Ahead of the market: 10 things that will determine D-Street’s action on Tuesday

Indian stock markets ended in the green on Monday, snapping a five-session losing streak. Gains in heavyweight financials and metal stocks spurred benchmarks higher, after US inflation data supported positive sentiment among regional peers.

The benchmark BSE Sensex rose 498.58 points, or 0.64%, to close at 78,540.17, while the broader Nifty 50 index gained 165.95 points, or 0.7%, to close at 23,753.45.

Here’s how analysts read the pulse of the market:

Commenting on the day’s proceedings, Vinod Nair, head of research at Geojit Financial Services, said the Indian market has shown optimism following the recent sell-off with a lower-than-expected US personal consumption expenditures (PCE) print boosting investor sentiment in interest rate-sensitive. fields

Broad-based buying was seen, with the metals sector benefiting significantly from an expected increase in steel import duty. Despite the positive market sentiment, the short-term outlook is expected to remain sideways due to the lack of fresh catalysts and the impact of the festive season and holidays,” Nair added.

US markets

Wall Street’s main indexes were mixed at the start of a holiday-shortened week on Monday, with a stopgap government funding bill avoiding a partial shutdown and investors bracing for a slower pace of rate cuts from the US central bank next year.

The United States Congress passed early spending legislation on Saturday, minutes after funding ran out, that could disrupt everything from law enforcement to national parks ahead of the busy Christmas travel season.

At 09:45 am, the Dow Jones Industrial Average was down 132.48 points, or 0.32%, at 42,704.92, the S&P 500 was up 1.04 points, or 0.01%, at 5,931.36 and the Nasdaq was up 67 points. 0.31%, to 19,630.23.

Most heavyweight megacap and growth stocks rose, with Nvidia up 1.6% and Meta Platforms up 1.4%, leading the S&P 500 and the tech-heavy Nasdaq.

European markets

Europe’s STOXX 600 was slightly lower at the start of the holiday-shortened week, after its biggest weekly drop since early September, but gains in Novo Nordisk shares boosted the healthcare sector and limited losses on the main stock index.

The pan-European STOXX 600 was down 0.1% amid a light event calendar as of 0850 GMT, with trading volume expected to remain subdued ahead of the Christmas break.

A 10% slide at Swedish online gaming company Evolution led the way in leading sector declines, with travel and leisure falling around 2%. Media was also the worst hit sub-index down 1%.

However, Novo Nordisk rose 9.2%, leading the healthcare sub-index to jump 1.4%.

Tech View

Rupak De, senior technical analyst at LKP Securities, said the Nifty index has formed a bullish bearish cross pattern on the daily chart, indicating a possible increase in market optimism.

“Furthermore, the index closed above the 200-EMA. Going forward, a decisive move above 23,850 could trigger a smart recovery towards 24,000/24,400. On the downside, support is placed at 23,540; A break below this level could lead to further weakness in the index,” added Dee.

Most active stocks in terms of turnover

Amber Enterprises (Rs 2,173.89 crore), Intellect Design (Rs 2,116.22 crore), Zomato (Rs 2,063.03 crore), Reliance Industries (Rs 1,226.21 crore), Mazagon Dock Ship (Rs 1,068.06 crore), HD 3 crore and HD CS (Rs 1,068.06 crore) was one of the most active stocks on the NSE in 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: 29.07 crore), Zomato (traded shares: 7.45 crore), Yes Bank (traded shares: 5.27 crore), JP Power (traded shares: 4.50 crore), Suzlon Energy (traded shares: 3.00 crore), Tata Steel (traded shares: 2.75 crore) and Easy Trip Planners (traded shares: 2.68 crore) were among the most actively traded stocks in terms of volume on the NSE.

Stocks show interest in buying

Shares of Intellect Design, Amber Enterprises, Adani Wilmar, India Cements, PTC Industries, Mankind Pharma and Sundaram Finance witnessed strong buying interest from market participants.

52-week high

Over 212 stocks touched their 52-week highs on Monday while 93 stocks slipped to their 52-week lows. Among those hitting their 52-week highs were Mankind Pharma, Coromandel International and 360 One Way.

Selling pressure is seen in stocks

Significant selling pressure was seen from DOMS Industries, KPR Mills, Kirloskar Brothers, New India Assurance, Suven Pharma, Whirlpool India and Saregama India.

The sentiment meter favors the bears

Market sentiment was bearish. Out of 4,218 stocks traded on BSE on Monday, 2,452 stocks declined, 1,636 stocks gained, while 130 stocks remained unchanged.

Also Read | Sensex rejig in December: Zomato to see $513 million inflows amid 6 stocks turmoil!

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)