Domestic stock markets ended positive on Wednesday breaking their three day losing streak aided by financials, auto and IT stocks. The headline Index S&P BSE Sensex settled at 81,596.63, gaining by 410.19 points or 0.51% as banks and auto stocks led the charge. Individually, ICICI Bank and Axis Bank were the biggest contributors. The broader Nifty moved in tandem, closing the session at 24,813.45, higher by 129.55 points or 0.52%.
Here's how analysts read the market pulse:
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty remained confined within the range of the previous session, suggesting that traders are staying on the sidelines awaiting a clear signal. "A fall below 24,700 could trigger a market correction, potentially leading to a decline toward the 21-EMA, which is currently positioned around 24,428. Overall, sentiment is likely to remain sideways to bearish as long as the Nifty stays below 25,000. However, if the Nifty reclaims the 25,000 level, the sentiment may turn bullish, and short bets would lose their appeal," De said.
US markets
The S&P 500 slipped in volatile trading and Treasury yields rose on Wednesday as U.S. President Donald Trump's proposed tax-cut law faced a rare overnight hearing aimed at influencing Republican holdouts opposed to the bill's passage.
The House Rules Committee scheduled an unusual 1 a.m. ET hearing that is expected to run well into daylight hours as Republicans try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states.
U.S. House of Representatives Speaker Mike Johnson acknowledged, however, that a vote by the full chamber might not happen on Wednesday.
Boosting the Nasdaq, Google-parent Alphabet jumped 4.9%, while Nvidia and Meta Platforms climbed close to 1% each.
Nine of the 11 S&P sub-sectors traded lower, with Health Care being the worst hit.
U.S. bonds have been pressured since the start of the week, when Moody's downgraded the country's sovereign credit rating. Yields on the 30-year note were back up to 5.01% on Wednesday, with the benchmark 10-year yield climbing 5.2 basis points to 4.53%.
European Stocks
European stocks were little changed on Wednesday as gains in broader stocks outweighed declines in luxury and retail stocks, while investors monitored a tax cut bill in the United States.
The pan-European STOXX 600 closed slightly lower, with retail stocks weighing heavily on the market, down 0.8%.
Tech View
Decoding Nifty on charts, Bajaj Broking Research said that the index has formed a small bull candle with an upper shadow which remained enclosed inside previous session trading range signaling consolidation around the 24,800 levels. This means that in the near term the index could enter a consolidation phase within the 24,400-25,200 range to work off the overbought conditions developed in the daily stochastic oscillator after the recent sharp up move.
"Within the broader consolidation a move above yesterday's high (24,946) will open upwards towards 25,100-25,200 levels in the coming sessions. While a breach below the last 2 sessions almost identical low (24,669) will open extended decline towards 24,500-24,400 levels. Key short-term support lies at 24,350-24,400, a confluence zone marked by the prior week's low, the 20-day EMA, and the 61.8% Fibonacci retracement of the recent upswing (23,935-25,116)," this brokerage said.
Most active stocks in terms of turnover
KPR Mill (Rs 1,310 crore), Cochin Shipyard (Rs 230 crore), GRSE (Rs 100 crore), Bharat Electronics (BEL, Rs 158 crore), Dixon Technologies (215 crore), Bharat Dynamics (BDL, Rs 95 crore) and Mazagon Dock (Rs 91 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: 8.24 crore), Harshil Agrotech (Traded shares: 5.92 crore), Yes Bank (Traded shares: 1.26 lakh), KPR Mill (Traded shares: 1.14 crore), EaseMyTrip (Traded shares: 1.08 crore), Suzlon Energy (Traded shares: 91.07 lakh) and Reliance Power (Traded shares: 60.06 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of Tata Teleservices (Maharashtra), Trident, JK Tyre, Go Digit, Glaxosmitkline Pharma, Caplin Point, TBO Tek and LT Foods were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 70 stocks hit their 52 week highs today while 25 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Pharmalabs, A B Infrabuild, APL Apollo Tubes, BEL and CEAT.
Stocks seeing selling pressure
Among the large cap names were IndusInd Bank, Kotak Bank and Power Grid. Other stocks which witnessed significant selling pressure were Dixon Technologies, Newgen Software, Aster DM Healthcare, Radico Khaitan, Signatureglobal and Aegis Logistics.
