The benchmark BSE Sensex lost 1064.12 points or 1.30% to settle at 80,684.45, while the broader Nifty 50 index closed at 24,336.00, lower by 332.25 points or 1.35%.
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 widespread pessimism prevailed across all sectors ahead of key policy decisions from the US Fed, BoJ, and BoE, said Vinod Nair, Head of Research at Geojit Financial Services.
“While the market has already factored in a 25 bps cut from the US Fed, it remains vigilant for any hawkish signals. The BoJ and BoE are largely expected to maintain their current rates for the year. Concurrently, the INR has depreciated to an all-time low, and a record-high trade deficit is exacerbating the pressure. FII outflows persist due to rising US bond yields and a strengthening dollar, further contributing to the prevailing pessimism,” Nair added.
US markets
Wall Street stocks edged lower early Tuesday as investors awaited the Federal Reserve’s interest rate decision and reacted to stronger-than-expected U.S. retail sales data.Retail sales rose 0.7% in November, surpassing the revised 0.5% increase in October and exceeding analysts’ expectations.
The data arrives as the Federal Reserve begins its two-day meeting, widely expected to result in an interest rate cut. However, uncertainty remains about the likelihood of further rate cuts in 2025, given the economic policies of incoming President-elect Donald Trump.
Tech View
The Nifty slipped sharply following the formation of a Harami pattern on the daily timeframe, with the index having fallen below the 21-EMA, indicating a rise in bearish bets in the market, said Rupak De, Senior Technical Analyst at LKP Securities. Additionally, the indicator is in a bearish crossover, further supporting the negative sentiment. The short-term outlook remains weak, with the potential for a decline towards 24,200, where an initial round of support is expected. A meaningful recovery might be seen if Nifty does not break decisively below 24,200,” De added.
Most active stocks in terms of turnover
Mazagon Dock Shipbuilders (Rs 213.65 crore), Suzlon Energy (Rs 185.76 crore), Zomato (Rs 161.96 crore), Paytm (Rs 81.40 crore), Reliance Industries (Rs 79.86 crore), Dixon Technologies (Rs 61.71 crore) and YES Bank (Rs 47.23 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: 25.24 crore), Suzlon Energy (Traded shares: 18.83 crore), YES Bank (Traded shares: 14.89 crore), Zomato (Traded shares: 7.27 crore), JP Power (Traded shares: 3.81 crore), Tata steel (Traded shares: 2.71 crore) and Piramal Pharma (Traded shares: 2.68 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Jyoti CNC Automation, Quess Corp, Mazagon Dock Shipbuilders, Five-Star Business Finance, Newgen Software Technologies, Suzlon Energy and DOMS Industries were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 278 stocks hit their 52 week highs today while 28 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Jyoti CNC Automation, Oberoi Realty, Max Healthcare, Kaynes Technology, Indian Hotels, Coforge and 360 One Wam.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Shriram Finance, Blue Star, Jyothy Labs, SBFC Finance, HFCL, Mahanagar Gas and L&T Finance.
Sentiment meter favours bulls
The market sentiments were bearish. Out of the 4,107 stocks that traded on the BSE on Tuesday, 2,502 stocks witnessed declines, 1,521 saw advances, while 84 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)
