Ahead of Market: 10 things that will decide stock market action on Thursday
Sensex jumped nearly 800 points to close at 76,991, while Nifty 50 gained around 198 points to end the session at 24,022. This comes as India VIX, which measures volatility in the market, dropped over 4% to 13.34. The sharp gains added around Rs 1.3 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to Rs 476 lakh crore.
Here’s how analysts read the market pulse
Domestic equities ended higher, supported by positive Asian cues and a sharp drop in crude prices following improved traffic at the Strait of Hormuz, alongside growing expectations of an imminent India–US trade deal, said Vinod Nair, Head of Research, Geojit Investments.
“Bond yields also sharply declined, supported by fresh capital inflows following the recent debt market policy reforms. Large caps outperformed the broader market through the session, led by gains in IT and banking stocks. While the clarity in the FCNR(B) deposit swap scheme provided momentum to banking stocks, IT stocks gained on reinforcing commentary that Indian vendors remain indispensable implementation partners for enterprise-wide mid- and back-office AI adoption,” according to the analyst.
Tech view
Nifty opened on a steady note and extended its gains throughout the session to close at 24,022, up 0.83%, said SBI Securities. “The rebound is noteworthy, especially after the index had declined by over 1% in the previous session. On the daily chart, Nifty formed a sizeable bullish candle, easing concerns of a short-term corrective phase. The index also reclaimed its 50-day EMA, while the RSI has turned higher, indicating an improvement in momentum and renewed buying interest,” it added.
“Going ahead, the immediate resistance for Nifty is placed in the 24,140-24,170 zone, which coincides with the 100-day EMA. Any sustainable move above this zone could result in Nifty extending its pullback towards 24300, followed by 24450 in the short term. On the downside, the immediate support for Nifty is placed in the 23,900-23,870 zone,” the domestic brokerage further said.
Most active stocks in terms of turnover
HDFC Bank (Rs 2,736 crore), ICICI Bank (Rs 2,252 crore), KPR Mill (Rs 1,882 crore), Bharti Airtel (Rs 1,687 crore), Pine Labs (Rs 1,494 crore), Reliance Industries (Rs 1,447 crore) and Infosys (Rs 1,297 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 43.71 crore), Yes Bank (Traded shares: 11.72 crore), Pine Labs (Traded shares: 9.47 crore), Ola Electric (Traded shares: 8.72 crore), IRFC (Traded shares: 8.06 crore), GMR Infra (Traded shares: 7.05 crore), and Suzlon Energy (Traded shares: 6.38 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
KPR Mill, Pine Labs, JSW Infrastructure, M&M Financial, CreditAccess Grameen, Oracle and Exide Industries were among the stocks that witnessed strong buying interest from market participants.
52-week high
Among the ones which hit their 52-week highs on NSE included KPR Mill, Welspun India, Syrma SGS Technology, R R Kabel, Aditya Birla Capital, Navin Fluorine and Federal Bank.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were GE T&D India, IRFC, ABB Power, Triveni Turbine, Schneider, Data Patterns (India) and Zen Tech.
52-week low
Among the ones that hit their 52-week lows on NSE included Bayer Cropsciences, Birlasoft and Wipro
Sentiment meter favours bulls
Out of the 3,396 stocks that traded on the NSE on June 24, Wednesday, 1,735 stocks witnessed advances, 1,566 saw declines, while 95 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
