The BSE Sensex gained 261 points, or 0.32%, to close at 80,998.25, while the NSE Nifty advanced 78 points, or 0.32%, to settle at 24,620.
Here’s how analysts read the market pulse:
The domestic market traded in a narrow range with a mildly positive bias, supported by favourable global cues such as strong U.S. job data and signs of easing U.S.-China trade tensions, said Vinod Nair, Head of Research, Geojit Investments.
“Mid-cap and small-cap stocks outperformed, driven by better than estimated earnings growth and moderation in valuation. Investors are now focused on the RBI policy meeting starting today, with expectations of a rate cut and clarity on the future growth & inflation forecast,” said Nair.
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US markets
U.S. stocks edged higher on Wednesday, as strength in technology shares offset declines driven by weak economic data that deepened concerns about the impact of the Trump administration’s erratic trade policies.The U.S. services sector contracted for the first time in nearly a year in May, while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation.The ADP National Employment Report showed U.S. private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday’s nonfarm-payrolls data for more signs on how trade uncertainty is affecting the U.S. labor market.
Tech View
The Nifty continues to exhibit a lackluster sentiment as traders await the RBI rate decision, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the market is likely to remain sideways for another session until the announcement and follow-up commentary on Friday.
“A bearish crossover in the momentum oscillator RSI signals weakening price momentum, suggesting limited movement in the near term. Immediate support is placed at 24,500; a break below this level could lead to further weakness. On the higher side, resistance is seen at 24,750/24,900,” said De.
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Most active stocks in terms of turnover
Cochin Shipyard (Rs 2,792 crore), Indegene (Rs 2,412 crore), Ircon International (Rs 2,412 crore), GRSE (Rs 2,014 crore), Aditya Birla Fashion & Retail (Rs 1,932 crore), BSE (Rs 1,882 crore) and Swiggy (Rs 1,863 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: 49.88 crore), YES Bank (Traded shares: 24.69 crore), Reliance Power (Traded shares: 24.47 crore), Aditya Birla Fashion & Retail (Traded shares: 24.47 crore), Suzlon Energy (Traded shares: 12.57 crore), Ircon International (Traded shares: 10.15 crore) and Eternal (Traded shares: 7.06 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Ircon International, Railtel Corp, Swan Energy, Swiggy, Nava Bharat Vent, GRSE and RVNL were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 112 stocks hit their 52 week highs today while 47 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Aditya Birla Fashion & Retail, Indegene, Cholamandalam Financial Holdings, Glenmark Life, Cholamandalam Investment Finance Co, PTC Industries and India Cements.
Sentiment meter neutral
The market sentiments were neutral. Out of the 4,155 stocks that traded on the BSE on Wednesday, 1,933 stocks witnessed declines, 2,071 saw advances, while 151 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)