Here’s how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said that amid positive global cues indicating no major concerns regarding HMPV, the domestic market partially recovered from yesterday’s sharp sell-off but traded within a range ahead of the critical first advance estimates for India’s FY25 GDP. “This comes in the context of moderated growth expectations, as the RBI recently revised its growth projection downwards. In the near term, the market is expected to remain cautious, awaiting signs of earnings recovery during the upcoming result season, while also dealing with ongoing FII selling which is driven by the strengthening dollar, rising US bond yields, and reduced expectations of further rate cuts,” Nair added.
US markets
US stocks opened mostly higher on Tuesday, with chip stocks pausing their rally as investors assessed the potential impact of a Donald Trump presidency on financial markets.About 10 minutes into trading, the Dow Jones Industrial Average climbed 0.5% to 42,907.10, while the S&P 500 edged up 0.2% to 5,987.27.
Meanwhile, the Nasdaq Composite Index remained nearly unchanged, trading flat at 19,871.38.
Tech View
The Nifty bounced from its immediate and critical support at the 23500 level, said Praveen Dwarakanath, Vice President of Hedged.in, adding that the bounce during the day was sold off, however, the index closed positive, indicating signs of a further upside move towards the 23800 level.
“The index formed an insider candle after a fall of more than 1.7% in the previous candle. The momentum indicators on the daily chart are rising from the oversold region, indicating a possible bounce from the current levels. Options writer’s data for the Jan monthly expiry showed increased writing of the puts at the 23800 level, suggesting bullishness in the index,” said Dwarakanath.
Most active stocks in terms of turnover
Zomato (Rs 2,925.94 crore), Aegis Logistics (Rs 1,861.60 crore), Intellect Design (Rs 1,628.84 crore), ONGC (Rs 1,402.04 crore), Reliance Industries (Rs 1,246.36 crore), Amber Enterprises (Rs 1,234.89 crore) and Tata Motors (Rs 1,224.56 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: 37.41 crore), Zomato (Traded shares: 11.52 crore), Easy Trip Planners (Traded shares: 8.02 crore), YES Bank (Traded shares: 6.73 crore), Suzlon Energy (Traded shares: 5.91 crore), ONGC (Traded shares: 5.29 crore) and NMDC (Traded shares: 3.87 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Kirloskar Brothers, Aegis Logistics, Intellect Design, PTC Industries, Rashtriya Chemicals, Vijaya Diagnostic and Biocon were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 131 stocks hit their 52 week highs today while 101 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aegis Logistics, PTC Industries, Amber Enterprises, Apar Industries, Firstsource Solutions, Krishna Institute of Medical Sciences and Laurus Labs.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were ITI, KEC International, Zomato, Info Edge, 360 One Wam, Blue Star and Kalyan Jewellers India.
Sentiment meter favours bulls
The market sentiments were bullish. Out of the 4,086 stocks that traded on the BSE on Tuesday, 1,378 stocks witnessed declines, 2,603 saw advances, while 105 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)
