chart, indicating further weakness in the coming sessions. The hourly RSI is in a bearish crossover and continues to decline.
“Sentiment may remain a challenge for bulls in the near term as the decline could extend towards the 25,920-25,900 zone. On the higher side, resistance is at 26,166; a move above this level could improve sentiment,” De said.
Most active stocks in value terms
HDFC Bank (Rs 1,752 crore), Kotak Mahindra Bank (Rs 1,645 crore), Adani Wilmar (Rs 1,607 crore), ICICI Bank (Rs 1,572 crore), RIL (Rs 1,490 crore), Bharti Airtel (Rs 1,454 crore) and Infosys (Rs 1,418 crore) were among the most active by value BSE Stocks.
Most active stocks by volume
Vodafone Idea (74.6 crore shares), JP Power (27.97 crore), YES Bank (6.7 crore), Adani Wilmar (5.85 crore), Suzlon Energy (4.28 crore), Sammaan Capital (4.15 crore) and GMR Airports (3.63 crore) were among the most actively traded NSE stocks in volume terms.
Stocks that show buying interest
DCM Shriram, Five-Star Business Finance, CreditAccess Grameen, IndusInd Bank, TBO Tek, Escorts and Ramco Cements witnessed strong buying interest.
Highs and lows in 52 weeks
Over 87 stocks hit their 52-week highs, including Bharti Airtel and RIL, while 225 stocks fell to their 52-week lows.
Stocks see selling pressure
JP Power, GE Vernova T&D India, Advent Hotels International, Chennai Petroleum, Olectra Greentech, Bharti Hexacom and Gujarat Mineral Development faced notable selling pressure.
Sentiment meter
Market sentiment was bearish. Of the 4,338 stocks trading on the BSE, 2,898 fell, 1,278 advanced and 162 remained unchanged.
Also read | Ola Electric vs Ather Energy shares: Which EV bet looks best for your portfolio right now?
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
#Ahead #Market #decide #DStreets #action #Monday