This is how analysts read the market pulse:Indian stocks rose on optimism surrounding India-US trade talks and progress on Phase 1 deals, boosting overall market sentiment, said Vinod Nair, head of research at Geojit Investments. He added that global cues also remained strong, led by tech-driven gains after solid gains.
“New foreign investor inflows and strength in large-cap sectors such as auto, financials and IT supported the bullish trend. The near-term outlook remains positive, although investors should remain cautious ahead of key US economic data that could bring near-term volatility,” Nair said.
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American markets
Stock markets rallied on Thursday after chip titan Nvidia’s strong profits eased fears of an AI bubble and overshadowed a mixed US jobs report. All three major Wall Street indexes jumped after gains in Europe and Asia.
Investors cheered an earnings report from AI whistleblower Nvidia, released after U.S. markets closed on Wednesday, that exceeded expectations due to fierce demand for its advanced chips.
CEO Jensen Huang also dismissed fears of an artificial intelligence bubble that had recently roiled global stocks.
European markets
European shares rose on Thursday as a relief rally swept through global markets after AI whistleblower Nvidia reported strong profits, while investors awaited the release of delayed US jobs data.
The pan-European STOXX 600 rose 0.7% to 565.85 points. The stock markets in Germany and France also rose by about 0.8% each.
Technical view
The Nifty closed higher and the index bulls challenged the all-time high on Thursday, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the index on the daily chart moved above the recent swing high, reinforcing the bullishness.
“The rising EMAs on the daily time frame point towards a strong bull trend. Sentiment continues to support long trades as long as the index remains above 26,100. A decline below 26,100 could lead to short-term weakness, with the index possibly falling towards 25,900. On the other hand, if it remains above 26,160, it could recover towards 26,300 and above,” De said.
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Most active stocks in terms of turnover
RIL (Rs 2,805 crore), HDFC Bank (Rs 1,993 crore), Bharti Airtel (Rs 1,609 crore), Kotak Mahindra Bank (Rs 1,540 crore), ICICI Bank (Rs 1,400 crore), Infosys (Rs 1,137 crore) and TCS (Rs 851 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 86.78 crore), JP Power (Shares traded: Rs 71.4 crore), Sammaan Capital (Shares traded: Rs 10.2 crore), YES Bank (Shares traded: Rs 6.4 crore), Sagility India (Shares traded: Rs 5.97 crore), Reliance Power (Shares traded: Rs 5.7 crore) and NBCC (Shares traded: Rs 4 crore) were among the top by volume among the most actively traded stocks on NSE.
Stocks that show buying interest
Shares of JP Power, M&M Financial, Natco Pharma, Netweb Technologies, Indian Energy Exchange, Radico Khaitan and TBO Tek were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 141 stocks hit their 52-week highs today, while 187 stocks fell to their 52-week lows. Among those that hit 52-week highs were Titan Company, Bharti Airtel and SBI.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Reliance Infrastructure, Vodafone Idea, Sun TV, Intellect Design, Aditya Birla Lifestyle, Biocon and Advent Hotels International.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,353 shares traded on the BSE on Thursday, 2,391 shares saw a decline, 1,805 rose, while 157 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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