The S&P BSE Sensex closed up 158 points, or 0.19%, at 85,265.32, while the NSE Nifty 50 rose 48 points, or 0.18%, at 26,033.75.
Here’s how analysts read the pulse of the market:
Domestic markets closed flat amid mixed global cues and caution ahead of RBI policy, said Vinod Nair, head of research at Geojit Investments, adding that initial value-based gains were moderated by a record low rupee and sustained FII outflows.
“However, expectations of a RBI rate cut supported a mild currency rebound, helping the indices stabilize towards the close. IT stocks outperformed, buoyed by renewed optimism around a possible Fed rate cut and favorable currency tailwinds, which strengthened investor appetite for the sector,” Nair said.
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US markets
Wall Street’s main indexes fluctuated between small gains and losses on Thursday as investors analyzed a new round of labor market data to fine-tune expectations for a much-anticipated rate cut by the Federal Reserve next week.
With November’s official payrolls report following the Fed’s December meeting, traders turned to a patchwork of secondary indicators that offered conflicting readings on the job market.
A weekly Labor Department report showed new jobless claims fell to their lowest level in more than three years, with the Chicago Fed estimating the jobless rate was near 4.4% in November.
According to CME Group’s FedWatch tool, fed funds futures indicate a nearly 90% chance the central bank will cut rates by 25 basis points this month, up from about 60% last month.
European markets
European shares rose on Thursday, along with industrials and automakers, as risk appetite improved after two sessions of muted trading, while investors sifted through a mixed bag of corporate updates.
The pan-European STOXX 600 rose 0.49% to 579.07 points, set for its third straight session of gains.
Tech View
The Nifty mostly remained below the 21 EMA on the hourly chart, reflecting sustained selling pressure during the session, said Rupak De, senior technical analyst at LKP Securities, adding that on Friday, the market may remain volatile in a narrow range until the lending rate announcement and become volatile once it is released.
“Technically, the 26,100–26,150 zone is expected to act as a critical resistance, while support is placed at 25,900–25,950. A drop below 26,000 could trigger a quick correction towards 25,950–25,900, as weak timing is visible on the chart setup.”
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Most active stocks in terms of turnover
Interglobe (Rs 2,259 crore), Hindustan Copper (Rs 2,038 crore), Infosys (Rs 2,007 crore), RIL (Rs 1,832 crore), TCS (Rs 1,624 crore), HDFC Bank (Rs 1,450 crore) and Kaynes Technology (Rs 1,300 crore) were the most active stocks on the BSE. 1.3 crore was worth. 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: 120 crore), Yes Bank (traded shares: 13.55 crore), Ola Electric Mobility (traded shares: 9 crore), Suzlon Energy (traded shares: 7.67 crore), Hindustan Copper (traded shares: 5.67 crore), JP (5 crore shares) and Power (5 crore) shares: 3.19 crore) NSE was one of the most actively traded stocks in terms of volume.
Stocks show interest in buying
Shares of India Cements, Hindustan Copper, Vijaya Diagnostic, Kirloskar Oil, Caplin Point, Petronet LNG and Hexaware Technologies witnessed strong buying interest from market participants.
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52 week high
Over 80 stocks touched their 52-week highs today while 261 stocks slipped to their 52-week lows. Among those hitting their 52-week highs were Hero MotoCorp and Asian Paints.
Selling pressure is seen in stocks
ABB Power, Kanes Technology, Wockhardt, Biocon, Ola Electric Mobility, Patanjali Foods and HBL Power witnessed significant selling pressure.
Sentiment meter bearish
Market sentiment was bearish. Out of 4,302 stocks traded on BSE on Thursday, 2,314 stocks declined, 1,807 stocks gained, while 181 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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