This is how analysts read the market pulse:
Domestic markets closed flat amid mixed global cues and caution ahead of the RBI policy, said Vinod Nair, head of research at Geojit Investments, adding that early value-driven gains were held back by a record low rupee and continued FII outflows.
“However, lower expectations of a rate cut from the RBI supported a mild rally in the currency, allowing the indices to stabilize heading into the close. IT stocks outperformed, supported by renewed optimism around possible Fed rate cuts and favorable currency tailwinds, which boosted investor interest in the sector,” Nair said.
Also read | 5 Wall Street Moguls Who Dismissed Bitcoin as a Fad – Guess What They’re Saying Now!
American markets
Wall Street’s major indexes swung between small gains and losses on Thursday as investors analyzed a new round of labor market data to refine expectations for a long-awaited interest rate cut by the Federal Reserve next week.With the official November payrolls report coming out after the Fed’s December meeting, traders have turned to a patchwork of secondary indicators that offer a contradictory view of the labor market.
A weekly report from the Labor Department showed that new jobless claims fell to the lowest level in more than three years, even as a Chicago Fed estimate suggested the unemployment rate remained at nearly 4.4% in November.
Fed funds futures indicate a nearly 90% chance that the central bank will cut rates by 25 basis points this month, compared with about 60% last month, according to CME Group’s FedWatch tool.
European markets
European shares rose slightly on Thursday, with industrial companies and carmakers leading broader gains as risk appetite improved after two sessions of muted trading as investors parsed through a mixed bag of company updates.The pan-European STOXX 600 advanced 0.49% to 579.07 points, marking its third consecutive gain.
Technical view
The Nifty largely remained below the 21 EMA on the hourly chart, reflecting continued selling pressure during the session, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the market could remain choppy within a narrow range on Friday until the interest rate announcement and turn volatile once it is released.
“Technically, the 26,100-26,150 zone is expected to act as crucial resistance, while support is placed at 25,900-25,950. A drop below 26,000 could trigger a quick correction towards 25,950-25,900 as the chart setup looks weak on the hourly time frame.”
Also read | Warren Buffett’s Biggest Investment Isn’t Apple, BofA or Coca-Cola – It’s a Stock Hidden in Plain Sight
Most active stocks in terms of turnover
InterGlobe (Rs 2,259 crore), Hindustan Copper (Rs 2,038 crore), Infosys (Rs 2,007 crore), RIL (Rs 1,832 crore), TCS (Rs 1,624 crore), HDFC Bank (Rs 1,450 crore) and Kaynes Technology (Rs 1,349 crore) were among the most active stocks on BSE in value terms. 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 120 crore), YES Bank (shares traded: Rs 13.55 crore), Ola Electric Mobility (shares traded: Rs 9 crore), Suzlon Energy (shares traded: Rs 7.67 crore), Hindustan Copper (shares traded: Rs 5.67 crore), JP Power (shares traded: Rs 4.5 crore) and Eternal (shares traded: Rs 4.5 crore) (shares traded: 13.55 crore) 3.19 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of India Cements, Hindustan Copper, Vijaya Diagnostic, Kirloskar Oil, Caplin Point, Petronet LNG and Hexaware Technologies were among the stocks that witnessed strong buying interest from market participants.
Also read | Tata Motors Commercial Vehicles shifts into top gear on debut after demerger. Here are 7 takeaways from the list
52 Week High
More than 80 stocks hit their 52-week highs today, while 261 stocks fell to their 52-week lows. Hero MotoCorp and Asian Paints were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that saw significant selling pressure included ABB Power, Kaynes Technology, Wockhardt, Biocon, Ola Electric Mobility, Patanjali Foods and HBL Power.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,302 shares traded on the BSE on Thursday, 2,314 shares saw a decline, 1,807 rose, while 181 shares 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 #Determine #Stock #Market #Action #Friday