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The benchmark BSE Sensex lost 964.15 points or 1.20% to settle at 79,218.05, while the broader Nifty 50 index closed at 23,951.70, lower by 247.15 points or 1.02%.
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 saw a widespread decline following a global sell-off driven by the U.S. Fed’s hawkish stance on interest rates.
“Sectors sensitive to interest rates, such as banking and real estate, significantly bore the brunt. However, the BoJ’s decision to keep its interest rate steady, which surprised economists, aided in reducing the selling pressure. Despite this, investor caution persisted amid ongoing FII selling, with a strategic shift towards defensive sectors like pharma as evidenced by their outperformance,” Nair added.
US markets
Wall Street’s main indexes regained some ground on Thursday, a day after the Federal Reserve’s projections of fewer-than-expected interest rate cuts and higher inflation next year wrong-footed some investors and pummeled U.S. stocks.
Traders now see just one quarter-point rate reduction by mid-2025, and see less than two cuts in total by the end of the year, compared with last week’s expectations of three rate cuts.Most megacap and growth stocks recovered some ground, with Tesla and Alphabet in the lead, gaining 2% and 1.7% respectively.
Tech View
The Nifty witnessed a sharp decline as it broke below the neckline of the inverse head and shoulders pattern, said Rupak De, Senior Technical Analyst at LKP Securities.
“On the lower end, it found support at the low of the right shoulder. Sentiment remains weak following a hawkish comment from the Fed, which could continue to weigh on market sentiment in the short term. Support is placed at 23,850, below which further correction appears likely. Resistance is seen at 24,200,” De added.
Most active stocks in terms of turnover
Kaynes Technology (Rs 2,303.78 crore), HDFC Bank (Rs 2,273.31 crore), Reliance Industries (Rs 1,760.25 crore), ICICI Bank (Rs 1,486.58 crore), TCS (Rs 1,297.47 crore), Axis Bank (Rs 1,295.46 crore) and Tata Motors (Rs 1,278.12 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: 28.59 crore), JP Power (Traded shares: 15.86 crore), Suzlon Energy (Traded shares: 5.62 crore), YES Bank (Traded shares: 5.13 crore), Zomato (Traded shares: 3.13 crore), IDFC First Bank (Traded shares: 2.92 crore) and Punjab National Bank (Traded shares: 2.88 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of KFIN Technologies, JP Power, Chennai Petro, Ipca Laboratories, Anant Raj, IFCI, Dr. Reddy’s Laboratories were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 221 stocks hit their 52 week highs today while 56 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Oracle, Mankind Pharma, Persistent System, Kaynes Technology, Coforge, Lemon Tree Hotels and Muthoot Finance.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Triveni Turbine, LTIMindtree, Craftsman Automation, Jubilant Ingrevia, Cummins India, DOMS Industries and ABB India.
Sentiment meter favours bulls
The market sentiments were bearish. Out of the 4,095 stocks that traded on the BSE on Thursday, 2,315 stocks witnessed declines, 1,680 saw advances, while 100 stocks remained unchanged.
Also read | Rupee breaches 85 mark first time to hit record low as Fed gives foggy outlook
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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