Here’s how analysts read the market pulse:
Commenting on the day’s action, analyst Jatin Gedia, who is Technical Research Analyst at Sharekhan said that the daily charts suggest that the Nifty witnessed follow-through selling pressure from the previous trading session. “It has breached the low of 23350 and is now heading towards 23180. On the upside 23500 which is the 20-day moving average shall act as an immediate hurdle zone from a short term perspective,” Gedia said.
US markets
Wall Street’s main indexes traded mixed on Thursday amid Alphabet’s decline and Nvidia’s strong results. Alphabet dropped 4% as the Justice Department urged a judge to mandate selling Chrome to end Google’s search monopoly, dragging the communication services sector down 2.2%.
Megacaps like Meta, Amazon, and Apple slipped 1.1%, 1.1%, and 0.6%, respectively. Meanwhile, Nvidia rose 1.3% to a record high, exceeding quarterly expectations and projecting fourth-quarter revenue above estimates, reinforcing its position as a key AI heavyweight.
European stocks
European shares rose on Thursday, with the STOXX 600 up 0.5%, breaking a four-day losing streak. Energy stocks gained 1.3%, driven by rising oil prices amid escalating Ukraine-Russia tensions, including reports of a missile strike on Dnipro. Defense stocks rose 1.5%, while safe-haven assets like gold, the Swiss franc, and the U.S. dollar edged higher. Insurers gained 1.6%, boosted by Zurich Insurance’s 3.1% rise on strong three-year targets and a 6.8% jump in Poland’s PZU after solid Q3 results.
Tech View
Nifty broke its immediate support at 23,350 levels and made a low of 23263, indicating the continuing weakness, Praveen Dwarakanath of Hedged.in said, adding that the momentum indicators on the weekly chart continue to show weakness in the index. “The index recovered almost 100 points from its day’s low, which may be indicating another dead cat bounce. Any bounce becomes an opportunity to sell the index. Options writer’s data for the monthly expiry showed an increase in the puts at the 23,300 level, however, 23,500 put writers have not yet covered their positions, which is also indicating a possible small bounce in the index,” Dwarakanath said.
Most active stocks in terms of turnover
Adani Enterprises (Rs 237.21 crore), Adani Power (Rs 228.88 crore), Suzlon (Rs 190.81 crore), Adani Ports (Rs 149.76 crore), Adani Energy Solutions (Rs 97.97 crore), Tata Motors (Rs 81.79 crore), Ambuja Cements (Rs 68.30 crore) and Adani Total Gas (Rs 64.24 crore) were among the most active stocks on BSE 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: 7.20 crore), Srestha Finvest (Traded shares: 4.42 crore), GTL Infra (Traded shares: 1.09 crore), Yes Bank (Traded shares: 80.41 lakh), SpiceJet (Traded shares: 59.49 lakh), Adani Power (Traded shares: 49.49 lakh) and PNB (Traded shares: 42.35 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of Power Grid Corporation, UltraTech Cement, Vijaya Diagnostic, VIP Industries, Ratnamani Metals & Tubes, NLC India, CRISIL and Amber Enterprises were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 276 stocks hit their 52 week highs today while 27 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Surfactants, Anant Raj, Arvind Fashions, Bajaj Auto, Bharti Airtel, Bikaji Foods International, Cholamandalam Investment and Finance Company, Concord Biotech, EPACK Durable, Hero MotoCorp, ICICI Bank, Indian Energy Exchange (IEX) and Inox Wind
Stocks seeing selling pressure
Among the large cap names were Adani Enterprises, Adani Ports, SBI Life Insurance Company, SBI and NTPC. Other stocks which witnessed significant selling pressure were Adani Energy Solutions, Ambuja Cements, Adani Total Gas and Honasa Consumer (mamaearth).
Sentiment meter favours bears
While action in heavyweights like Tata Consultancy Services (TCS), Infosys and Power Grid helped markets salvage some pride, the overall breadth was tilted in favour of bears. Out of the 4,065 stocks that traded on the BSE on Thursday, 2,809 stocks witnessed declines, 1,171 saw advances while 85 stocks remained unchanged.
Also Read: LIC’s Adani portfolio declines by Rs 8,683 crore in one day amid sell-off
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
