The S&P BSE Sensex inched up 39.78 points, or 0.05%, to close at 83,978.49, while the NSE Nifty 50 rose 41.25 points, or 0.16%, to finish at 25,763.35.
Here’s how analysts read the market pulse:
The domestic market ended on a marginal positive note as profit booking was visible at the higher levels due to the absence of fresh domestic triggers, said Vinod Nair, Head of Research at Geojit Investments, adding that “the broader market outperformed since the quarterly earnings are steering investors’ preference to take a short-term to medium-term view.”
The PSU Banking index continued to be a preferred bet for investors, led by healthy earnings and improving asset quality, Nair noted, adding that “in contrast, IT stocks declined amid fading expectations of a U.S. Fed rate cut, while a trade truce between the US and China eased the demand for safe haven assets.”
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US markets
The S&P 500 and Nasdaq kicked off November on firmer ground on Monday, after a slew of AI deals boosted megacap companies Amazon and Nvidia, while Kenvue shares soared after Kimberly-Clark’s buyout deal.Amazon.com hit a record high after signing a multi-year $38 billion deal to supply cloud computing services to OpenAI, giving the ChatGPT maker access to Nvidia’s graphics processors.
European Markets
In Europe, the broad STOXX 600 share index rallied 0.4% in another heavy week for earnings, while the dollar gained and U.S. stock futures rose 0.3 to 0.5% .
Tech View
The markets witnessed a sharp rebound from lower levels, with the Nifty managing to close above the 25,700 mark, Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, adding that the index, however, encountered resistance near 25,800, which continues to act as a strong hurdle.
“A decisive breakout above this level could open the doors for a further move towards 25,900–26,000. On the downside, immediate support lies at 25,600, while the key support from the 21-DMA is placed around 25,540. Meanwhile, the volatility index spiked to 12.50, suggesting rising caution among traders and the potential for increased market volatility in the near term,” said Jain.
Most active stocks in terms of turnover
Shriram Finance (Rs 2,071 crore), BSE (Rs 2,067 crore), Vodafone Idea (Rs 1,995 crore), HDFC Bank (Rs 1,646 crore), ICICI Bank (Rs 1,489 crore), Navin Fluorine (Rs 1,483 crore) and Maruti Suzuki (Rs 1,477 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: 214.74 crore), YES Bank (Traded shares: 10.71 crore), Suzlon Energy (Traded shares: 7.51 crore), Reliance Power (Traded shares: 7.19 crore), Sagility India (Traded shares: 6.90 crore), Canara Bank (Traded shares: 5.77 crore) and Bank of Baroda (Traded shares: 3.85 crore) were among the most actively traded stocks in volume terms on NSE.
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Stocks showing buying interest
Shares of Wockhardt, Vodafone Idea, Sterling & Wilson Renewable Energy, Gravita India, Schaeffler India, Shriram Finance and Jubilant Life were among the stocks that witnessed strong buying interest from market participants.
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52 Week high
Over 178 stocks hit their 52 week highs today while 85 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Bank of Baroda, SBI and Shriram Finance.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Netweb Technologies, Reliance Power, Zensar Technologies, Aptus Value Housing Finance, JK Cement, Reliance Infrastructure and Poly Medicure.
Sentiment meter bullish
The market sentiments were bullish. Out of the 4,461 stocks that traded on the BSE on Monday, 2,009 stocks witnessed declines, 2,227 saw advances, while 225 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)