This is how analysts read the market pulse:
The domestic market ended on a marginally positive note as profit bookings were visible at the higher levels due to the absence of new domestic triggers, said Vinod Nair, head of research at Geojit Investments, adding that “the broader market outperformed as quarterly earnings drive investor preference to adopt a short-term to medium-term view.”The PSU Banking index remained a preferred asset for investors, led by healthy earnings and improving asset quality, Nair noted. He added that “IT stocks, on the other hand, fell amid waning expectations of a US Fed rate cut, while a trade truce between the US and China eased demand for safe-haven assets.”
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American markets
The S&P 500 and Nasdaq started November on firmer ground Monday after a slew of AI deals boosted mega-cap companies Amazon and Nvidia, while shares of Kenvue soared after Kimberly-Clark’s buyout deal. Amazon.com hit an all-time high after signing a $38 billion, multi-year deal to provide cloud computing services to OpenAI, giving the ChatGPT maker access to Nvidia’s graphics processors.
European markets
In Europe, the broad STOXX 600 stock index rose 0.4% in another heavy week of gains, while the dollar gained and U.S. stock futures rose 0.3 to 0.5%.
Technical view
The markets witnessed a sharp recovery from lower levels with the Nifty managing to close above 25,700. Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, added that the index, however, faced resistance around 25,800, which is still a strong hurdle.
“A decisive break above this level could open the doors for a further move towards 25,900-26,000. On the other hand, the immediate support is at 25,600, while the key support of the 21-DMA is around 25,540. Meanwhile, the volatility index spiked to 12.50, indicating increasing caution among traders and the potential for increased market volatility in the near term,” Jain said.
Most active stocks in terms of turnover
Shriram Finance (Rs 2,071 crore), BSE (Rs 2,067 crore), Vodafone Idea (Rs 1,995 crore), HDFC Bank (Rs 1,646 crore), ICICI Bank (Rs 1,489 crore), Navin Fluorine (Rs 1,483 crore) and Maruti Suzuki (Rs 1,477 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. 214.74 crore), YES Bank (shares traded: Rs. 10.71 crore), Suzlon Energy (shares traded: Rs. 7.51 crore), Reliance Power (shares traded: Rs. 7.19 crore), Sagility India (shares traded: Rs. 6.90 crore), Canara Bank (shares traded: Rs. 5.77 crore) and Bank of Baroda (shares traded: Rs. 3.85 crore) were among the most actively traded stocks on NSE by volume.
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Stocks that show buying interest
Shares of Wockhardt, Vodafone Idea, Sterling & Wilson Renewable Energy, Gravita India, Schaeffler India, Shriram Finance and Jubilant Life were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 178 stocks hit their 52-week highs today, while 85 stocks fell to their 52-week lows. Among those that hit 52-week highs were Bank of Baroda, SBI and Shriram Finance.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Netweb Technologies, Reliance Power, Zensar Technologies, Aptus Value Housing Finance, JK Cement, Reliance Infrastructure and Poly Medicure.
Sentiment meter bullish
Market sentiment was bullish. Of the 4,461 shares traded on the BSE on Monday, 2,009 shares saw a decline, 2,227 rose, while 225 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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