This is how analysts read the market pulse:
Domestic stocks closed flat after a positive session as profit bookings erased early gains despite upbeat global and domestic cues, said Vinod Nair, head of research at Geojit Investments. He added that the sentiment was buoyed by Trump signing a short-term funding bill to end the US government shutdown and hopes for tariff relief for India.”October’s record low inflation figures reinforced expectations of a rate cut from the RBI, making interest rate-sensitive sectors like metals and real estate attractive to investors. However, amid continued FII outflows and a weak rupee, profit bookings emerged at higher levels ahead of the Bihar election results, leaving benchmark indices largely unchanged at the close,” Nair said.
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American markets
Wall Street’s major indexes fell on Thursday as caution prevailed ahead of indications about the US economy and monetary policy trajectory after President Donald Trump signed a bill ending the longest government shutdown in the country’s history. Markets will be closely watching the flow of official data, as a prolonged absence left both the Federal Reserve and traders guessing about the health of the economy and relying on private sources. Still, some data gaps are likely to be permanent, with White Housing saying employment and consumer price index reports for October may never be released.
European markets
Europe’s STOXX 600 had a tough day with a jump of almost 1% against France’s CAC 40, initially pushing both indexes to record highs before taking profits, and a 5% drop by German engineering giant Siemens left it in the red.
Technical view
The Nifty remained volatile ahead of the Bihar election results and while the technical setup remains intact, the index is comfortably above the 21EMA, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the RSI has entered a positive crossover with a reading above 60, indicating strong price momentum.
“An extension of today’s volatility is expected tomorrow. Technically, immediate resistance is placed at 26,000; a decisive move above this level could trigger a rally towards 26,200/26,350. On the downside, immediate support is placed at 25,800, below which the current rally could lose some momentum,” De said.
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Most active stocks in terms of turnover
Infosys (Rs 3,039 crore), ICICI Bank (Rs 2,531 crore), Eternal (Rs 1,915 crore), Data Patterns (India) (Rs 1,872 crore), Asian Paints (Rs 1,704 crore), Tata Steel (Rs 1,472 crore) and BSE (Rs 1,471 crore) were among the most active stocks by value on BSE. Higher activity in a counter in terms of value can help identify the counters with the highest trading turnover per day.
Most active stocks by volume
Vodafone Idea (shares traded: Rs 139.11 crore), Tata Steel (shares traded: Rs 8.20 crore), Eternal (shares traded: Rs 6.35 crore), YES Bank (shares traded: Rs 5.93 crore), Ashok Leyland (shares traded: Rs 5.36 crore), Motherson Sumi (shares traded: Rs 4.52 crore) and Reliance Power (shares traded: Rs 4.25 crore). crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Data Patterns (India), DB Realty, PG Electroplast, Ashok Leyland, Advent Hotels International, Century Ply and Five-Star Business Finance were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 131 stocks hit their 52-week highs today, while 128 stocks fell to their 52-week lows. Asian Paints and Muthoot Finance were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that saw significant selling pressure included Suven Pharma, Endurance Technologies, Lemon Tree Hotels, Cochin Shipyard, Tejas Networks, BLS International Services and Usha Martin.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,4,367 shares traded on the BSE on Thursday, 2,450 shares saw a decline, 1,773 advanced, while 144 shares 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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