The Sensex was down 331 points or 0.39% at 84,900.71 and the Nifty was down 108 points or 0.42% at 25,959.50. Most sectoral indices traded in the red, reflecting broader market weakness, with Nifty Realty headed for a decline of over 2%.
Here’s how analysts read the pulse of the market:
Nifty has formed a large bearish candlestick with profit booking lower highs and lower lows signaling extension for the second consecutive session at higher levels. Going forward, the index is expected to consolidate in the range of 26277-25,700 thus forming the basis for the next phase of the upward move.
“The confluence of the 50-day EMA and the lower band of the rising channel of the last two months lays short-term support around the 25,600-25,800 range. We expect the index to remain flat, so the current breath should be used to accumulate quality mid and large cap stocks.”
US markets
The S&P 500 and Nasdaq rose on Monday, led by mega-cap stocks, as bets on a Federal Reserve rate cut in December benefited and investors hunted fresh data for clues about the central bank’s next move.
Dovish comments from influential New York Fed President John Williams last week provided some relief on the policy front but were also a reflection of how divided policymakers were ahead of December’s FOMC meeting.
According to CME Group’s FedWatch tool, investors are pricing in about an 80% chance that the central bank will cut interest rates by 25-basis-points next month, up from 42% a week ago.
European Stocks
Shares of European arms makers fell for a second straight session on Monday to their lowest in more than four months as peace talks to end the war in Ukraine continued.
Washington and Kiev said in a joint statement that they had drawn up a “comprehensive peace framework” following talks in Geneva on Sunday. An index of aerospace and defense companies was down 2% at 1354 GMT, the lowest since early July. It fell 3.4% on Friday and posted its biggest weekly loss since March.
The broader European STOXX 600 index was flat.
Tech View
“Further retracement is likely if the index opens or closes below the 10-day EMA at 25950, pushing it towards the 20-day EMA placed at the 25850 level. The base for the index remains at 25850, and caution is advised if it breaks below this level.” Analysts at LKP Securities
Most active stocks in terms of turnover
Most active in Paytm (Rs 6,574 crore), Fortis Healthcare (Rs 5,476 crore), GE T&D (Rs 5,173 crore), Siemens Energy (Rs 4,754 crore), HDFC Bank (Rs 3,226 crore), Infosys (Rs 3,004 crore) and RIL (BSER) with 2,83 crore shares. were Terms of value. High activity in a counter in terms of value can help identify counters with the highest trading turnover in a day.
Most active stocks in terms of volume
Vodafone Idea (traded shares: 67.51 crore), Yes Bank (traded shares: 13.9 crore), JP Power (traded shares: 12.04 crore), Suzlon (traded shares: 9.63 crore), Fortis Healthcare (traded shares: 5.93 crore), Motherson 593 crore and NB 93 crore shares. (Shares traded: 5.5 crore) was one of the most actively traded stocks in terms of volume on the NSE.
Stocks show interest in buying
Shares of Asahi Ind Glass, Mahindra Finance, PTC Industries, Eicher Motors, Federal Bank, AU SFB and Shriram Finance witnessed strong buying interest from market participants.
Selling pressure is seen in stocks
Stocks that saw significant selling pressure were Reliance Infra, Advent Hotels, Chambal Fertilizers, Deepak Nitrite, Tejas Networks, Suven Pharma and Brigade Enterprises.
Sentiment meter bearish
Market sentiment was bearish. Out of 4,449 stocks traded on BSE on Monday, 3,087 stocks declined, 1,162 stocks gained, while 162 stocks remained unchanged.
As a trusted and reliable news source
Add now!
(You can now subscribe to our ETMarkets WhatsApp channel)
