This is how analysts read the market pulse:
Ajit Mishra, Senior Vice President – Research at Religare Broking said markets traded within a range on the weekly expiration day but managed to end marginally higher, continuing the rally seen in the past few sessions. He said sentiment remained supported by positive trends in global markets, especially in the US, coupled with signs of foreign institutional inflows.He reiterated his bullish stance on the Nifty and recommended a buy-on-dips approach with emphasis on careful stock selection.
American markets
The S&P 500 and Nasdaq edged lower Tuesday, bogged down by declines in the communications services and technology sectors, as investors digested retail sales data that sparked a series of economic data sets throughout the week.
The S&P 500’s communications services sector weighed the most, falling 1.3%, helped by a 2.8% drop in Alphabet shares after it sold $20 billion in bonds in a seven-part offering. Technology stocks fell 0.1%.
Consumer discretionary stocks on the benchmark index rose 0.3%, supported by Tesla and Marriott, capping declines. The latter rose by 8.7% after the fourth quarter results. Meanwhile, retail sales were unexpectedly unchanged in December, putting consumer spending and the overall economy on a slower growth path heading into the new year. Economists polled by Reuters had expected an increase of 0.4%.
European markets
Most major European indices were trading mixed around 2:35 PM GMT (8:20 PM India), with Britain’s FTSE 100, Germany’s DAX and Spain’s IBEX down as much as 0.29%. Meanwhile, Stoxx 600 and French CAC 40 rose by up to 0.21% around this time.
Technical view
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said Nifty was trading sideways as the weekly NSE expiration session remained subdued. “However, the momentum indicator is in a bullish crossover and moving higher, indicating improving momentum. Additionally, the index remains above its critical moving averages on the daily time frame. In the near term, the trend is expected to remain sideways to positive with support at 25,790. On the higher side, resistance is seen at 26,000-26,300,” said De.
Most active stocks in terms of turnover
Tata Steel (Rs 527 crore), ICICI Bank (Rs 507 crore), Bharti Airtel (Rs 243 crore), Praj Industries (Rs 169 crore), Kalyan Jewelers (Rs 165 crore), Eternal (Rs 147 crore) and HDFC Bank (Rs 145 crore), were among the most active stocks on BSE by value. 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 3.70 crore), Tata Steel (shares traded: Rs 2.53 lakh), SpiceJet (shares traded: Rs 1.42 lakh), IFCI (shares traded: Rs 77.62 lakh), YES Bank (shares traded: Rs 62.37 lakh) and Suzlon Energy (shares traded: Rs 61.59 lakh) were among the most actively traded stocks in terms of volume on BSE.
Stocks that show buying interest
Tracxn Technologies, Edelweiss Financial, JM Financial, Swiggy, BSE, Praj Industries and BEML were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 148 stocks hit their 126-week highs, while 57 stocks fell to their 52-week lows. Amagi Media Labs, APL Apollo, Ashok Leyland, Avanti Feeds, Corona Remedies, Force Motors and JK Tires were among those that hit their 52-week highs.
Stocks see selling pressure
Among the large cap names were HCL Technologies, Bajaj Finance and Bharti Airtel. Other stocks that witnessed significant selling pressure were Aurobindo Pharma, Welspun Living, eClerx, Jyoti CNC, Navin Fluorine and Gokaldas Exports.
Sentiment meter favors bulls
Though action in heavyweights like Eternal, Larsen & Toubro (L&T) and ICICI Bank pulled the markets the most. Breadth remained positive in broader markets. Of the 4,407 stocks traded on the BSE on Tuesday, February 10, 2,587 stocks witnessed gains, 1,675 declined while 145 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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