This is how analysts read the market pulse:
The domestic market opened muted on concerns over the possible implications of the Delhi explosion but recovered smartly to close at the high of the day, supported by global cues as the US Senate passed a bill to end the longest-ever federal shutdown, said Vinod Nair, head of research at Geojit Investments, adding that the second-quarter earnings season is nearing its end and is expected to end on a positive note, driven by better-than-expected performance from the broader market. “The rally was supported by gains in the IT, auto, metals and FMCG sectors. Investors are now awaiting the upcoming domestic inflation data, with expectations of continued moderation on the back of a steady decline in food prices, raising prospects of further policy easing by the RBI. Looking ahead, earnings are expected to see a robust recovery in the third quarter, underpinned by multiple domestic tailwinds, although much will depend on the successful completion of a trade deal with the US,” it said Nair.
Also read | 5 Wall Street Moguls Who Dismissed Bitcoin as a Fad – Guess What They’re Saying Now!
American markets
The S&P 500 and Nasdaq fell on Tuesday as concerns about high technology valuations resurfaced, while markets closely watched progress toward the end of the longest government shutdown in U.S. history. A weekly update of preliminary payroll figures from ADP showed that private employers lost an average of 11,250 jobs per week in the four weeks ending October 25.
European markets
The STOXX 600 rose 0.6% on Tuesday, defying a 0.2-0.3% decline in the S&P 500 and Nasdaq futures. The FTSE 100 rose 0.8%.
Technical view
The Nifty remained volatile on the day before closing with a significant gain, said Rupak De, Senior Technical Analyst at LKP Securities, adding that Tuesday’s strong move took the index back above the 21EMA on the daily time frame.
“The RSI is about to enter a bullish crossover. Moreover, the 21EMA and 50EMA are in a positive crossover. The short-term trend looks good for a rally towards higher levels, possibly up to 26,000. Support would now be placed at 25,600. Going forward, the view on Nifty remains long with a stop loss at 25,600, targeting 26,000,” De said.
Also read | Warren Buffett’s Biggest Investment Isn’t Apple, BofA or Coca-Cola – It’s a Stock Hidden in Plain Sight
Most active stocks in terms of turnover
Bharti Airtel (Rs 3,029 crore), Bajaj Finance (Rs 2,396 crore), Infosys (Rs 2,087 crore), Vodafone Idea (Rs 1,976 crore), Syrma SGS Technology (Rs 1,634 crore), HBL Power (Rs 1,411 crore) and HEG (Rs 1,398 crore) were among the most active stocks by value from 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 196.2 crore), Reliance Power (Shares traded: Rs 6.17 crore), YES Bank (Shares traded: Rs 5.36 crore), Suzlon Energy (Shares traded: Rs 5.04 crore), Adani Power (Shares traded: Rs 4.23 crore), BHEL (Shares traded: Rs 3.72 crore) and Hind Copper (Shares traded: Rs 3.66 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Poly Medicure, Vodafone Idea, Latent View Analytics, Hind Copper, KEC International, Graphite India and Craftsman Automation were among the stocks that witnessed strong buying interest from market participants.
Also read |Did Radhakishan Damani dump Trent? Inside the retail king’s mysterious exit from Tata’s hottest stocks
52 Week High
More than 110 stocks hit their 52-week highs today, while 172 stocks fell to their 52-week lows. Those that hit their 52-week highs included NALCO and Mahindra & Mahindra.
Socks are seeing selling pressure
Stocks that saw significant selling pressure included Transformers & Rectifiers, HBL Power, Bajaj Finance, Bajaj Finserv, Neuland Labs, Olectra Greentech and CE Info Systems.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,363 shares traded on the BSE on Tuesday, 2,245 shares saw a decline, 1,936 rose, while 182 shares remained unchanged.
Also Read |Ola Electric vs Ather Energy Stocks: Which EV Bet Looks Best for Your Portfolio Right Now?
Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
#Ahead #Market #Determine #Stock #Market #Action #Wednesday