The benchmark S&P BSE Sensex rose 16.09 points or 0.02% to settle at 81,526.14, while the broader Nifty 50 index closed at 24,641.80, higher by 31.75 points or 0.13%.
Here’s how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said the Indian market exhibited subtle movements, reflecting mixed sentiments prevailing in global markets ahead of the US CPI inflation data release, which could influence the U.S. FED policy.
“The US dollar strengthened, while bond yields saw a marginal uptick. Defensive sectors, including FMCG and pharmaceuticals, experienced an uptick. Additionally, the metals sector saw gains driven by optimism surrounding potential stimulus measures from China,” Nair added.
US markets
U.S. stock markets advanced on Wednesday after inflation data matched forecasts, reinforcing expectations for a Federal Reserve rate cut later this month.
The Consumer Price Index (CPI) rose 0.3% in November, aligning with estimates, while annual inflation stood at 2.7%. Core inflation, excluding food and energy, was reported at 3.3%, also in line with projections.U.S. government bond yields declined following the report, with the 10-year Treasury yield slipping to 4.2108%, as bond prices rose.Eight of the 11 major S&P sectors saw gains, led by a 1.3% rise in consumer discretionary and a 1.8% climb in communication services. Megacap stocks also rallied, with Tesla rising 1.8% and Amazon.com up 2%.
Tech View
The benchmark indices experienced limited movement, with the Nifty ended 32 points higher and the Sensex up by 16 points, said Shrikant Chouhan, Head Equity Research at Kotak Securities, adding that technically, on daily charts, the index has formed a small candle formation, which suggests indecisiveness between the bulls and the bears.
“We believe that the current market texture is non-directional; traders are perhaps waiting for a breakout in either direction. On the upside, if the market breaks above 24,700/81700, it could rise to a range of 24,800-24,825/82000-82200. Conversely, a decline below 24,500/81000 might lead to increased selling pressure. Below the same, it could retest the levels of 24,400-24,350/80700-80500,” Chouhan added.
Most active stocks in terms of turnover
Titagarh Wagons (Rs 94.22 crore), Axis Bank (Rs 88.46 crore), Jupiter Wagons (Rs 79.51 crore), Reliance Industries Ltd (Rs 76.24 crore), IRFC (Rs 74.02 crore), Zomato (Rs 71.55 crore) and Swan Energy (Rs 68.33 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: 24.38 crore), IRFC (Traded shares: 8.68 crore), YES Bank (Traded shares: 6.59 crore), IRB Infrastructure Developers (Traded shares: 5.44 crore), JP Power (Traded shares: 4.16 crore), Zomato (Traded shares: 3.91 crore) and Suzlon Energy (Traded shares: 3.25 crore) and were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of PNC Infratech, Jupiter Wagons, Swan Energy, Jubilant Ingrevia, Titagarh Wagons, Ircon International and EIH were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 272 stocks hit their 52 week highs today while 15 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Swan Energy, Jubilant Ingrevia, Vedanta, Kaynes Technology, Eris Lifesciences, Max Healthcare and 360 One Wam.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were ITI Ltd, Mahindra Lifespace, CCL Products, Brigade Enterprises, PNB Housing, Emami and Trident Ltd.
Sentiment meter favours bulls
The market sentiments were neutral. Out of the 4,096 stocks that traded on the BSE on Wednesday, 1,902 stocks witnessed declines, 2,084 saw advances, while 110 stocks remained unchanged.
Also read | Vodafone Idea, YES Bank among top 10 wealth destroyers in last five years: Motilal Oswal
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
