This is how analysts read the market pulse:
Equity markets witnessed positive momentum during the session, driven by better third-quarter performance from mid-market IT and banking stocks, said Vinod Nair, head of research at Geojit Investments. He added that the profit booking towards the close capped the rally and provided only marginal gains for the market. “The IT sector outperformed, supported by an upward revision to revenue growth forecasts from a leading industry head, coupled with expectations of higher technology spending. Meanwhile, investor focus also shifted to banks as early results reflected notable improvements in asset quality and margin profiles, further strengthening sentiment in the sector,” Nair said.
American markets
U.S. stocks ended Friday little changed after a volatile session ahead of the long holiday weekend, while all three major benchmarks ended the week in negative territory as fourth-quarter earnings season kicked off.
The Dow Jones Industrial Average fell 83.11 points, or 0.17%, to 49,359.33. The S&P 500 fell 4.46 points, or 0.06%, to 6,940.01, and the Nasdaq Composite fell 14.63 points, or 0.06%, to 23,515.39. This week, the S&P 500 fell 0.38%, the Nasdaq fell 0.66% and the Dow Jones fell 0.29%, reflecting investor caution as companies began reporting quarterly results.
European markets
European shares finished subdued on Friday, weighed down by sharp losses in luxury names and weakness in mining stocks, capping a cautious week marked by the start of a tough earnings calendar and continued geopolitical unrest.The pan-European Stoxx Europe 600 index closed virtually unchanged at 614.38. Luxury stocks fell 3.2% for their steepest single-day decline since early October, putting a notable drag on broader market performance.
Technical view
The Nifty index closed the session forming a bearish tombstone doji candlestick on the daily chart while the RSI remains in a bearish crossover, indicating underlying weakness, said Vatsal Bhuva, technical analyst at LKP Securities, adding that the index is currently consolidating with a bearish undertone between the 25,550-25,600 zone, where the 100-day SMA is placed and is being repeatedly tested, and the 25,850–25,900 resistance area.
“Traders could trade within this defined range between 25,850 and 25,550. A sustainable bullish bias may emerge only after the index finally reclaims its 50-day SMA. The immediate support is at 25,550-25,600, while the resistance is around 25,900,” Bhuva said.
In the near term, sentiment is likely to remain weak with potential for further downside, Bhuva said, adding that support is at 25,600, below which a deeper correction may occur, and on the higher side, resistance is at 25,835.
Most active stocks in terms of turnover
HDFC Bank (Rs 3,510 crore), Infosys (Rs 3,247 crore), RIL (Rs 2,514 crore), Vedanta (Rs 1,882 crore), Eternal (Rs 1,833 crore), Federal Bank (Rs 1,782 crore) and ICICI Bank (Rs 1,771 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 55.4 crore), IFCI (shares traded: Rs 25 crore), YES Bank (shares traded: Rs 17 crore), Suzlon Energy (shares traded: Rs 10.5 crore), Ola Electric Mobility (shares traded: Rs 6.72 crore), Federal Bank (shares traded: Rs 6.68 crore) and NHPC (shares traded: Rs 6.68 crore) (shares traded: 6.72 crore) 6.29 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Federal Bank, Angel One, IndiaMART Intermesh, Zen Technologies, IFCI, Oracle and Infosys were among the stocks that witnessed strong buying interest from market participants.
52 Week High
More than 84 stocks hit their 52-week highs today, while 260 stocks fell to their 52-week lows. Among those that hit 52-week highs were SBI and Tata Steel.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Eternal, Asian Paints, Sun Pharma, Maruti Suzuki, ITC, NTPC and Kotak Mahindra Bank.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,394 shares traded on the BSE on Friday, 2,395 shares saw a decline, 1,849 rose, while 150 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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