Ahead of the market: 10 things that will determine how the stock market moves on Thursday
The S&P BSE Sensex closed 153 points, or 0.19 per cent, lower at 81,773.66, while the NSE Nifty 50 index closed 62 points, or 0.25 per cent, lower at 25,046.15.
Here’s how analysts read the market pulse.
Vinod Nair, head of research at Geojit Investments, said the country witnessed a volatile session as market participants reassessed valuations and growth prospects, profit booking after a sharp rise in national indices and investor caution ahead of the second quarter earnings season.
Nair said, “Gold prices have soared to record highs amid rising global uncertainty and rising risk aversion amid the US government shutdown. We should now look to the September FOMC minutes for signals on the Fed’s policy stance. Looking ahead, while the global situation continues to unfold, market focus is likely to shift to domestic earnings, macroeconomic data and the upcoming festive season. It’s high,” Nair said.
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american market
Wall Street’s main indexes rose Wednesday after a brief pause in their steady gains as investors awaited new clues about the trajectory of interest rates.
With the U.S. government shutdown delaying the release of key economic reports, traders are likely to rely heavily on comments from Federal Reserve officials to determine their positioning. Euphoria over artificial intelligence has helped stocks shake off concerns about lockdowns, keeping markets buoyant during a period when stocks are typically weak.
european market
European stocks hit record highs on Wednesday, helped by strong gains in French and Spanish markets, while steel manufacturers rebounded after the EU announced plans to reduce steel import quotas.
The pan-European STOXX 600 index rose 0.8% to a record high, the French stock market surged 1.1% and the Spanish stock market hit its highest since 2007.
Germany’s DAX index closed at a nearly three-month high.
Banks were the biggest gainers in the STOXX 600, rising more than 1%. British lender Lloyds rose after Britain’s financial watchdog proposed a smaller-than-expected compensation package for car finance mis-sales, allaying investor concerns.
tech view
Hrishikesh Yedve, AVP, Technical and Derivatives Research, Asit C. Mehta Investment Intermediates, said that technically on the daily chart, Nifty has formed a red candle with a long upper shadow, meaning profits are booked at higher levels.
“In the near term, 21-DEMA support is located near 24,950 and 50-DEMA support is located near 24,910. Both act as key support levels in the short term. The immediate hurdle for the index is near 25,220, and a sustained rise above this level will lead to 25,450, where trendline resistance is located. The path toward you may be open. Overall, we see Nifty in the 24,900–25,450 range in the near term.” Mehta said:
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Most active stocks by trading volume
ITI Ltd (Rs 2,563 crore), Tata Investment (Rs 1,690 crore), Titan Company (Rs 1,611 crore), HDFC Bank (Rs 1,561 crore), Netweb Technologies (Rs 1,384 crore) (crore),
TCS (Rs 1,247 crore) and RIL (Rs 1,169 crore) were among the most active stocks on the BSE in terms of value. The higher activity of a counter in terms of value can help identify which counters have the highest turnover for the day.
Most active stocks by trading volume
Vodafone Idea (shares traded: $159.5 million), YES Bank (shares traded: $9.68 billion), ITI Ltd (shares traded: $7.08 billion), IFCI (shares traded: $6.12 billion), Suzlon Energy (shares traded: $6.04 billion) Dollars), Adani Power (shares traded: USD 4.58 billion) and Canara Bank (shares traded: USD 3.8 billion) were among the most actively traded stocks by volume on NSE.
Stocks showing interest in buying
Shares of ITI Ltd, Aster DM Health, Sonata Software, RBL Bank, Titan Company, IFCI and IndiaMART were among the stocks that saw strong buying interest from market participants.
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52 week high
Over 161 stocks hit 52-week highs and 144 stocks hit 52-week lows today. Among those hitting 52-week highs were Canara Bank and Muthoot Finance.
Stocks under selling pressure
Stocks that came under significant selling pressure were Orient Refractories, Kaynes Technology, Anant Raj, NLC India, Metropolis Health, UNO Minda and Honasa Consumer.
Sentiment Meter Bearish
Market sentiment was bearish. Of the 4,330 stocks traded on the BSE on Wednesday, 2,516 stocks declined, 1,670 stocks rose and 144 stocks were unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
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