The S&P BSE Sensex fell 153 points, or 0.19%, to close at 81,773.66, while the NSE Nifty 50 declined 62 points, or 0.25%, to finish at 25,046.15.
Here’s how analysts read the market pulse:
National indices witnessed a volatile session, tempered by profit booking after a sharp rally and investor caution dominated ahead of the Q2 earnings season, as market participants reassessed valuations and growth prospects, said Vinod Nair, Head of Research at Geojit Investments.
“Heightened global uncertainties and the ongoing US government shutdown drove gold to a historical high, reflecting elevated risk aversion. Attention now turns to the September FOMC minutes for signals on the Fed’s policy stance. Going forward, while global developments remain relevant, market focus is likely to shift toward domestic earnings, macroeconomic data, and the upcoming festive season,” said Nair.
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US markets
The S&P 500 and the Nasdaq edged higher on Wednesday following a blip in a steady rally, as investors awaited fresh clues on the interest-rate trajectory.
With the U.S. government shutdown delaying the release of key economic reports, traders are likely to lean heavily on commentary from Federal Reserve officials to guide their positioning.Euphoria around artificial intelligence has helped equities brush off concerns around the shutdown so far, but gold’s historic break above $4,000 an ounce underscores growing appetite for a hedge against policy risks and a shaky macroeconomic backdrop.
European Markets
European shares climbed to record highs on Wednesday, with steel stocks leading the way after the EU said it plans to cut steel import quotas, while a broader bank rally offset some of the weakness in automakers following BMW’s forecast cut.
The pan-European STOXX 600 was up 0.5%. Most local bourses also climbed, with stocks in the UK and Germany up about 0.3% each.
Banks were the biggest boost to the benchmark, up nearly 1%, with British lender Lloyds, France’s Societe Generale and Italy’s BPER Banca leading gains.
Tech View
Technically, on the daily chart, the Nifty formed a red candle with a long upper shadow, indicating profit booking at higher levels, said Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Interrmediates.
“On the downside, the 21-DEMA is placed near 24,950, while the 50-DEMA support is positioned around 24,910 — both acting as key support levels in short term. The immediate hurdle for the index is placed near 25,220, and a sustained move above this level could open the path towards 25,450, where the trend line resistance is positioned. Overall, we expect Nifty to consolidate within the 24,900–25,450 range in the short term,” said Mehta.
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Most active stocks in terms of turnover
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),
TCS (Rs 1,247 crore) and RIL (Rs 1,169 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: 105.95 crore), YES Bank (Traded shares: 9.68 crore), ITI Ltd (Traded shares: 7.08 crore), IFCI (Traded shares: 6.12 crore), Suzlon Energy (Traded shares: 6.04 crore), Adani Power (Traded shares: 4.58 crore) and Canara Bank (Traded shares: 3.80 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of ITI Ltd, Aster DM Health, Sonata Software, RBL Bank, Titan Company, IFCI and IndiaMART were among the stocks that witnessed strong buying interest from market participants.
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52 Week high
Over 161 stocks hit their 52 week highs today while 144 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Canara Bank and Muthoot Finance.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Orient Refractories, Kaynes Technology, Anant Raj, NLC India, Metropolis Health, UNO Minda and Honasa Consumer.
Sentiment meter bearish
The market sentiments were bearish. Out of the 4,330 stocks that traded on the BSE on Wednesday, 2,516 stocks witnessed declines, 1,670 saw advances, while 144 stocks 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)
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