Meanwhile, the volatility gauge India VIX ended at 11.73, down 1.53% from the last closing.
Here’s how analysts read the market pulse:
Ajit Mishra, Senior Vice President – Research at Religare Broking said sentiment weakened as traders reacted to heavy selling in information technology stocks and mixed global developments. “Strong U.S. jobs data reduced expectations of imminent Federal Reserve rate cuts, which weighed on global risk assets and contributed to the domestic market’s downturn. As a result, multiple intraday rebound attempts failed to sustain,” Mishra said.
In his view, the downside could remain limited due to strength in other key sectors with Nifty holding the 25,600–25,700 zone. On the upside, the 26,000 level will continue to act as a key hurdle, he added.
He advised investors to maintain a selective, stock-specific approach and follow strict risk management until the index resumes its uptrend.
US markets
Wall Street stocks advanced early Thursday ahead of key US inflation data expected to inform upcoming Federal Reserve interest rate decisions.
Stocks moved sideways following Wednesday’s solid US employment data, which offered encouraging signs on the economy but likely lowers the odds of imminent interest rate cuts.
The broad-based S&P 500 gained 0.4 percent to 6,971.24, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 23,149.97.
Among individual companies, McDonald’s gained 0.9 percent after reporting strong fourth-quarter results following successful holiday-oriented marketing campaigns around low prices.
European Markets
Most major European indices were broadly trading positive around 2:07 p.m. GMT (7:52 pm India) time with Germany’s DAX surging around 1.4% around this time. Meanwhile, French CAC 40, Stoxx 600 and UK’s FTSE 100 were higher by up to 1%. trading flat around this time. Spain’s IBEX, though, fell 0.32%.
Tech View
Decoding the charts, Bajaj Broking said that the index has formed a bearish candle with a lower high and a lower low signaling profit booking at higher levels around the 26,000 levels. Stock-specific movements are likely to remain in focus as the quarterly earnings season comes to an end, this brokerage said.
“Going forward, the index is likely to consolidate in the range of 25,500-26,000. Only a move above 26,000 levels will open upside toward the key resistance area of 26,200–26,300 in the coming sessions. The overall outlook remains positive and the current breather should be seen as buying opportunities. Immediate support is placed at 25,500–25,400, which aligns with last week’s breakout area and the 20-day EMA,” Bajaj Broking said in a note.
Most active stocks in terms of turnover
State Bank of India (SBI, Rs 842 crore), Bajaj Finance (Rs 434 crore), ICICI Bank (Rs 357 crore), APL Apollo (Rs 328 crore), ICICI AMC (Rs 246 crore), Godrej Properties (Rs 235 crore) and Reliance Industries (RIL, Rs 231 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: 4.17 crore), SpiceJet (Traded shares: 1.24 crore), SBI (Traded shares: 70.64 lakh), Billionbrains Garage Ventures (Groww, Traded shares: 69.91 lakh), YES Bank (Traded shares: 66.17 lakh), Eternal (Traded shares: 64.92 lakh) and Punjab & Sind Bank (Traded shares: 54.33 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Lenskart Solutions, Crown Lifters, Avanti Feeds, Apex, Ratnamani Metals & Tubes, Yatra Online and Sky Gold and Diamonds were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 140 stocks hit their 52 week highs while 111 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Amagi Media Labs, APL Apollo, Apex, Avanti Feeds, Bajaj Auto, Bajaj Consumer, Sharda Cropchem and ONGC.
Stocks seeing selling pressure
Among the large cap names were Tech Mahindra, TCS and Infosys. Other stocks which witnessed significant selling pressure were Dhruv Consultancy Services, Network People Services Technologies, Vodafone Idea, Hindustan Unilever and LG Electronics.
Sentiment meter favours bears
Action in heavyweights like Infosys, Infosys, TCS and RIL dragged the markets the most. The breadth stayed negative in broader markets. Out of the 4,368 stocks that traded on the BSE on February 12, Thursday, 1,634 stocks witnessed advances, 2,582 saw declines while 152 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)