The BSE Sensex ended down 376.28 points, or 0.44%, at 85,063.34, while the NSE Nifty 50 shed 71.6 points, or 0.27%, at 26,178.70.
Here’s how analysts read the pulse of the market:
Domestic equities experienced a correction led by large-cap stocks with selling in heavyweights such as Reliance Industries and HDFC, said Vinod Nair, head of research at Geojit Investments, adding that the market reaction was influenced by uncertainties surrounding the Venezuela-US crisis and Russian oil imports, linked to the upcoming Q3 results.
“While most sectors saw profit booking, pharma, banking and IT held up well. Banking stocks were supported by positive pre-result business updates. Pharma stocks advanced on the back of sustained growth reported by the Indian Pharmaceutical Market (IPM) for December. In the near term, the market is expected to remain range-bound with mixed optimism.”
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US markets
Wall Street stocks rose early Tuesday as markets digested presentations from Nvidia and other tech players at a major technology industry show and awaited key U.S. economic data.
Nvidia shares rose 1.2 percent after the company’s CEO Jensen Huang unveiled new chip technology to advance artificial intelligence at the Consumer Electronics Show in Las Vegas.
European markets
Stock markets rose in European trading on Tuesday as traders focused on key market data from the weekend and limited reaction to the US capture of Venezuelan President Nicolas Maduro.
Europe’s STOXX 600 closed at an all-time high on Monday. The risk-on mood continued during Asian trading on Tuesday and European shares opened higher.
Ousted Venezuelan President Nicolas Maduro pleaded not guilty to narcotics charges on Monday after the United States captured him and flew him to New York over the weekend.
Markets remained positive, touching a new all-time high early in the session on Tuesday, with the STOXX 600 up around 0.2%. The MSCI world equity index rose 0.3%, while London’s FTSE 100 gained 0.7%, helped by gains in oil and defense stocks.
Tech View
Rupak De, senior technical analyst at LKP Securities, said the Nifty slipped as weakness prevailed after forming a new lifetime high yesterday, adding that at the lower end, it has found intraday support around 26100. The trend is likely to remain range-bound in the near term.
“Going forward, a sustained rally may arise on bulls’ maneuvering attempts to take Nifty above 26300. On the downside, support is placed at 26000,” Dee said.
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Most active stocks in terms of turnover
RIL (Rs 4,157 crore), HDFC Bank (Rs 3,079 crore), Trent (Rs 2,508 crore), ITC (Rs 2,486 crore), ICICI Bank (Rs 2,424 crore), Hindustan Copper (Rs 2,179 crore) and Bharti Airtel (Rs 1,918 crore) were the most active on the BSE. Can help identify counters with highest trading turnover in a day.
Most active stocks in terms of volume
ITC (traded shares: 69.95 crore), Ola Electric Mobility (traded shares: 29.89 crore), Yes Bank (traded shares: 12.12 crore), Indian Energy Exchange (traded shares: 8 crore), ITC (traded shares: 7.25 crore), NALCO (traded shares: 29.89 crore) and Copper 7 crore shares. 3.83 crore) was one of the most actively traded stocks in terms of volume on the NSE.
Stocks show interest in buying
Shares of Indian Energy Exchange, Crisil, Nalco, Nava, Divis Laboratories, IPCA Labs and Apollo Hospitals witnessed strong buying interest from market participants.
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52 week high
Over 143 stocks touched their 52-week highs today while 125 stocks slipped to their 52-week lows. Among those hitting their 52-week highs were Tata Steel and Titan.
Selling pressure is seen in stocks
Stocks that saw significant selling pressure included Trent, Canes Technology, Swiggy, Saregama India, RIL, Cummins India and Mahanagar Gas.
Sentiment meter bearish
Market sentiment was bearish. Out of 4,349 stocks traded on BSE on Tuesday, 2,606 stocks declined, 1,575 stocks gained, while 168 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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