This is how analysts read the market pulse:
Indian equity markets remained volatile ahead of the Union Budget, with benchmark indices dragged down by weakness in IT and metal stocks, said Vinod Nair, head of research at Geojit Investments. He added that the IT sector lagged due to concerns over global growth and higher US bond yields, while gold and silver fell due to a stronger dollar and continued FII selling and continued depreciation of the rupee kept market sentiment cautious. “As geopolitical risks and global rate pressures mount, the Union Budget is eagerly awaited for signals on growth support and fiscal discipline. While a deal to avert the latest US government shutdown provided temporary relief, markets globally remain vigilant ahead of the appointment of a new Fed chairman as a more aggressive stance could tighten liquidity and weigh on emerging markets,” Nair said.
Also read: A ‘non-event budget’ for the stock market: Is it good news for Nifty that fell 1,000 points in January?
American markets
Wall Street tumbled on Friday as investors viewed President Donald Trump’s choice of former Fed Governor Kevin Warsh – seen as an aggressive choice – to replace Jerome Powell, amid mixed earnings, hot inflation numbers and rising geopolitical and shutdown risks. The Dow Jones fell 0.36% to 48,892.47, the S&P 500 fell 0.43% to 6,939.03 and the Nasdaq fell 0.94% to 23,461.82. The S&P 500 recorded 19 new highs and 10 lows in 52 weeks, while the Nasdaq recorded 72 highs and 205 lows.
European markets
Europe’s benchmark stock index closed higher on Friday, extending its longest monthly winning streak since 2021, as investors digested corporate profits and reacted to US President Donald Trump’s nomination of a former Federal Reserve policymaker to lead the central bank. The index rose 0.6% to 611 points and is on track to end January with a gain of 3%, marking its seventh consecutive monthly increase. Bank shares led the rally, rising 1.7%, with Caixabank up 6.7%, after the Spanish lender forecast stronger lending income and profits this year and next.
Technical view
Technically, after a gap to the downside, the market fluctuated between the 25,200/82,000 and 25,350/82,400 price range throughout the day, said Shrikant Chouhan, Head Equity Research at Kotak Securities. He added that the narrow range on the intraday charts and the small candle on the daily charts indicate indecision between the bulls and the bears.”We believe that as long as the market trades above 25,200/82,000, the positive sentiment is likely to continue. On the higher side, the market could rise to 25,500/82,800. Further gains could also extend, potentially taking the index to 25,600-25,675/83000-83200. On the other hand, if the market falls below 25,600-25,675/83000-83200 falls 25,200/82,000, weakness likely to increase. In such a case, we could see a quick intraday dip to 25,000-24,900/81500-81200,” Chouhan said.
Also read: Sensex, Nifty’s pre-Budget correction a blessing in disguise? This is what 15 years of data shows
Most active stocks in terms of turnover
Hindustan Copper (Rs 7,917 crore), Vedanta (Rs 3,853 crore), ICICI Bank (Rs 3,279 crore), Hindustan Zinc (Rs 3,248 crore), HDFC Bank (Rs 2,767 crore), Dixon Tech (Rs 2,103 crore) and Axis Bank (Rs 2,023 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 173 crore), Hindustan Copper (Shares traded: Rs 11.3 crore), YES Bank (Shares traded: Rs 8.19 crore), Ola Electric Mobility (Shares traded: Rs 6.34 crore), Suzlon Energy (Shares traded: Rs 6.04 crore), JP Power (Shares traded: Rs 5.6 crore) and Vedanta (Shares traded: Rs 5.4 crore) were among the most actively traded stocks on NSE in terms of volume.
Stocks that show buying interest
Shares of Vodafone Idea, Orient Refractories, Signatureglobal (India), Tata Teleservices, OneSource Specialty, GRSE and Triveni Engineering & Industries were among the stocks that witnessed strong buying interest from market participants.
Also Read: CME Boosts Gold and Silver Margins After Steepest One-Day Drop in Decades
52 Week High
More than 78 stocks hit their 52-week highs today, while 291 stocks fell to their 52-week lows. Nestlé India, Axis Bank and SBI were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that witnessed significant selling pressure were Hindustan Zinc, Vedanta, NALCO, Hindustan Copper, Graphite India, NTPC Green Energy and Gujarat Mineral Development Corporation.
Sentiment meter bullish
Market sentiment was bullish. Of the 4,367 shares traded on the BSE on Friday, 1,783 shares saw a decline, 2,424 rose, while 160 shares remained unchanged.
(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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