Domestic stock markets ended negative on Thursday dragged by auto, IT and pharma stocks. The headline Index S&P BSE Sensex settled at 80,951.99, falling by 644.64 points or 0.79%. The broader Nifty moved in tandem, closing the session at 24,609.70, lower by 203.75 points or 0.822%.
Here's how analysts read the market pulse:
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that The Nifty slipped due to global weakness, following new tax bill discussions by the US President. “Technically, the index declined from the 200-hour moving average and found support at the 21-day EMA. The very short-term trend remains weak, and the Nifty may continue to correct as long as it stays below 24,800. Any rise toward this level could attract selling pressure. On the lower end, support is placed at 24,445 (21EMA) and a breakdown below this level could accelerate weakness. On the higher side, if the Nifty moves above 24,650, it may head toward 24,775–24,800," De said.
US markets
The S&P 500 struggled for direction on Thursday after the U.S. House of Representatives passed President Donald Trump's tax and spending bill, expected to burden the federal government with trillions of dollars in extra debt, by a razor-thin margin.
If what Trump has described as a "big, beautiful bill" becomes law, it is expected to add about $3.8 trillion to the country's $36.2 trillion debt in the next decade, according to the nonpartisan Congressional Budget Office.
The bill now faces a test in the Republican-controlled Senate and will fulfill much of Trump's populist agenda if passed, delivering new tax breaks on tips and car loans and boosting U.S. military expenditure.
Longer-dated Treasury yields hovered near multi-month highs, with those on the 10-year benchmark at 4.58% and the 30-year Treasury yield at a new 19-month high.
European Stocks
European stocks fell on Thursday as concerns over U.S. fiscal health kept Treasury yields elevated, while data showing weak euro zone business activity added to the gloom.
The pan-European STOXX 600 index closed 0.6% lower, logging its biggest single-day fall since early April, and retreated further from a two-month high touched earlier this week.
Investors have been grappling with lack of progress on trade deals as well as U.S. President Donald Trump's sweeping tax cut plans, which have raised concerns about ballooning U.S. debt and sent government bond yields surging.
Tech View
Decoding Nifty on charts, Bajaj Broking Research said that the index has formed a small bull candle with an upper shadow which remained enclosed inside previous session trading range signaling consolidation around the 24,800 levels. This means that in the near term the index could enter a consolidation phase within the 24,400-25,200 range to work off the overbought conditions developed in the daily stochastic oscillator after the recent sharp up move.
"Within the broader consolidation a move above yesterday's high (24,946) will open upwards towards 25,100-25,200 levels in the coming sessions. While a breach below the last 2 sessions almost identical low (24,669) will open extended decline towards 24,500-24,400 levels. Key short-term support lies at 24,350-24,400, a confluence zone marked by the prior week's low, the 20-day EMA, and the 61.8% Fibonacci retracement of the recent upswing (23,935-25,116)," this brokerage said.
Most active stocks in terms of turnover
GRSE (Rs 369 crore), Cochin Shipyard (Rs 335 crore), Tata Teleservices Maharashtra (TTML, Rs 254 crore), Mazagon Dock (Rs 192 crore), Embassy Office Parks REIT (182 crore), IndusInd Bank (Rs 181 crore) and Dixon Technologies (Rs 71 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: 5.86 crore), TTML (Traded shares: 3.31 crore), TD Power Systems (Traded shares: 1.71 lakh), Harshil Agrotech (Traded shares: 1.67 crore), Yes Bank (Traded shares: 1.07 crore), Suzlon Energy (Traded shares: 60.93 lakh) and NTPC Green (Traded shares: 60.85 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of Tata Teleservices (Maharashtra), GRSE, Emcure Pharmaceuticals, PTC Industries, Shipping Corporation of India, Fortis Healthcare, Jubilant Pharmova and Solar Industries were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 80 stocks hit their 52 week highs today while 34 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Pharmalabs, AB Infrabuild, APL Apollo Tubes, BEL and HDFC Life Insurance Company.
Stocks seeing selling pressure
Among the large cap names were, Mahindra & Mahindra (M&M), Bajaj Finserv and Tech Mahindra. Other stocks which witnessed significant selling pressure were Aditya Birla Fashion and Retail (ABFRL), Colgate Palmolive, Redington, PG Electroplast, Piramal Enterprises and General Insurance Corporation.
