The Indian market ended higher on Wednesday, with banking and metal stocks leading gains, while investors awaited updates from a Goods and Services Tax (GST) Council meeting expected to weigh rate cuts on several products.
The NSE Nifty advanced 135.45 points, or 0.55%, to finish at 24,715.05, while the BSE Sensex jumped 409.83 points, or 0.51%, to settle at 80,567.71.
Here’s how analysts read the market pulse:
Indian equities closed higher after a mixed start to the session, buoyed by expectations of a consumption-led stimulus from the potential GST slab rationalisation, said Vinod Nair, Head of Research at Geojit Investments, adding that all categories of consumer-based sectors, like discretionary, durable and staples, continued to outperform.
“In the near term, market sentiment hinges on the outcome of the GST Council meeting, with traction on consumption-oriented stocks and sectors. Well, the expectations are very high, increasing the risk of disappointments, which can kickstart consolidation again,” said Nair.
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US marketsWall Street stocks recovered some ground, helped by Alphabet, which surged about 8% after a favourable antitrust ruling allowing Google to continue payments to Apple, which gained roughly 3%. Softer-than-expected U.S. labour market data also influenced investor sentiment, with July job openings falling 176,000 to 7.181 million, raising questions about the Federal Reserve’s next interest-rate move.Meanwhile, a global sell-off in long-term government bonds heightened concerns over debt sustainability and inflation. Japan’s 30-year bond yield hit a record 3.28%, while similar moves in U.S. and UK bonds fueled a rush into gold, which climbed to an all-time high of $3,563.European marketsEuropean shares rose on Wednesday, stabilising as investors weighed fiscal challenges following a sell-off in long-term bonds that had triggered risk-off sentiment the day before. The STOXX 600 gained 0.65% to 546.72 points, led by healthcare stocks such as Roche Holdings and AstraZeneca.
In the previous session, the index had recorded its largest one-day drop in a month, driven by a surge in bond yields amid growing concerns over fiscal pressures in developed economies.
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Tech viewThe Nifty has witnessed a significant recovery from negativity as it reversed momentum following an inverted hammer pattern, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the hourly RSI, a hidden positive divergence is visible.
The Nifty has recovered after sustaining above 24,500, leading to a rally towards 24,750, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the higher side, it encountered initial resistance at the 200-hourly moving average.
“Technically, the index remains bearish as it continues to trade below the 21 EMA on the daily timeframe. A decisive move above 24,750 could trigger a stronger rally, potentially taking the Nifty towards 25,000. On the downside, support is placed at 24,650, and a break below this level may lead to a decline towards 24,500,” said De.
Most active stocks in terms of turnoverOla Electric Mobility (Rs 6,873 crore), Netweb Technologies (Rs 1,857 crore),
Indus Towers (Rs 1,605 crore), HDFC Bank (Rs 1,524 crore), Eternal (Rs 1,516 crore), ICICI Bank (Rs 1,366 crore) and Tata Steel (Rs 1,362 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume termsOla Electric Mobility (Traded shares: 104.45 crore), Vodafone Idea (Traded shares: 45.55 crore), YES Bank (Traded shares: 22.05 crore), Tata Steel (Traded shares: 8.23 crore), NMDC Steel (Traded shares: 6.49 crore), Indus Towers (Traded shares: 5.04 crore) and Eternal (Traded shares: 4.67 crore) and were among the most actively traded stocks in volume terms on NSE.Stocks showing buying interestShares of TBO Tek, Netweb Technologies, Ola Electric Mobility, NMDC Steel, Piramal Pharma, Tata Steel and DB Realty were among the stocks that witnessed strong buying interest from market participants.
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52 Week highOver 126 stocks hit their 52 week highs today while 64 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Maruti Suzuki and PayTM.Stocks seeing selling pressureStocks which witnessed significant selling pressure were JK Cement, Phoenix Mills, Intellect Design, eClerx Services, WABCO India, Kirloskar Oil and Honeywell.
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Sentiment meter bullishThe market sentiments were bullish. Out of the 4,270 stocks that traded on the BSE on Wednesday, 1,572 stocks witnessed declines, 2,544 saw advances, while 154 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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