The Indian market ended in the green on Friday, with the Nifty 50 rising for an eighth consecutive session, as softer U.S. labour market data helped temper concerns from a stronger-than-expected inflation reading, bolstering expectations that the Federal Reserve could begin cutting interest rates. Investor sentiment was also supported by signs of progress towards a potential revival of U.S.-India trade ties.
The S&P BSE Sensex closed 356 points, or 0.44% higher at 81,904.70, while the NSE Nifty 50 added 109 points, or 0.43%, to finish at 25,114.
Here’s how analysts read the market pulse:The national market closed higher, supported by renewed global optimism over a potential Fed rate cut, said Vinod Nair, Head of Research at Geojit Investments, adding that sentiments improved further on reports that the EU may reject U.S. tariff proposals on India for buying Russian oil.
“Progress in U.S.-India trade talks is also expected to keep the positive momentum intact in the near term. The defence sector outperformed, aided by the Indian procurement authorities beginning negotiations for six next-generation conventional submarines,” said Nair.
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Live EventsUS marketsThe Nasdaq closed at a record high on Friday, buoyed by gains in Microsoft, even as broader markets finished mixed. Investors are now turning their attention to next week’s Federal Reserve policy meeting, where officials are widely expected to cut interest rates to address a weakening labor market.
The S&P 500 slipped 0.05% to 6,584.29, while the Dow Jones Industrial Average fell 0.59% to 45,834.22. The Nasdaq rose 0.45% to 22,141.10.
European MarketsEuropean stocks slipped on Friday, with investors treading carefully ahead of Fitch’s credit rating review of France, even as the region’s benchmark notched its first weekly gain in three weeks.The STOXX 600 edged down 0.11% to 554.74, weighed by a more than 1% slide in healthcare shares. Novartis dropped 2.8% after Goldman Sachs cut its rating, citing intensifying competition from generics. Zealand Pharma declined 4.1% in tandem.
For the week, however, the STOXX 600 rose about 1%, supported by a global equity rebound driven by expectations of multiple U.S. rate cuts. Traders have fully priced in a Federal Reserve cut next week, according to CME Group’s FedWatch tool.
Tech ViewThe Nifty managed to stay in the green as put writers provided support around the 25,000 mark, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the index appears to be consolidating its recent gains, gradually forming a base.
“As long as it sustains above 24,850, the undertone remains constructive. A decisive move beyond 25,150 may set the stage for a rally towards 25,500 in the near term,” said De.
Most active stocks in terms of turnoverJBM Auto (Rs 3,024 crore), Waaree Energies (Rs 2,462 crore), Gujarat Mineral Development (Rs 2,037 crore), Infosys (Rs 1,967 crore), HDFC Bank (Rs 1,388 crore), Hindustan Copper (Rs 1,362 crore) and HAL (Rs 1,322 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: 113.20 crore), GMR Airports (Traded shares: 8.11 crore), YES Bank (Traded shares: 7.07 crore), Hindustan Copper (Traded shares: 5.02 crore), Motherson Sumi (Traded shares: 4.63 crore), JBM Auto (Traded shares: 4.32 crore) and HFCL (Traded shares: 4.31 crore) were among the most actively traded stocks in volume terms on NSE.Stocks showing buying interestShares of JBM Auto, Hindustan Copper, Gujarat Mineral Development, GRSE, BEML, Gujarat Pipavav and Bharat Dynamics were among the stocks that witnessed strong buying interest from market participants.
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52 Week highOver 135 stocks hit their 52 week highs today while 53 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Bajaj Finance and Aditya Birla Capital.Stocks seeing selling pressureStocks which witnessed significant selling pressure were Netweb Technologies, RattanIndia Enterprises, GSK Pharma, Metropolis Healthcare, Waaree Energies, Jindal Stainless and Sumitomo Chemical.
Sentiment meter neutralThe market sentiments were neutral. Out of the 4,289 stocks that traded on the BSE on Friday, 2,170 stocks witnessed declines, 1,974 saw advances, while 145 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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