The BSE Sensex rose 443 points, or 0.55%, to close at 81,442, while the NSE Nifty added 131 points, or 0.53%, to settle at 24,750. During intraday trade, the Sensex had surged as much as 913 points and the Nifty briefly touched 24,899.
Here’s how analysts read the market pulse:
Though profit booking remains evident at higher levels, the benchmark indices are attempting to recover their momentum amid consolidation, said Vinod Nair, Head of Research, Geojit Investments, adding that with a weakening dollar index and volatile US bond yields, FIIs are turning net buyers again after the recent selloffs in anticipation of final trade negotiations.
“Despite global uncertainty, strong indicators of economic and corporate earnings growth are encouraging investors to adopt a buy-on-dip strategy. Moreover, markets are attentively awaiting upcoming central bank decisions, with a 25-bps rate cut anticipated from both the ECB and RBI,” said Nair.
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US markets
Wall Street wavered and crude prices jumped on Thursday as investors juggled new trade talks between U.S. President Donald Trump and Chinese President Xi Jinping against a spate of downbeat economic data ahead of Friday’s crucial jobs report.The three major U.S. stock indexes struggled for direction in early trade and were last modestly higher, while U.S. Treasury yields seesawed and the dollar weakened.Trump held talks with Xi by phone on Thursday in an effort to iron out trade disputes between the world’s two largest economies that have buffeted the global economy, and they agreed to further discussions, according to U.S. and Chinese summaries of their call.
European Markets
European shares slipped on Thursday after European Central Bank President Christine Lagarde said the bank was well-positioned to cope with global economic uncertainty, prompting investors to rein in their rate-cut bets.
The pan-European STOXX 600 index fell 0.3% by 1347 GMT.
The ECB cut interest rates by 25 basis points as well as trimmed its inflation and growth projections amid uncertainty from U.S. trade tariffs, at its monetary policy meeting on Thursday.
Tech View
The Nifty remained volatile within a range throughout the day, failing to establish a clear directional move as range-bound trading continued, said Rupak De, Senior Technical Analyst at LKP Securities, adding that “however, a golden crossover is visible on the daily chart, indicating the potential for a strong uptrend in the short term.”
“On the 2-hour chart, the RSI has formed a positive crossover, suggesting bullish momentum in the near to short term. Support continues to hold at 24,500; unless the Nifty breaks below this level, a serious correction is unlikely. On the contrary, a steady or even sharp recovery appears possible in the near term,” said De.
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Most active stocks in terms of turnover
Cochin Shipyard (Rs 5,374 crore), Eternal (Rs 3,279 crore), BSE (Rs 3,186 crore), HDFC Bank (Rs 2,170 crore), GRSE (Rs 2,012 crore), Reliance Industries Ltd (Rs 1,979 crore) and Bharti Airtel (Rs 1,687 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 terms
Vodafone Idea (Traded shares: 32.76 crore), Reliance Power (Traded shares: 16.92 crore), Eternal (Traded shares: 12.77 crore), YES Bank (Traded shares: 11.71 crore), Suzlon Energy (Traded shares: 11.65 crore), Swiggy (Traded shares: 4 crore) and Brainbees Solutions (Traded shares: 3.67 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Cochin Shipyard, Brainbees Solutions, JM Financial, Data Patterns (India), Sobha, Welspun Corp and Hindustan Zinc were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 109 stocks hit their 52 week highs today while 36 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Graphite India, RBL Bank, TBO Tek, Jubilant Ingrevia, Emami, Deepak Fertilisers and MMTC.
Sentiment meter bullish
The market sentiments were bullish. Out of the 4,129 stocks that traded on the BSE on Thursday, 1,782 stocks witnessed declines, 2,206 saw advances, while 141 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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