This is how analysts read the market pulse:
Indian stocks continued to consolidate as the rupee fell to a record low, weighed down by foreign currency outflows and lingering trade uncertainties, said Vinod Nair, head of research at Geojit Investments. He added that industrial activity declined in November, with the manufacturing PMI indicating slow new orders, weaker export demand and a spike in the trade deficit. “Global markets were mixed as investors anticipated Fed and ECB monetary policy and currency volatility, while sentiment remained cautious following a jump in Japanese bond yields on expectations of BoJ tightening and higher government spending. The RBI’s policy decision this week will be crucial, especially for banks, as the chances of a rate cut have diminished following strong second quarter GDP data,” Nair said.
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American markets
Wall Street’s major indexes were mixed in choppy trading on Wednesday, with Microsoft dragging down the technology sector as investors analyzed a range of economic indicators to gauge the Fed’s policy outlook.
Microsoft fell nearly 3% after a report showed the tech giant cut sales quotas for AI software after many salespeople missed their targets in the fiscal year that ended in June.
The broader technology sector fell 0.7%, the biggest decliner on the S&P 500, while most of the other ten sectors were higher.
European markets
European shares moved higher on Wednesday, led by technology and industrial stocks, as improving global investor sentiment and some positive business updates helped offset declines in heavyweight financial stocks.
The pan-European STOXX 600 gained 0.4% to 577.82 points by 0923 GMT.
The major regional indexes were generally higher, with indexes in Germany and France up 0.4% and 0.3% respectively.
Technical view
The Nifty slumped in the first half on Wednesday and found support around 25,900 before staging a smart recovery towards the end, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the index managed to float above the 21EMA after a volatile session, keeping the short-term bullish bias intact.
“However, short-term bearish sentiment has started to surface as the index has formed a bearish divergence on the daily chart. Moreover, it has also dipped below a rising trendline, adding to the weakness in the market. From here, as expected after support at 25,900, the index may move towards 26,060 on the higher side where it could face resistance again, potentially triggering another decline,” De said.
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Most active stocks in terms of turnover
Infosys (Rs 2,030 crore), HDFC Bank (Rs 1,535 crore), SBI (Rs 1,339 crore), TCS (Rs 1,259 crore), Vodafone Idea (Rs 1,229 crore), ICICI Bank (Rs 1,100 crore) and RIL (Rs 938 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 117.6 crore), Bank of Maharashtra (shares traded: Rs 10.49 crore), YES Bank (shares traded: Rs 10.28 crore), JP Power (shares traded: Rs 7.28 crore), Sagility India (shares traded: Rs 4.63 crore), Canara Bank (shares traded: Rs 4.36 crore) and Suzlon Energy (shares traded: Rs 4.36 crore). 4.28 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Birlasoft, DOMS Industries, Vodafone Idea, Sonata Software, Triveni Turbine, Bombay Burmah and Sapphire Foods were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 85 stocks hit their 52-week highs today, while 289 stocks fell to their 52-week lows. Among the companies that hit 52-week highs were eClerx Services and Asian Paints.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Indian Bank, Wockhardt, Angel One, Ola Electric Mobility, HUDCO, Transformers & Rectifiers and PNB.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,316 shares traded on the BSE on Wednesday, 2,767 shares witnessed a decline, 1,396 a rise, while 153 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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