This is how analysts read the market pulse:
Domestic markets largely recovered after the Fed’s expected 25 basis point rate cut amid high US inflation, said Vinod Nair, head of research at Geojit Investments, adding that the decline in US 10-year yields indicates a moderation in future FII outflows, boosting sentiment. The automotive sector excelled on expected stronger demand, while IT gained traction on the prospect of higher spending. Conversely, other Asian markets experienced selling pressure due to concerns over AI-driven valuations and rising Japanese prices. returns, which had a negative impact on overall domestic sentiment,” Nair said.
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American markets
Stocks on Wall Street were mostly lower Thursday morning as disappointing earnings from tech giant Oracle offset a positive market reaction to the Federal Reserve’s latest decision. Shares of Oracle fell more than 15 percent after it reported lower-than-expected quarterly revenue in results that “put a damper on the AI business and the broader market,” according to Briefing.com analyst Patrick O’Hare.
European markets
European shares were subdued on Thursday as renewed concerns about technology valuations emerged after Oracle’s weak forecast offset investor relief from less aggressive commentary from the US Federal Reserve.The pan-European STOXX 600 rose a marginal 0.2% to 579.07. The major regional stock exchanges were generally higher, with France’s CAC 40 up 0.6% and London’s FTSE 100 up 0.1%.
Technical view
The Nifty held firm after an initial decline in early trading hours, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the downside it slid below the previous day’s low, while on the upside it encountered resistance at the 21EMA on the daily time frame.
“This reflects an underlying bearish market structure, with the index struggling to break above resistance but easily breaking the support level. In the near term, 25,700 is likely to act as support. A decisive break below 25,700 could give the bears the upper hand. Unless Nifty moves above 26,000, caution and fear may continue to dominate market sentiment,” De said.
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Most active stocks in terms of turnover
Kaynes Technology (Rs 4,312 crore), InterGlobe Aviation (Rs 3,122 crore), Dixon Technologies (Rs 1,624 crore), BSE (Rs 1,472 crore), Vodafone Idea (Rs 1,320 crore), HDFC Bank (Rs 1,181 crore) and Hindustan Zinc (Rs 1,100 crore) were among the most active stocks by value 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 119.46 crore), Ola Electric Mobility (shares traded: Rs 9.82 crore), Reliance Power (shares traded: Rs 5.8 crore), Suzlon Energy (shares traded: Rs 5.29 crore), YES Bank (shares traded: Rs 4.98 crore), Sagility India (shares traded: Rs 3.65 crore) and Tata Steel (shares traded: Rs 3.65 crore) 3.26 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Ola Electric Mobility, Natco Pharma, DCM Shriram, Ircon International, Dixon Technologies, Vodafone Idea and Premier Energies were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 85 stocks hit their 52-week highs today, while 166 stocks fell to their 52-week lows. Vodafone Idea and Eicher Motors were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Advent Hotels International, Reliance Infrastructure, Siemens Energy India, Sobha, Choice International, MRPL and HEG.
Sentiment meter bullish
Market sentiment was bullish. Of the 4,341 shares traded on the BSE on Thursday, 1,742 shares witnessed a decline, 2,448 a rise, while 151 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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