The benchmark BSE Sensex lost 502.25 points or 0.62% to settle at 80,182.20, while the broader Nifty 50 index closed at 24,198.85, lower by 137.15 points or 0.56%.
Here’s how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said the Indian market is experiencing a breakdown in the early Santa Claus rally, with the impact being more pronounced in India compared to developed markets due to the rapid appreciation of the dollar.
“Market sentiment remains cautious ahead of the FOMC meeting and potential policy and tariff shifts from the incoming US administration. This caution is further influenced by India’s premium valuation, which is significantly above the current earnings growth trajectory that has slowed over the last two quarters. Additionally, the widened November trade deficit has negatively affected domestic sentiment,” Nair added.
US markets
U.S. stock indexes were mostly steady on Wednesday as Wall Street awaited the Federal Reserve’s announcement, expected to shape market direction for the coming year.Electronics company Jabil surged 9.6% after surpassing profit and revenue expectations for the recent quarter and raising its full-year revenue forecast, providing a boost to the market.
Trading activity is expected to remain subdued until the afternoon when the Fed is anticipated to announce its third interest rate cut this year. With inflation nearing the 2% target from a peak above 9%, the Fed has been gradually easing rates to support a slowing job market.
Tech View
The Nifty witnessed selling pressure during the day, leading to a close below 24,200. The sentiment appears weak and could worsen if Nifty sustains below 24,200, said Rupak De, Senior Technical Analyst at LKP Securities.
“A decisive fall below 24,200 may trigger a correction towards 23,850 in the short term. On the upside, 24,400 is likely to act as resistance,” De added.
Most active stocks in terms of turnover
HDFC Bank (Rs 2,128.53 crore), Reliance Industries (Rs 1,587.03 crore), Mazagon Dock Shipbuilders (Rs 1,528.78 crore), Tata Motors (Rs 1,452.53 crore), ICICI Bank (Rs 1,120.41 crore), Swan Energy (Rs 1,089.15 crore) and Trent (Rs 847.98 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 35.17 crore), YES Bank (Traded shares: 8.67 crore), Suzlon Energy (Traded shares: 6.89 crore), Tata Teleservices (Traded shares: 4.24 crore), IDFC First Bank (Traded shares: 3.95 crore), NMDC (Traded shares: 3.55 crore) and JP Power (Traded shares: 2.90 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Craftsman Automation, KFIN Technologies, Bharti Hexacom, Techno Electric, Concord Biotech, Mankind Pharma and KPR Mill were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 246 stocks hit their 52 week highs today while 38 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Bharti Hexacom, KPR Mill, EID Parry, Radico Khaitan, Lloyds Metals & Energy, Coforge and Coromandel International.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Deepak Fertilisers, Piramal Enterprises, NMDC, PVR INOX, Bayer Cropscience, Federal Bank and UTI AMC.
Sentiment meter favours bulls
The market sentiments were bearish. Out of the 4,099 stocks that traded on the BSE on Wednesday, 2,614 stocks witnessed declines, 1,391 saw advances, while 94 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
