The Indian market ended in the green on Thursday, extending its rally to a sixth straight session as optimism over a potential cut in Goods and Services Tax (GST), strength in financials from a proposal to exempt insurance premiums from tax, and gains in Reliance Industries lifted the market.
The S&P BSE Sensex advanced 142.87 points, or 0.17%, to 82,000.71, while the NSE Nifty 50 gained 33.20 points, or 0.13%, closing above the 25,000 mark at 25,083.75.
Here’s how analysts read the market pulse:
Indian equities ended mixed, as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings, said Vinod Nair, Head of Research at Geojit Investments, adding that the country’s record-high composite PMI in August, reflecting strong expansion in both manufacturing and services, particularly in business activity, may provide stability in the near term.
“Investors remain cautious ahead of the upcoming Jackson Hole symposium on Friday, and rising domestic bond yields due to fiscal concerns surrounding GST rationalization,” said Nair.
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Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!US marketsWall Street’s main indexes slipped on Thursday, as investors awaited clues on monetary policy from a Federal Reserve conference in Jackson Hole, while big-box retailer Walmart’s quarterly results did little to boost sentiment.Walmart raised its fiscal year sales and profit, driven by strong demand from shoppers across all income levels, but missed quarterly profit expectations and flagged higher costs from tariffs.Shares of the retailer fell 4.3% and pressured the consumer staples sector, which declined 0.9%.
Reports from other retailers such as Target and Home Depot earlier this week painted a mixed picture, while technology-related stocks such as Meta, Amazon.com and Advanced Micro Devices declined sharply.
The selloff signaled investor fears that the equities, which have soared since April lows, are now overvalued, while Washington’s growing interference in the sector has also raised alarms.
European MarketsEuropean equities were subdued on Thursday as investors awaited updates from the Federal Reserve’s Jackson Hole symposium, while the United States and European Union locked in a framework trade deal reached last month.
The pan-European STOXX 600 index was flat at the close, while major bourses were mixed.
The EU said it would strive to ensure lower U.S. tariffs apply to its car exports retroactively, as the EU and U.S. detailed commitments made in a deal reached last month.
Tech ViewThe Nifty traded in a narrow range of 25,050–25,150 throughout the day, reflecting limited volatility, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the sentiment remains positive, with the index comfortably holding above the short-term moving average.
“The daily RSI is in a bullish crossover and trending higher. On the downside, support is placed at 24,800; as long as this level holds, a buy-on-dips strategy is likely to prevail. On the upside, resistance is seen at 25,250 and 25,500,” said De.
Most active stocks in terms of turnoverClean Science & Tech (Rs 3,440 crore), BSE (Rs 2,900 crore), Ola Electric Mobility (Rs 2,838 crore), Swiggy (Rs 1,720 crore), Jupiter Wagons (Rs 1,688 crore), RIL (Rs 1,573 crore) and Waaree Energies (Rs 1,277 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 termsOla Electric Mobility (Traded shares: 56.43 crore), Vodafone Idea (Traded shares: 35.27 crore), Suzlon Energy (Traded shares: 5.30 crore), YES Bank (Traded shares: 4.93 crore), Jupiter Wagons (Traded shares: 4.67 crore), IDBI Bank (Traded shares: 4.67 crore) and JP Power (Traded shares: 4.61 crore) were among the most actively traded stocks in volume terms on NSE.Stocks showing buying interestShares of Nava Bharat, IDBI Bank, Lemon Tree Hotels, Tejas Networks,
India Cements, Reliance Power and Caplin Point were among the stocks that witnessed strong buying interest from market participants.
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52 Week highOver 143 stocks hit their 52 week highs today while 49 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Maruti Suzuki.Stocks seeing selling pressureStocks which witnessed significant selling pressure were Power Grid, Eternal, IndusInd Bank, NTPC, Nestle India, HUL and Adani Ports SEZ.Sentiment meter neutralThe market sentiments were neutral. Out of the 4,248 stocks that traded on the BSE on Thursday, 2,058 stocks witnessed declines, 2,039 saw advances, while 151 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)