Indian markets ended slightly higher as IT stocks gained ahead of the RBI policy decision. Mixed global cues, a weak
rupee and FII outflows capped gains, while analysts warned of resistance near 26,150 and possible volatility on Friday.
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The Indian market closed higher on Thursday, with the Sensex and Nifty snapping a four-session losing run, lifted by IT
shares ahead of the Reserve Bank of India’s policy decision on Friday.
The S&P BSE Sensex rose 158 points, or 0.19%, to close at 85,265.32, while the NSE Nifty 50 advanced 48 points, or
0.18%, to finish at 26,033.75.
Here's how analysts read the market pulse:
The domestic markets closed flat amid mixed global cues and caution ahead of the RBI policy, said Vinod Nair, Head of
Research at Geojit Investments, adding that early value-driven gains were restrained by a record-low rupee and
"However, lowered expectations of an RBI rate cut supported a mild currency rebound, helping indices stabilise towards
the close. IT stocks outperformed, buoyed by renewed optimism around potential Fed rate cuts and favourable currency
tailwinds, which strengthened investor appetite for the sector," said Nair.
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Wall Street's main indexes fluctuated between small gains and losses on Thursday as investors analyzed a fresh round of
labor market data to fine-tune expectations for a much-anticipated Federal Reserve rate cut next week.
With November's official payrolls report due after the Fed's December meeting, traders have turned to a patchwork of
secondary indicators that offer a conflicting read on the jobs market.
A weekly Labor Department report showed new jobless claims fell to their lowest level in more than three years, even as
a Chicago Fed estimate suggested the unemployment rate held near 4.4% in November.
Fed funds futures point to a nearly 90% chance that the central bank will cut rates by 25 basis points this month, up
from around 60% last month, according to the CME Group's FedWatch tool.
European shares inched up on Thursday with industrials and automakers leading broader gains, as risk appetite improved
after two sessions of muted trading, while investors parsed through a mixed bag of corporate updates.
The pan-European STOXX 600 advanced 0.49% to 579.07 points, set for its third consecutive session of gains.
The Nifty mostly remained below the 21 EMA on the hourly chart, reflecting sustained selling pressure during the
session, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on Friday, the market may remain choppy
within a narrow range until the lending rate announcement and could turn volatile once it is released.
“Technically, the 26,100–26,150 zone is expected to act as crucial resistance, while support is placed at 25,900–25,950.
A fall below 26,000 may trigger a quick correction towards 25,950–25,900, as the chart setup appears weak on the hourly
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Most active stocks in terms of turnover
InterGlobe (Rs 2,259 crore), Hindustan Copper (Rs 2,038 crore), Infosys (Rs 2,007 crore), RIL (Rs 1,832 crore), TCS (Rs
1,624 crore), HDFC Bank (Rs 1,450 crore) and Kaynes Technology (Rs 1,349 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
Most active stocks in volume terms
Vodafone Idea (Traded shares: 120 crore), YES Bank (Traded shares: 13.55 crore), Ola Electric Mobility (Traded shares: 9
crore), Suzlon Energy (Traded shares: 7.67 crore), Hindustan Copper (Traded shares: 5.67 crore), JP Power (Traded
shares: 4.5 crore) and Eternal (Traded shares: 3.19 crore) were among the most actively traded stocks in volume terms on
Stocks showing buying interest
Shares of India Cements, Hindustan Copper, Vijaya Diagnostic, Kirloskar Oil, Caplin Point, Petronet LNG and Hexaware
Technologies were among the stocks that witnessed strong buying interest from market participants.
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Over 80 stocks hit their 52 week highs today while 261 stocks slipped to their 52-week lows. Among the ones which hit
their 52 week highs included Hero MotoCorp and Asian Paints.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were ABB Power, Kaynes Technology, Wockhardt, Biocon, Ola Electric
Mobility, Patanjali Foods and HBL Power.
The market sentiments were bearish. Out of the 4,302 stocks that traded on the BSE on Thursday, 2,314 stocks witnessed
declines, 1,807 saw advances, while 181 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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