This is how analysts read the market pulse:
Domestic stocks ended lower today as thin year-end trading volumes and a cautious mood ahead of upcoming earnings prompted broad-based profit booking, said Vinod Nair, head of research at Geojit Investments. He added that optimism surrounding the Santa Claus rally has waned in the absence of new catalysts such as progress on a possible US-India trade deal, while continued FII outflows weighed on the Indian rupee. “Large-cap stocks underperformed mid- and small-cap peers, although selective strength continued in metals and consumer discretionary stocks, while IT, autos and banks witnessed continued selling pressure,” Nair said.
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American markets
U.S. stocks hovered around record levels in thin post-Christmas trading on Friday as a lack of new catalysts kept investors from taking strong directional bets. All three major indexes moved within a narrow range after a five-session advance, sending the S&P 500 and the Dow Jones Industrial Average to record highs.
The Dow Jones fell 78.35 points, or 0.16%, to 48,651.67. The S&P 500 fell 0.58 points, or 0.01%, to 6,931.47, while the Nasdaq Composite added 21.06 points, or 0.09%, to 23,634.36.
European markets
Holidays closed most European markets, but those that remained open moved higher as investors positioned themselves for a positive end to the year.
Technical view
The Nifty remains weak as the index has dipped below the 21 EMA on the hourly chart, indicating a rise in bearish bets after two days of a rangebound phase in recent sessions, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the RSI is in a bearish crossover and trending lower, reflecting weakening momentum.
“During the session, the Nifty found support near the 26,000 level, where the 21 EMA is currently placed. In the near term, the trend may improve and return to 26,200 and above, provided 26,000 remains decisive. However, a sustained move below 26,000 could trigger further weakness in the market,” De said.
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Most active stocks in terms of turnover
Hindustan Copper (Rs 4,486 crore), RVNL (Rs 3,937 crore), IRFC (Rs 2,148 crore), Gujarat Mineral Development Corporation (Rs 1,493 crore), Jupiter Wagons (Rs 1,112 crore), HDFC Bank (Rs 929 crore) and Ircon International (Rs 910 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 51.69 crore), IRFC (Shares traded: Rs 16.39 crore), RVNL (Shares traded: Rs 10.29 crore), Hindustan Copper (Shares traded: Rs 9.63 crore), Ola Electric Mobility (Shares traded: Rs 9.4 crore), MMTC (Shares traded: Rs 7.18 crore) and HFCL (Shares traded: Rs 5.9 crore) were among the most actively traded stocks on NSE in terms of volume.
Stocks that show buying interest
Shares of RVNL, MMTC, IRFC, Hindustan Copper, Gujarat Mineral Development Corporation, RailTel Corporation of India and Karur Vysya Bank were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 112 stocks hit their 52-week highs today, while 120 stocks fell to their 52-week lows. Among those that hit their 52-week highs were Hindustan Copper and Titan.
Stocks see selling pressure
Stocks that witnessed significant selling pressure included HFCL, Reliance Power, Brainbees Solutions, Coforge, Advent Hotels International, Motilal Oswal and CreditAccess Grameen.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,379 shares traded on the BSE on Friday, 2,540 shares saw a decline, 1,690 rose, while 149 shares remained unchanged.
(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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