The S&P BSE Sensex declined 0.41% to 84,211.88, shedding 344.52 points, while the NSE Nifty 50 slipped 0.37% to 25,795.15.
Here’s how analysts read the market pulse:
The domestic economy had largely benefited from earlier reductions in crude prices throughout the year, and the recent rise in crude has spurred continued profit booking in India, said Vinod Nair, Head of Research at Geojit Investments. Investor sentiment was also dented after the HSBC Composite PMI for October fell to its lowest level since May, primarily due to a slowdown in the services sector.
On a brighter note, the manufacturing PMI showed some improvement, with companies experiencing a modest uptick in new orders and easing input cost pressures in October, attributed to recent GST relief.
“However, the current subdued trend is likely to persist in the short term until there is more clarity on the impact of the US sanctions on Russia and the overall availability of crude in the market,” added Nair.
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US Markets
US stocks rallied Friday, with all three major indexes closing at record highs after data showed inflation cooled more than expected last month, bolstering hopes for a Federal Reserve rate cut.
The Dow Jones Industrial Average climbed 1.01% to 47,207.12, while the S&P 500 rose 0.79% to 6,791.69. The Nasdaq Composite advanced 1.15% to 23,204.87.
European Markets
European stocks ended at record highs Friday, lifted by softer-than-expected U.S. inflation data and optimism over easing trade tensions between Washington and Beijing, as investors digested a busy round of corporate earnings.
The pan-European STOXX 600 rose 0.2%, while most major regional benchmarks advanced. London’s FTSE 100 also notched an all-time closing high.
Tech View
The Nifty remained weak during the session as traders continued to book profits, slipping below initial support at 25,850 and declining toward 25,700, said Rupak De, Senior Technical Analyst at LKP Securities.
“The next 1–2 sessions might remain volatile; however, a sustained rally looks possible thereafter. On the higher end, resistance is placed at 25,850, above which a rally toward 26,000–26,200 looks possible,” De added.
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Most active stocks in terms of turnover
SCI (Rs 1,783 crore), HDFC Bank (Rs 1,770 crore), Sammaan Capital (Rs 1,476 crore), ICICI Bank (Rs 1,455 crore), RIL (Rs 1,407 crore), Hindalco (Rs 1,388 crore), and Infosys (Rs 1,320 crore) were among the most active stocks on the BSE in value terms. Higher activity in a stock by value can help identify counters with the highest trading turnover of the day.
Most active stocks in volume terms
Vodafone Idea (89.53 crore shares), YES Bank (9 crore shares), Sammaan Capital (7.99 crore shares), SCI (6.68 crore shares), Adani Power (4.45 crore shares), Suzlon Energy (4.43 crore shares), and Eternal (3.55 crore shares) were among the most actively traded stocks in volume terms on the NSE.
Stocks showing buying interest
Shares of SCI, Sammaan Capital, CreditAccess Grameen, Cholamandalam Financial Holdings, Gravita India, Hindalco, and Signatureglobal India witnessed strong buying interest from market participants.
52-week high
Over 155 stocks hit their 52-week highs today, while 68 stocks slipped to their 52-week lows. Notable stocks reaching their highs included SCI, Hindalco, and Cummins India.
Stocks seeing selling pressure
Stocks that witnessed significant selling pressure included Ceat, Jindal Saw, Cipla, KPR Mill, Raymond Lifestyle, Supreme Industries, and HUL.
Sentiment meter: Bearish
Market sentiment turned bearish. Out of the 4,342 stocks traded on the BSE on Friday, 2,323 stocks declined, 1,853 advanced, and 166 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 The Economic Times)