Meanwhile, the volatility gauge India VIX ended at 12.25, down 5% from the last closing.
Here’s how analysts read the market pulse:
Commenting on market trends, Hitesh Tailor, Research Analyst at Choice Equity Broking, said the index’s gap-down opening followed by sideways movement signalled early hesitation and a lack of strong directional conviction among participants. The RSI, at 54.61, remains in an uptrend but is still below the strong bullish zone, he noted. However, the index recovered in the latter half of the session to close near 25,776, indicating buying interest at lower levels and underlying resilience. Tailor sees immediate resistance in the 25,900–25,950 zone, with support placed at 25,600–25,650.
US markets
The S&P 500 struggled for direction, while the Dow edged higher on Wednesday, as strong results from Eli Lilly and Super Micro Computer offered some support to the market grappling with a software and cloud sell-off.
The software and services index, home to several leading cloud and software companies, fell for a sixth straight session, down more than 13% over the period, its steepest stretch of losses since March 2020.
The losses reflect persistent concerns about how rapid advances in artificial intelligence could upend long-standing software business models.
European Markets
European markets were a sea of red around 2:30 p.m. GMT (8:15 pm India) time with UK’s FTSE 100 surging (1.58%) while Stoxx 600, French CAC 40 and Spain’s IBEX were up up to 1.44% around this time. Meanwhile, Germany’s DAX was down 0.33%.
Tech View
Ajit Mishra, Senior Vice President, Research at Religare Broking said that after the recent sharp swings, some consolidation would be healthy as long as the Nifty holds the 25,400–25,500 zone. On the upside, the index may attempt a move towards the 26,000 level, followed by a gradual push towards record highs, he added. He suggests participants should align positions accordingly, with an emphasis on stock selection and disciplined trade management.
Most active stocks in terms of turnover
GMR Airports (Rs 554 crore), PB Fintech (Policybazaar, Rs 424 crore), Hindustan Copper (Rs 304 crore), TCS (Rs 291 crore), Infosys (TMCV, Rs 208 crore), HAL (Rs 195 crore) and Dixon Technologies (Rs 144 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
GMR Airports (Traded shares: 5.73 crore), Vodafone Idea (Traded shares: 4.37 crore), GTL Infra (Traded shares: 4.31 lakh), RPower (Traded shares: 3.53 crore), Bharat Coking Coal (Traded shares: 92.73 lakh), Adani Power (Traded shares: 92.10 lakh), and Suzlon Energy (Traded shares: 72.99 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Gokaldas Exports, Emami, Eternal, Valor Estate, Trent, ONGC, NTPC and Adani Ports were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 89 stocks hit their 52 week highs today while 90 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Adani Ports, AIA Engineering, Accretion Nutraveda, Apex Frozen Foods, APL Apollo Tubes, Ashok Leyland, Jindal Steel and JK Tyre & Industries.
Stocks seeing selling pressure
Among the large cap names were Infosys, TCS, HCL Technologies and Tech Mahindra Corporation. Other stocks which witnessed significant selling pressure were HAL, eClerx Services, Biofil Chemicals & Pharmaceuticals, JTL Industries, Cartrade Tech, Eureka Forbes and Sai Life Sciences.
Sentiment meter favours bulls
Action in heavyweights like ICICI Bank, RIL and Eternal aided the markets helping them close in the green. The breadth stayed positive in broader markets. Out of the 4,366 stocks that traded on the BSE on February 4, Wednesday, 2,667 stocks witnessed advances, 1,535 saw declines while 164 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)