Ahead of Market: 10 things that will decide stock market action on Friday
The benchmark S&P BSE Sensex slipped 236.18 points or 0.3% to settle at 81,289.96, while the broader Nifty 50 index closed at 24,548.70, lower by 93.10 points or 0.38%.
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 market continued to remain range bound ahead of domestic CPI data and weakening rupee.
“Though inflation is anticipated to drop, investors are maintaining a close vigil on the vegetable prices, which will determine the future rate trajectory. Meanwhile, the Nifty IT index reached a new high after US inflation data met expectations, boosting hopes for a Fed rate cut next week,” Nair added.
US markets
The S&P 500 and Nasdaq edged lower on Thursday after closing higher in the previous session, as investors evaluated the final economic data releases ahead of the Federal Reserve’s upcoming meeting.New data revealed U.S. producer prices rose more than anticipated in November due to a surge in food costs, though softer service prices suggested the disinflationary trend remains intact.
Tech View
The Nifty slipped below the recent consolidation on the daily chart, indicating a weakening trend in the near term, said Rupak De, Senior Technical Analyst at LKP Securities.“However, the decline was limited, and the index managed to stay above 24,500. This sideways consolidation in Nifty may persist for a few more days as the index remains within a defined range. A decisive fall below 24,470 could trigger a meaningful correction in the market. On the higher side, resistance is seen at 24,650-24,700,” De added.
Most active stocks in terms of turnover
Godrej Properties (Rs 954.61 crore), Nuvama Wealth Management (Rs 359.17 crore), Star Health (Rs 156.48 crore), Adani Power (Rs 151.49 crore), Adani Green Energy (Rs 126.02 crore), Reliance Industries Ltd (Rs 86.55 crore) and Coforge (Rs 64.75 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: 29.28 crore), YES Bank (Traded shares: 17.99 crore), Tata Teleservices (Maharashtra) (Traded shares: 10.95 crore), NALCO (Traded shares: 5.83 crore), IRFC (Traded shares: 3.95 crore), Zomato (Traded shares: 3.84 crore) and Suzlon Energy (Traded shares: 3.36 crore) and were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Chalet Hotels, Adani Green Energy, BLS International Services, Tata Teleservices, Century Plyboards, Aadhar Housing Finance and Adani Power were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 259 stocks hit their 52 week highs today while 22 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Chalet Hotels, EID Parry, Max Healthcare, Muthoot Finance, Coforge, Authum Investment & Infrastructure and Tech Mahindra.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were NALCO, Jubilant Food, Nuvama Wealth Management, Go Digit General Insurance, Indus Towers, Akums Drugs & Pharmaceuticals and Alembic Pharma.
Sentiment meter favours bulls
The market sentiments were bearish. Out of the 4,105 stocks that traded on the BSE on Thursday, 2,517 stocks witnessed declines, 1,481 saw advances, while 107 stocks remained unchanged.
Also read | Pricier than priciest! PropShare Platina REIT beats Elcid, MRF with jumbo Rs 10.5 lakh sticker price
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
