This is how analysts read the market pulse:
The domestic stock market fell as investors booked gains following the recent recovery, reflecting weak global sentiment, said Vinod Nair, head of research at Geojit Investments. He added that expectations of a US Fed rate cut in December have waned, weighing on sentiment, with IT, metals and real estate stocks falling amid a stronger dollar, while private banks provided some support. “Investors are now awaiting this week’s US employment data, which will be crucial in shaping the Fed’s policy outlook. Going forward, progress on the India-US trade pact and strengthening domestic earnings prospects could revive confidence and support market momentum to convincingly cross the Nifty50 threshold of 26,000,” Nair said.
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American markets
Stocks on Wall Street fell further on Tuesday as worries about the technology sector and worries about the strength of consumer spending weighed on the market and the possibility of a Fed rate cut in December faded. Big tech names lost ground, with Nvidia shares down 1.3 percent in early trading and Palantir Technologies losing 0.4 percent. Shares in Amazon fell about 2.0 percent, while Microsoft retreated 1.7 percent.European markets
European markets slumped on Tuesday as global stocks retreated amid fresh concerns around artificial intelligence-linked stocks.
The pan-European Stoxx 600 fell almost 2% to hit its lowest level in a month, with all major exchanges and sectors firmly in the red throughout the afternoon.
Technical view
The Nifty was limited to a range of 150 points, marking the second consecutive day of consolidation, said Rupak De, Senior Technical Analyst at LKP Securities. He added that a bearish engulfing pattern has formed on the daily chart, indicating a pause in the ongoing price rise.
“The hourly RSI has entered a bearish crossover and the index has formed a lower top on the hourly time frame, indicating an initial weakening of the trend. On the downside, support is at 25,850; a decline below this level could trigger a further correction towards 25,700. On the downside, resistance is visible at 26,000-26,050, above which the trend may reverse.”
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Most active stocks in terms of turnover
PayTM (Rs 2,414 crore), Bharti Airtel (Rs 2,353 crore), HDFC Bank (Rs 1,990 crore), Kaynes Technology (Rs 1,877 crore), RIL (Rs 1,679 crore), BSE (Rs 1,538 crore) and Mphasis (Rs 1,321 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: Rs 61.26 crore), GMR Airports (shares traded: Rs 10.39 crore), YES Bank (shares traded: Rs 7.42 crore), Sagility India (shares traded: Rs 7.41 crore), Tata Steel (shares traded: Rs 3.42 crore), Suzlon Energy (shares traded: Rs 2.98 crore) and Canara Bank (shares traded: Rs 2.96 crore). crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Bombay Burmah, GMR Airports, Sapphire Foods, Graphite India, Devyani International, Praj Industries and KPR Mill were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 135 stocks hit their 52-week highs today, while 195 stocks fell to their 52-week lows. Among those who hit their 52-week high were
Titan Company, Bharti Airtel and SBI.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Transformers & Rectifiers, Kaynes Technology, International Gemmological Institute, Reliance Infrastructure, Advent Hotels International, SKF India and Godawari Power & Ispat.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,341 shares traded on the BSE on Tuesday, 2,740 shares witnessed a decline, 1,463 a rise, while 138 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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