The Indian market ended higher on Tuesday, as Infosys’ announcement of a potential share buyback sparked a rally in IT stocks. Consumer discretionary shares also advanced amid optimism over broad cuts to goods and services taxes, while investor sentiment was further supported by growing expectations of a U.S. interest-rate reduction later this month.
The S&P BSE Sensex climbed 314 points, or 0.39%, to finish at 81,101, while the NSE Nifty 50 added 95 points, or 0.39%, to close at 24,869.
Here’s how analysts read the market pulse:The domestic equity market edged higher today, buoyed by positive global cues, with a notable rebound in IT stocks linked to a buyback announcement from Infosys despite prevailing headwinds, said Vinod Nair, Head of Research at Geojit Investments, adding that “conversely, auto stocks came under pressure due to profit booking after recent gains on GST rationalisation.”
“The market sentiment is likely to remain range-bound amid lingering uncertainties over global trade negotiations. However, rising prospects of a FED rate cut, along with supportive domestic macros, may help sustain optimism in the short term,” said Nair.
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US marketsWall Street’s main indexes were largely subdued on Tuesday after closing near record highs in the previous session, while a downwards payrolls revision kept intact bets of interest rate cuts from the Federal Reserve.The U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting that job growth was already stalling before President Donald Trump’s aggressive tariffs on imports.Bets on a 25 basis point cut, that was already priced in, were intact while ones on a jumbo 50 bps reduction remained at about 8.2%, as per CME’s FedWatch tool.European stocks
European shares ended steady on Tuesday, as a boost from Anglo American’s merger deal and higher oil prices managed to counter uncertainty in France after Prime Minister Francois Bayrou’s ouster in a confidence vote.
The pan-European STOXX 600 ended 0.09% higher at 552.56 points, with the basic resources index rising about 1.3%
Tech ViewThe Nifty traded with a positive bias and successfully reclaimed the 100-DMA at the 24,820 level, said Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, adding that momentum indicators and oscillators have turned positive, with the RSI crossing above the 50 mark, suggesting a short-term bullish momentum.
“However, the index remains at a critical juncture as it nears the key resistance zone around the 25,000 level, which continues to act as a significant hurdle. A decisive breakout above this level is essential to confirm the start of a fresh upward leg. On the downside, the immediate support of 21-DMA is placed at 24,720 level,” said Jain.
Most active stocks in terms of turnoverInfosys (Rs 1,954 crore), HDFC Bank (Rs 1,354 crore), RIL (Rs 1,342 crore), Mahindra & Mahindra (Rs 1,064 crore), Maruti Suzuki (Rs 928 crore), ICICI Bank (Rs 907 crore) and Netweb Technologies (Rs 895 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 highest trading turnovers in the day.Most active stocks in volume termsVodafone Idea (Traded shares: 80.76 crore), JP Power (Traded shares: 7.96 crore), YES Bank (Traded shares: 5.81 crore), NMDC (Traded shares: 3.92 crore), Sagility India (Traded shares: 3.52 crore), IDFC First Bank (Traded shares: 3.33 crore) and Ola Electric Mobility (Traded shares: 3.09 crore) were among the most actively traded stocks in volume terms on NSE.Stocks showing buying interestShares of Infosys, Tech Mahindra, Adani Ports SEZ, HCL Tech, Nestle India, TCS and Bajaj Finserv were among the stocks that witnessed strong buying interest from market participants.
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52 Week highOver 144 stocks hit their 52 week highs today while 58 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Mahindra & Mahindra and Maruti Suzuki.Stocks seeing selling pressureStocks which witnessed significant selling pressure were Eternal, NTPC, Titan Company, UltraTech Cement, IndusInd Bank, Tata Motors and Axis Bank.Sentiment meter neutralThe market sentiments were neutral. Out of the 4,281 stocks that traded on the BSE on Tuesday, 2,211 stocks witnessed declines, 1,918 saw advances, while 152 stocks remained unchanged.
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(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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