Sentiment meter favours bulls
Action in heavyweights like HDFC Bank, ICICI Bank and Bharti Airtel lifted the markets the most, ensuring a positive closing. Out of the 4,115 stocks that traded on the BSE on Wednesday, 2,242 stocks witnessed advances, 1,746 saw declines while 127 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Here's how analysts read the market pulse:
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty remained confined within the range of the previous session, suggesting that traders are staying on the sidelines awaiting a clear signal. "A fall below 24,700 could trigger a market correction, potentially leading to a decline toward the 21-EMA, which is currently positioned around 24,428. Overall, sentiment is likely to remain sideways to bearish as long as the Nifty stays below 25,000. However, if the Nifty reclaims the 25,000 level, the sentiment may turn bullish, and short bets would lose their appeal," De said.
US markets
The S&P 500 slipped in volatile trading and Treasury yields rose on Wednesday as U.S. President Donald Trump's proposed tax-cut law faced a rare overnight hearing aimed at influencing Republican holdouts opposed to the bill's passage.
The House Rules Committee scheduled an unusual 1 a.m. ET hearing that is expected to run well into daylight hours as Republicans try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states.
U.S. House of Representatives Speaker Mike Johnson acknowledged, however, that a vote by the full chamber might not happen on Wednesday.
Boosting the Nasdaq, Google-parent Alphabet jumped 4.9%, while Nvidia and Meta Platforms climbed close to 1% each.
Nine of the 11 S&P sub-sectors traded lower, with Health Care being the worst hit.
U.S. bonds have been pressured since the start of the week, when Moody's downgraded the country's sovereign credit rating. Yields on the 30-year note were back up to 5.01% on Wednesday, with the benchmark 10-year yield climbing 5.2 basis points to 4.53%.
European Stocks
European stocks were little changed on Wednesday as gains in broader stocks outweighed declines in luxury and retail stocks, while investors monitored a tax cut bill in the United States.
The pan-European STOXX 600 closed slightly lower, with retail stocks weighing heavily on the market, down 0.8%.
Tech View
Decoding Nifty on charts, Bajaj Broking Research said that the index has formed a small bull candle with an upper shadow which remained enclosed inside previous session trading range signaling consolidation around the 24,800 levels. This means that in the near term the index could enter a consolidation phase within the 24,400-25,200 range to work off the overbought conditions developed in the daily stochastic oscillator after the recent sharp up move.
"Within the broader consolidation a move above yesterday's high (24,946) will open upwards towards 25,100-25,200 levels in the coming sessions. While a breach below the last 2 sessions almost identical low (24,669) will open extended decline towards 24,500-24,400 levels. Key short-term support lies at 24,350-24,400, a confluence zone marked by the prior week's low, the 20-day EMA, and the 61.8% Fibonacci retracement of the recent upswing (23,935-25,116)," this brokerage said.
Most active stocks in terms of turnover
KPR Mill (Rs 1,310 crore), Cochin Shipyard (Rs 230 crore), GRSE (Rs 100 crore), Bharat Electronics (BEL, Rs 158 crore), Dixon Technologies (215 crore), Bharat Dynamics (BDL, Rs 95 crore) and Mazagon Dock (Rs 91 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: 8.24 crore), Harshil Agrotech (Traded shares: 5.92 crore), Yes Bank (Traded shares: 1.26 lakh), KPR Mill (Traded shares: 1.14 crore), EaseMyTrip (Traded shares: 1.08 crore), Suzlon Energy (Traded shares: 91.07 lakh) and Reliance Power (Traded shares: 60.06 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of Tata Teleservices (Maharashtra), Trident, JK Tyre, Go Digit, Glaxosmitkline Pharma, Caplin Point, TBO Tek and LT Foods were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 70 stocks hit their 52 week highs today while 25 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Pharmalabs, A B Infrabuild, APL Apollo Tubes, BEL and CEAT.
Stocks seeing selling pressure
Among the large cap names were IndusInd Bank, Kotak Bank and Power Grid. Other stocks which witnessed significant selling pressure were Dixon Technologies, Newgen Software, Aster DM Healthcare, Radico Khaitan, Signatureglobal and Aegis Logistics.
Sentiment meter favours bulls
Action in heavyweights like HDFC Bank, ICICI Bank and Bharti Airtel lifted the markets the most, ensuring a positive closing. Out of the 4,115 stocks that traded on the BSE on Wednesday, 2,242 stocks witnessed advances, 1,746 saw declines while 127 stocks remained unchanged.
(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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