This is how analysts read the market pulse:
Commenting on the day’s action, Ajit Mishra, Senior Vice President – Research at Religare Broking said markets remained in consolidation mode and ended almost unchanged, taking a break near record highs.
“On the benchmark front, the Nifty 50 opened firmly around 26,325 – marking a fresh record amid upbeat sentiment – but experienced intraday volatility before closing around 26,175, down 0.10%. Sectoral trends were mixed, with the auto, metals and IT sectors moving higher, while the real estate and pharmaceutical sectors closed in the red. Broader indices moved largely in line the benchmark, although the market breadth indicated underlying weakness,” Mishra said.
American markets
Wall Street’s major indexes opened lower on Monday as investors stood on the sidelines awaiting new economic data and a closely watched speech from Fed Chairman Jerome Powell to gauge the central bank’s policy decision later this month.
While the Dow 30 traded at 47,512.10 on the first trade, down 204.35 points or 0.43%, the S&P 500 hovered around 6,812.65, down 36.44 or 0.53%. Nasdaq Composite was hardest hit, falling 0.75% or 175.29 to 0.75%.
European markets
European markets were red, with the UK FTSE 100 trading small declines (0.05%), while the Stoxx 600, France’s CAC 40, Germany’s DAX and Spain’s IBEX were down 1.2% at this time.
Technical view
Nilesh Jain, Head – Equity Technical and Derivatives Research Analyst at Centrum Broking attributed the negative close to profit bookings prevailing at higher levels. Decoding the charts, he said that Nifty has formed a bearish candle on the daily chart, indicating a break in the ongoing trend and the potential for some consolidation before the next upward move.
“The immediate support is at 26,120, followed by 26,000, while a decisive break above 26,300 could pave the way for further gains towards 26,450. Tracking the index at higher levels is not advisable as the current risk-reward ratio is unfavorable. It would be wiser to wait for a meaningful pullback before considering fresh positions,” Jain said.
Most active stocks in terms of turnover
Physicswallah (Rs 245 crore), Lenskart Solutions (Rs 146 crore), ZF Commercial Vehicle Control Systems India (Rs 137 crore), Sudeep Pharma (Rs 96 crore), NSDL (Rs 92 crore), Tata Motor Passenger Vehicles (Rs 89 crore) and Tata Chemicals (Rs 84 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: 6.03 lakh), Yes Bank (Shares traded: 86.86 lakh), Rico Auto Industries (Shares traded: 57.94 lakh), SpiceJet (Shares traded: 49.53 lakh), Sigachi (Shares traded: 46.03 lakh), Reliance Power (Shares traded: 32.66 lakh) and JM Financial (Shares traded: 28.61 lakh crore) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Wockhardt Pharma, ZF Commercial, JM Financial, V2 Retail, IEX, Onesource Specialty Pharma, Eicher Motors and Lenskart were among the stocks that witnessed strong buying interest from market participants.
Also read: Winners and losers: Lenskart Solutions and Wockhardt among the six stocks that were in the spotlight on Monday – here’s why
52 Week High
More than 150 stocks hit their 52-week highs today, while 197 stocks fell to their 52-week lows. Those that hit 52-week highs included Aditya Birla Capital, Adani Ports and Special Economic Zone (APSEZ), AIA Engineering, Canara Bank, Federal Bank, GMR Airports, Hero MotoCorp, Laurus Labs and Samvardhana Motherson International.
Stocks see selling pressure
Among the large cap names were Max Healthcare, InterGlobe Aviation and Bajaj Finance. Other stocks that witnessed significant selling pressure were Whirlpool of India, Welspun Living, Neuland Lab, KPR Mill, Latent View Analytics, KSB, Glaxosmithkline and GE Vernova T&D India.
Sentiment meter favors bears
Actions in heavyweights such as HDFC Bank, Bajaj Finance and Bharti Airtel dragged the markets the most and led to a negative closing price. Breadth also remained negative in broader markets. Of the 4,455 stocks traded on the BSE on December 1, 1,768 stocks showed gains, 2,484 saw declines, while 203 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)
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