The Sensex jumped over 964 points to close at 78,151, while the Nifty 50 gained around 262 points to close at 24,334. The rally came despite weakness in the broader market, with the Nifty Midcap 100 and Nifty Smallcap 100 indices down as much as 0.4%.
Here’s how analysts read the pulse of the market:
Vinod Nair, head of research at Geojit Investments, said there was a shift in market momentum with strong traction moving towards large-cap stocks, led by the IT and banking sectors. He added that the trend is supported by optimism surrounding business updates and Q1 earnings expectations.
“This trend appears to be largely driven by domestic institutional investors moving away from expensive mid- and small-cap stocks and towards more attractively valued large caps that offer a better risk-reward profile. At the same time, buying interest in consumer durables is emerging on expectations of healthy domestic demand in H2FY27. Broad, selective market, with selective market and selective books encourage structural market buying. As India’s overall outlook continues to improve,” He said.
US stocks
The sell-off for winners of the artificial intelligence boom deepened on Friday, sending stock markets around the world lower. Meanwhile, the war with Iran kept oil prices soaring.
The S&P 500 fell 1% to end its first losing week in the past three and only its third since late March. Just a few days ago, it climbed to within 0.5% of its all-time high.
The Dow Jones Industrial Average fell 406 points, or 0.8%, and the Nasdaq Composite tumbled 1.4%.
European markets
Global losses in tech stocks dragged Europe’s equity benchmarks slightly lower on Friday, as investors braced for next week’s European Central Bank meeting and corporate earnings.
The pan-European STOXX 600 index fell 0.34% to 641.53 points. It was largely unchanged for the week.
Tech View
“The index has broken out of a five-day consolidation phase, indicating an improvement in optimism among traders and investors. The overall trend remains positive as the index continues to trade above its critical moving average. Moreover, the RSI has entered a bullish crossover, which reinforces the positive momentum. In the near term, the index is likely to remain strong at the 200 level. LKP Securities Senior Technical Analyst Metaphor The critical downside below this level is pegged at 24,200, De said.
Most active stocks by turnover
The most active banks are Kalyan Jewelers (Rs 3,037 crore), RIL (Rs 2,418 crore), Jio Financial Services (Rs 2,357 crore), BHEL (Rs 2,099 crore), Tech Mahindra (Rs 1,652 crore), ICICI Bank (Rs 1,598 crore) and Federal (Rs 150 crore). There were stocks. NSE in terms of value. High trading activity by value can help identify stocks with the highest turnover during the day.
Most active stocks by volume
Vodafone Idea (27.54 crore shares traded), Suzlon Energy (11.14 crore), Jio Financial Services (9.6 crore), Yes Bank (7.55 crore), Kalyan Jewelers (5.39 crore), Grove (4.98 crore) and MRPL (4.97 crore) were the most actively traded stocks on the NSE.
Stocks show interest in buying
eClerx Services, Otham Investments, Federal Bank, Kalyan Jewellers, Afcons Infrastructure, Tech Mahindra and Bharat Forge were among the stocks that saw strong buying interest from market participants.
52-week high
Stocks that hit 52-week highs on the NSE include Federal Bank, Exide Industries, Sona BLW Precision, Himadri Specialties, Adani Transmission, IPCA Laboratories and Gujarat Fluorochemicals.
Selling pressure is seen in stocks
CEAT, Welspun Corp, Kirloskar Oil, Emmvee Photovoltaic, Vijaya Diagnostic, HFCL and Gallantt Metal were the stocks that saw significant selling pressure.
52-week low
Among the stocks that hit 52-week lows on the NSE were Vedanta and Go Digit General Insurance.
The sentiment meter favors the bears
Of the 3,419 stocks traded on the NSE on Friday, July 17, 1,312 advanced, 2,004 declined, while 103 remained unchanged.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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