The benchmark S&P BSE Sensex declined by 56.74 points, or 0.07%, to settle at 81,709.12, while the broader Nifty 50 index closed at 24,677.80, lower by 30.60 points, or 0.12%.
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 though the benchmark indices concluded with a flattish trend, Indian broader indices displayed optimism as the RBI acknowledged the downward growth trend while last-mile inflation persisted.
“By lowering the CRR and injecting Rs 1.16 lakh crore into the financial system, the RBI aims to stimulate economic growth amid increased liquidity. The overall market exhibited a mixed outlook, reflecting a cautious yet resilient stance, with sector rotation and specific stock movements shaping market sentiment,” added Nair.
US markets
US stocks reached record highs on Friday, as strong U.S. jobs data suggested the economy is resilient without immediate inflation concerns. The S&P 500 and Nasdaq both closed at all-time highs, with the S&P 500 gaining 0.2% and marking its third consecutive winning week, in what looks to be one of its best years in recent history. Meanwhile, the Dow Jones Industrial Average dipped by 123.19 points.
European Markets
European shares rose on Friday, led by French stocks, which saw their biggest daily gain in three weeks as investors assessed a potential budget amid ongoing political uncertainty and digested an upbeat U.S. jobs report. The pan-European STOXX 600 was up 0.1%, marking its seventh consecutive day of gains and the strongest weekly performance in ten days.
Tech View
The Nifty continues to sustain above the breakout from an inverse head-and-shoulders pattern, indicating underlying market strength,” said Rupak De, Senior Technical Analyst at LKP Securities.
“In such conditions, adopting a buy-on-dips strategy seems prudent, especially with the potential for an upward move toward 25,500 in the short term. However, minor pullbacks following a sharp rally are possible, further emphasizing the effectiveness of buying on dips to capitalize on this trend,” De added.
Most active stocks in terms of turnover
Tata Motors (Rs 125.04 crore), ITI Ltd (Rs 114.08 crore), Zomato (Rs 91.84 crore), HBL Power (Rs 87.05 crore), Paytm (Rs 75.21 crore), Tata Power (Rs 60.60 crore), and RVNL (Rs 58.75 crore) were among the most active stocks on the BSE in terms of value. Higher activity in a counter in value terms can help identify the stocks with the highest trading turnover for the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 42.71 crore), YES Bank (Traded shares: 12.72 crore), ITI Ltd (Traded shares: 7.61 crore), NHPC (Traded shares: 7.11 crore), JP Power (Traded shares: 7.06 crore), IRFC (Traded shares: 6.23 crore), and Canara Bank (Traded shares: 5.99 crore) were among the most actively traded stocks in terms of volume on the NSE.
Stocks showing buying interest
Shares of ITI Ltd, MCX India, HBL Power, Policy Bazaar, Vedanta, Delhivery, and Blue Star were among the stocks that witnessed strong buying interest from market participants.
52-week high stocks
Over 233 stocks hit their 52-week highs on Friday, while 13 stocks slipped to their 52-week lows. Among those that hit their 52-week highs were MCX India, Policy Bazaar, Deepak Fertilisers, Paytm, Oracle, Persistent Systems, and Indian Hotels.
Stocks seeing selling pressure
Stocks that witnessed significant selling pressure included HEG, Jai Balaji Industries, Can Fin Homes, Signatureglobal India, Poly Medicure, CAMS, and Aegis Logistics.
Sentiment meter favours bulls
Market sentiment was bullish. Out of the 4,088 stocks that traded on the BSE on Friday, 1,590 stocks witnessed declines, 2,399 saw advances, while 99 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
