This is how analysts read the market pulse:
Domestic markets were gripped by volatility as global risk factors dampened sentiment, said Vinod Nair, head of research at Geojit Investments. He added that value buying toward the end helped the market recoup some early losses. “In this challenging environment, tepid earnings from the banking and IT sectors are adding to the overall pressure on equities. The weakening INR and uncertainties surrounding trade ties could prolong this volatility. Nevertheless, the ongoing earnings season could provide selective accumulation opportunities as the next session is expected to be better off led by resilient domestic demand,” Nair said.
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American markets
US stocks were largely steady on Wednesday as US President Donald Trump doubled down on his demands for “immediate negotiations” to take control of Greenland in a much-anticipated speech in Davos, although he said he would not use force.
Markets had collapsed earlier this week after Trump threatened tariffs of up to 25 percent on several European countries – including France, Germany, Britain and Denmark – in response to their opposition to his plans to take Greenland. Trump’s threats have prompted warnings of retaliation at the World Economic Forum meeting in Davos, with European Union chief Ursula von der Leyen saying the 27-nation bloc would be “fearless” in its response.
In his speech in Davos, Trump praised the strength of the US economy and highlighted what he said are the security requirements for gaining control of Greenland.
European markets
The European STOXX 600 index fell 0.7%. London’s blue-chip FTSE 100 was flat. The STOXX is loaded with export-oriented stocks, such as defense, pharmaceuticals and technology, which have come under pressure as the risks of additional US tariffs have increased.
The European Union will convene an emergency summit in Brussels on Thursday to discuss the issue, putting the long-standing alliance between the US and the EU at risk.
The ‘sell America’ trade was the driving force behind major market moves overnight as investors sought to reduce exposure to the US, which was seen by many as an unreliable partner pursuing self-defeating policies.
Technical view
The Nifty has fallen below 200DMA on an intraday basis for the first time in many weeks, said Rupak De, Senior Technical Analyst at LKP Securities. He adds that the market typically shakes up when the 200DMA is challenged, and it won’t be all black and white.
“In the coming days, the index may remain very volatile. On the downside, support is placed at 25,125. A decisive drop below 25,125 could trigger further panic in the market. On the upside, resistance is placed on a closing basis at 25,200.”
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Most active stocks in terms of turnover
HDFC Bank (Rs 3,030 crore), ICICI Bank (Rs 2,945 crore), CreditAccess Grameen (Rs 2,699 crore), RIL (Rs 2,428 crore), Hindustan Copper (Rs 2,029 crore), Hindustan Zinc (Rs 2,010 crore) and Eternal (Rs 2,000 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
Vodafone Idea (shares traded: Rs 116.25 crore), Ola Electric Mobility (shares traded: Rs 14.79 crore), YES Bank (shares traded: Rs 13.37 crore), Suzlon Energy (shares traded: Rs 7.8 crore), Eternal (shares traded: Rs 7.17 crore), MRPL (shares traded: Rs 6.6 crore) and Reliance Power (shares traded: Rs 5.8 crore). crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of MRPL, CreditAccess Grameen, IndiaMART Intermesh, KPR Mill, Eternal, Hindustan Copper and ITC Hotels were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 59 stocks hit their 52-week highs today, while 916 stocks fell to their 52-week lows. Hindustan Zinc and Muthoot Finance were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Kalyan Jewelers India, SRF, Authum Investment, Tata Communications, Tata Chemicals, Cyient and Paytm.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,405 shares traded on the BSE on Wednesday, 2,968 shares witnessed a decline, 1,317 a rise, while 120 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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