The S&P BSE Sensex fell 465.75 points, or 0.55%, to close at 83,938.71, while the NSE Nifty 50 fell 155.75 points, or 0.60%, to end at 25,722.10.
This is how analysts read the market pulse:
Indian shares ended decisively lower after a volatile session as investors booked gains amid mixed corporate earnings and cautious global sentiment against the backdrop of a strong dollar, said Vinod Nair, head of research at Geojit Investments. He added that most sectors closed in the red, pressured by renewed FII selling, which has turned cautious following Powell’s hawkish statement and as US-China trade development fell short of expectations.
“However, PSU banks performed better on expectations of increased FDI limits and better results in the second quarter. After a strong rally, markets are looking to book profits as much of the economic developments have been factored in. Buying on dips is expected to remain a trading strategy as quarter-on-quarter optimism remains solid,” Nair said.
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American markets
Wall Street ended higher on Friday on Amazon’s upbeat earnings outlook, although gains were limited as investors weighed signals that the Federal Reserve could take a more cautious approach to rate cuts.
The Dow Jones Industrial Average rose 40.75 points, or 0.09%, to 47,562.87. The S&P 500 rose 17.86 points, or 0.26%, to 6,840.20, while the Nasdaq Composite climbed 143.81 points, or 0.61%, to 23,724.96.
European markets
European shares fell on Friday as investors digested a set of mixed gains and subdued inflation in the euro zone, which underlined the European Central Bank’s view that price pressures remain contained. The pan-European STOXX 600 index fell 0.5%, marking its fourth straight decline.
Technical view
The Nifty remained weak throughout the day as the index failed to sustain above 25,950, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the bears took control of the session as Nifty failed to move decisively above this level.
“On the downside, support at 25,800 was broken, setting a bearish tone. In the short term, the trend is likely to remain weak with the potential to decline towards 25,525. On the higher side, resistance is placed at 25,850, above which the trend may turn positive,” De said.
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Most active stocks in terms of turnover
Chennai Petro (Rs 3,287 crore), Navin Fluorine (Rs 2,990 crore), HDFC Bank (Rs 2,297 crore), BEL (Rs 2,162 crore), ICICI Bank (Rs 2,149 crore), BSE (Rs 1,891 crore) and United Spirits (Rs 1,526 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 77.92 crore), YES Bank (shares traded: Rs 21.08 crore), Sagility India (shares traded: Rs 20 crore), Suzlon Energy (shares traded: Rs 10.80 crore), IDFC First Bank (shares traded: Rs 9.56 crore), IDBI Bank (shares traded: Rs 8.63 crore) and Canara Bank (shares traded: Rs 8.05 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Navin Fluorine, Chennai Petro, Intellect Design, IDBI Bank, Latent View Analytics, Inventurus Knowledge and Union Bank India were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 136 stocks hit their 52-week highs today, while 66 stocks fell to their 52-week lows. Canara Bank, SBI and PNB were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Bandhan Bank, Apar Industries, Sapphire Foods, Motilal Oswal, Mphasis, Global Health and Vedant Fashions.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,309 shares traded on the BSE on Friday, 2,436 shares saw a decline, 1,722 rose, 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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