This is how analysts read the market pulse:The Sensex and Nifty indices staged a strong recovery on renewed optimism over an India-US trade deal following encouraging comments from the Union Commerce Minister, said Vinod Nair, head of research at Geojit Investments.
“Large caps led gains and outperformed the broader market. The IT sector rallied on renewed Fed rate cut hopes, supported by soft US labor data and currency tailwinds, while PSU banks saw gains on merger-related news and improving fundamentals. Attention now turns to tomorrow’s FOMC minutes for further policy signals,” Nair said.
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Nvidia’s earnings, due after markets close on Wednesday, are seen as a litmus test for the AI-driven rally that has pushed markets to record highs this year.
European markets
European aerospace and defense stocks fell more than 3% on Wednesday, following signs of a new US-led effort to end the war between Russia and Ukraine, which also saw Ukraine’s government bonds lifted.
The pan-European STOXX 600 fell 0.2% to 560.65 by 0910 GMT, near levels last seen on October 1 and the previous session.
The STOXX Aerospace and Defense Index fell to its lowest level since early September, falling 2.6% by 1322 GMT, marking the biggest single-day drop in more than a month.
Shares in Rheinmetall, Renk, BAE Systems, Leonardo and Saab were among the biggest fallers on a stable pan-European STOXX index, with losses ranging from 4% to 7%.
Technical view
The Nifty remained strong throughout the day, finding support at the 50EMA on the hourly chart and staging a smart recovery, said Rupak De, Senior Technical Analyst at LKP Securitie. He added that a descending channel breakout is visible on the hourly chart, indicating increasing optimism.
“The daily RSI (14) is in a bullish crossover and remains above 60. Overall, sentiment looks positive with a potential move towards 26,200/26,350 in the near term. On the downside, support is at 25,850,” Nair said.
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Most active stocks in terms of turnover
HDFC Bank (Rs 1,961 crore), BSE (Rs 1,760 crore), Infosys (Rs 1,682 crore), Bharti Airtel (Rs 1,597 crore), ICICI Bank (Rs 1,434 crore), JP Power (Rs 1,291 crore) and Sammaan Capital (Rs 1,123 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
JP Power (Shares traded: Rs 65.2 crore), Vodafone Idea (Shares traded: Rs 62.8 crore), Sammaan Capital (Shares traded: Rs 6.7 crore), YES Bank (Shares traded: Rs 6 crore), Suzlon Energy (Shares traded: Rs 3.6 crore), Sagility India (Shares traded: Rs 3.5 crore) and Samvardhana Motherson International (Shares traded: Rs 3.4 crore) were among them. among the most actively traded stocks on NSE in terms of volume.
Stocks that show buying interest
Shares of JP Power, L&T Technology Services, Linde India, Latent View Analytics, Intellect Design Arena, Endurance Technologies and Max Healthcare were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 123 stocks hit their 52-week highs today, while 205 stocks fell to their 52-week lows. Among those who hit their 52-week high were
Titan Company, Bharti Airtel and SBI.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Tata Motors PV, Maruti Suzuki, IndusInd Bank, Bajaj Finance, Adani Ports SEZ, ITC and NTPC.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,346 shares traded on the BSE on Wednesday, 2,338 shares witnessed a decline, 1,841 a rise, while 167 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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