The Nifty closed at 25,597.65, down 165.70 or 0.64% while the 30-stock Sensex settled at 83,459.15, falling 519.34 points or 0.64%.
Here’s how analysts read the market pulse:
Investor sentiment remained subdued ahead of the holiday-shortened week as FIIs extended their selling streak for the fourth consecutive session, and as rising U.S. bond yields and waning expectations of a near-term Fed rate cut curtailed risk appetite, said Vinod Nair, Head of Research at Geojit Investments.
“Nonetheless, India’s macroeconomic fundamentals remain resilient, with strong manufacturing PMI and robust GST collections—despite recent tax reductions—underscoring sustained economic momentum and supporting earnings upgrades in the coming quarters. We expect investors will continue to exercise the buy on dips strategy in expectation of improvement in trend going forward,” said Nair.
Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!
US markets
Wall Street’s main indexes inched higher on Wednesday, as technology stocks steadied following a sell-off in the previous session, while a stronger-than-expected private payrolls report did little to alter expectations of a rate cut in December.The ADP employment report showed U.S. private payrolls rebounded sharply in October, calming some jitters around a weakening labor market, after which stock futures pared most losses.
European Markets
In Europe, tech was the worst-performing sector of the STOXX 600, which dropped 0.2% on the day, while Germany’s DAX fell 0.3% and Amsterdam’s AEX index, home to Nvidia supplier ASML fell 0.1%.
Tech View
The Nifty slipped further after a brief pause on Monday, moving towards the support zone of 25,525, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the index found initial support near the 21EMA and the RSI indicates weak price momentum with a bearish crossover.
“If the index falls below 25,590, the correction may extend towards 25,500–25,525. On the other hand, resistance is placed at 25,700, above which the index could regain strength,” said De.
Most active stocks in terms of turnover
Bharti Airtel (Rs 2,598 crore), ABB Power (Rs 2,476 crore), ICICI Bank (Rs 2,034 crore), HDFC Bank (Rs 1,983 crore), Suzlon Energy (Rs 1,908 crore), SBI (Rs 1,822 crore) and RIL (Rs 1,482 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: 113.55 crore), Suzlon Energy (Traded shares: 31.7 crore), YES Bank (Traded shares: 13.95 crore), Reliance Power (Traded shares: 8.94 crore), Sagility India (Traded shares: 8.06 crore), Adani Power (Traded shares: 4.14 crore) and MRPL (Traded shares: 4 crore) were among the most actively traded stocks in volume terms on NSE.
Also read | FIIs boost holdings in state-run banks in the September quarter. Is the smart money betting on a breakout?
Stocks showing buying interest
Shares of 3M India, ABB Power, City Union Bank, Jyoti CNC Automation, TBO Tek, MRPL and Alembic Pharma were among the stocks that witnessed strong buying interest from market participants.
Also read | Did Radhakishan Damani dump Trent? Inside the retail king’s mysterious exit from Tata’s hottest stock
52 Week high
Over 145 stocks hit their 52 week highs today while 91 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Titan Company, SBI and Bharti Airtel.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Reliance Power, Transformers & Rectifiers, Reliance Infrastructure, Home First Finance Co, Netweb Technologies, Hero MotoCorp and NCC.
Sentiment meter bearish
The market sentiments were bearish. Out of the 4,329 stocks that traded on the BSE on Tuesday, 2,637 stocks witnessed declines, 1,537 saw advances, while 155 stocks remained unchanged.
Also read | Ola Electric vs Ather Energy shares: Which EV bet looks stronger for your portfolio right now?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)