This is how analysts read the market pulse:
Global stocks rallied on renewed risk appetite, driven by optimism over the expected resolution of the US government shutdown and growing expectations of early Fed cuts amid signs of a cooling US labor market, said Vinod Nair, head of research at Geojit Investments. He added that emerging markets performed better, reflecting the improvement in global sentiment.”Indian indices reflected this strength, with large-cap stocks leading the way, especially in the auto, IT and pharmaceutical sectors. Supportive domestic macro fundamentals – including declining CPI and WPI inflation, strong GDP prospects and healthy second-half earnings expectations – continue to support positive market momentum,” Nair said.
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American markets
Wall Street’s major indexes rose on Wednesday, with the Dow Jones at a record high, as investors cheered a likely end to the longest US government shutdown and Advanced Micro Devices’ upbeat earnings outlook revived optimism around AI. AMD rose 8.2% after the chip designer said it expects annual data center chip revenues to reach $100 billion within the next five years, and profits to more than triple. The broader semiconductor index rose 1.8%, while information technology stocks rose 0.4%.
Goldman Sachs was the biggest boost for the Dow Jones, rising 2.2%. Financials on the S&P 500 gained 1%.
Meanwhile, members of the House of Representatives headed back to Washington for a vote that could reopen the government and restore air travel stability and food subsidies.
European markets
Europe’s STOXX-600 index and London’s FTSE 100 stock index reached record highs, led by banks.
The STOXX 600 is on track to end the year with dollar-based gains more than double those of the S&P 500.
Technical view
The Nifty index continues its uptrend and looks strong after a gap-up opening, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the index on the daily chart has risen further after a retest of the break in the descending channel.
“Additionally, the index has risen above the 21EMA, confirming the prevailing uptrend. Sentiment could remain positive in the near term, with the index possibly reaching 26,000. On the downside, immediate support is placed at 25,700,” De said.
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Most active stocks in terms of turnover
BSE (Rs 4,449 crore), Infosys (Rs 2,270 crore), RIL (Rs 1,876 crore), Bharti Airtel (Rs 1,700 crore), Adani Enterprises (Rs 1,650 crore), TCS (Rs 1,389 crore) and Eternal (Rs 1,358 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 109.97 crore), YES Bank (Shares traded: Rs 6.28 crore), Sagility India (Shares traded: Rs 5.36 crore), Suzlon Energy (Shares traded: Rs 5.3 crore), Reliance Power (Shares traded: Rs 4.87 crore), Eternal (Shares traded: Rs 4.37 crore) and Canara Bank (Shares traded: Rs 3.97 crore). crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Tata Motors (Commercial Vehicles), Kirloskar Oil, BLS International Services, Tejas Networks, Syrma SGS Technology, Gujarat Fluorochemicals and Sonata Software were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 135 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 Titan and Mahindra & Mahindra.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Tata Steel, Tata Motors PV, HDFC Bank, Power Grid, HUL, Kotak Bank and Axis Bank.
Sentiment meter bullish
Market sentiment was bullish. Of the 4,373 shares traded on the BSE on Wednesday, 1,764 shares saw a decline, 2,447 rose, while 162 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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