Sentiment meter favours bears
Action in heavyweights like Reliance Industries (RIL), M&M and Infosys dragged the markets the most, ensuring a negative closing. Out of the 4,086 stocks that traded on the BSE on Thursday, 1,741 stocks witnessed advances, 2,178 saw declines while 167 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Here's how analysts read the market pulse:
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that The Nifty slipped due to global weakness, following new tax bill discussions by the US President. “Technically, the index declined from the 200-hour moving average and found support at the 21-day EMA. The very short-term trend remains weak, and the Nifty may continue to correct as long as it stays below 24,800. Any rise toward this level could attract selling pressure. On the lower end, support is placed at 24,445 (21EMA) and a breakdown below this level could accelerate weakness. On the higher side, if the Nifty moves above 24,650, it may head toward 24,775–24,800," De said.
US markets
The S&P 500 struggled for direction on Thursday after the U.S. House of Representatives passed President Donald Trump's tax and spending bill, expected to burden the federal government with trillions of dollars in extra debt, by a razor-thin margin.
If what Trump has described as a "big, beautiful bill" becomes law, it is expected to add about $3.8 trillion to the country's $36.2 trillion debt in the next decade, according to the nonpartisan Congressional Budget Office.
The bill now faces a test in the Republican-controlled Senate and will fulfill much of Trump's populist agenda if passed, delivering new tax breaks on tips and car loans and boosting U.S. military expenditure.
Longer-dated Treasury yields hovered near multi-month highs, with those on the 10-year benchmark at 4.58% and the 30-year Treasury yield at a new 19-month high.
European Stocks
European stocks fell on Thursday as concerns over U.S. fiscal health kept Treasury yields elevated, while data showing weak euro zone business activity added to the gloom.
The pan-European STOXX 600 index closed 0.6% lower, logging its biggest single-day fall since early April, and retreated further from a two-month high touched earlier this week.
Investors have been grappling with lack of progress on trade deals as well as U.S. President Donald Trump's sweeping tax cut plans, which have raised concerns about ballooning U.S. debt and sent government bond yields surging.
Tech View
Decoding Nifty on charts, Bajaj Broking Research said that the index has formed a small bull candle with an upper shadow which remained enclosed inside previous session trading range signaling consolidation around the 24,800 levels. This means that in the near term the index could enter a consolidation phase within the 24,400-25,200 range to work off the overbought conditions developed in the daily stochastic oscillator after the recent sharp up move.
"Within the broader consolidation a move above yesterday's high (24,946) will open upwards towards 25,100-25,200 levels in the coming sessions. While a breach below the last 2 sessions almost identical low (24,669) will open extended decline towards 24,500-24,400 levels. Key short-term support lies at 24,350-24,400, a confluence zone marked by the prior week's low, the 20-day EMA, and the 61.8% Fibonacci retracement of the recent upswing (23,935-25,116)," this brokerage said.
Most active stocks in terms of turnover
GRSE (Rs 369 crore), Cochin Shipyard (Rs 335 crore), Tata Teleservices Maharashtra (TTML, Rs 254 crore), Mazagon Dock (Rs 192 crore), Embassy Office Parks REIT (182 crore), IndusInd Bank (Rs 181 crore) and Dixon Technologies (Rs 71 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: 5.86 crore), TTML (Traded shares: 3.31 crore), TD Power Systems (Traded shares: 1.71 lakh), Harshil Agrotech (Traded shares: 1.67 crore), Yes Bank (Traded shares: 1.07 crore), Suzlon Energy (Traded shares: 60.93 lakh) and NTPC Green (Traded shares: 60.85 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of Tata Teleservices (Maharashtra), GRSE, Emcure Pharmaceuticals, PTC Industries, Shipping Corporation of India, Fortis Healthcare, Jubilant Pharmova and Solar Industries were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 80 stocks hit their 52 week highs today while 34 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Pharmalabs, AB Infrabuild, APL Apollo Tubes, BEL and HDFC Life Insurance Company.
Stocks seeing selling pressure
Among the large cap names were, Mahindra & Mahindra (M&M), Bajaj Finserv and Tech Mahindra. Other stocks which witnessed significant selling pressure were Aditya Birla Fashion and Retail (ABFRL), Colgate Palmolive, Redington, PG Electroplast, Piramal Enterprises and General Insurance Corporation.
Sentiment meter favours bears
Action in heavyweights like Reliance Industries (RIL), M&M and Infosys dragged the markets the most, ensuring a negative closing. Out of the 4,086 stocks that traded on the BSE on Thursday, 1,741 stocks witnessed advances, 2,178 saw declines while 167 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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