Ahead of Market: 10 things that will decide stock market action on Friday
Indian markets found support from easing crude oil prices and the RBI's stable policy outlook despite range-bound trade. Analysts said Nifty holding above 24,600 keeps bullish momentum intact, with improving earnings expectations and stock-specifi...
By Akash Podishetti, ETMarkets.com |
TIMESOFINDIA.COM
Indian equities stayed resilient on softer crude prices and RBI optimism, while analysts said Nifty above 24,600 could pave the way for further gains.
Indian equity markets drew support from the moderation in crude oil prices, aided by intensified diplomatic efforts to restore regional stability and normalize shipping activity through the Strait of Hormuz. The positive sentiment was further reinforced by the RBI's steady policy stance and constructive growth outlook, prompting selective buying in heavyweights, banking, and energy stocks.
Here's how analysts read the market pulse
Analysts say investors are also increasingly pricing in an improvement in upcoming quarters earnings, as softer crude prices could ease inflationary pressures and support margin expansion. Profit booking witnessed across many sectors like auto, metals, IT, realty and cement sectors but broad market remained resilient led by stock specific rally in small caps.
US stocks
US stocks were mixed on Thursday as gains across most sectors helped the S&P 500 and Nasdaq reverse early losses while the Dow edged lower. Technology shares remained under pressure after upbeat forecasts from Western Digital and SanDisk failed to impress investors.
Strength elsewhere helped offset the technology sell-off, with nine of the S&P 500’s 11 sectors advancing. Energy, consumer staples and healthcare led the gains.
Investors were also awaiting details of a potential Middle East peace deal. Brent crude traded near $80 a barrel as markets watched for signs of an agreement between Iran and the United States. A proposed Iran-Oman deal would give Tehran control over vessels entering the Gulf through the Strait of Hormuz, sources told Reuters.
European markets
The rally resumed in European markets, with the pan-European STOXX 600 touching an all-time high, driven by media and telecoms stocks. It was up 0.4% on the day by 1102 GMT, while London's FTSE 100 was up 0.2%, France's CAC 40 was up 0.7% and Germany's DAX was up 0.2%.
Tech view
On the higher side, the Nifty repeatedly faced resistance near the previous day's closing level, with buying momentum fading at higher levels. On the downside, 24,600 acted as a crucial support throughout the session. In the near term, as long as the Nifty sustains above 24,600, it has the potential to move towards 24,800. A sustained breakout above 24,800 could trigger a fresh directional rally and strengthen the bullish momentum.
Most active stocks in terms of turnover
HDFC Bank (Rs 3,294 crore), Navin Flourine (Rs 3,215 crore), RIL (Rs 2,671 crore), HAL (Rs 2,341 crore), LIC (Rs 2,231 crore), ICICI Bank (Rs 2,177 crore) and Neuland Labs (Rs 2,014 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
Ola Electric Mobility (Traded shares: 26.82 crore), Vodafone Idea (Traded shares: 20.45 crore), JP Power (Traded shares: 5.95 crore), LIC (Traded shares: 5.74 crore), Swiggy (Traded shares: 5.14 crore), Pine Labs (Traded shares: 4.63 crore), and HDFC Bank (Traded shares: 4.4 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Navin Fluorine, Neuland Labs, Tata Technologies, Mazagon Dock, HAL, Pine Labs and Kalyan Jewellers 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 Navine Fluorine, Neuland Labs, Tata Tech, AU SFB, Chola Inv Finance, Tata Capital and PNB Housing.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were First Source, Inventurus Knowledge, Blue Star, Saregama India, ITD Cementation, HFCL and Bikaji Foods.
Sentiment meter favours bears
Out of the 4,493 stocks that traded on the NSE on August 6, Thursday, 2,100 stocks witnessed advances, 2,191 saw declines while 202 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)
Here's how analysts read the market pulse
Analysts say investors are also increasingly pricing in an improvement in upcoming quarters earnings, as softer crude prices could ease inflationary pressures and support margin expansion. Profit booking witnessed across many sectors like auto, metals, IT, realty and cement sectors but broad market remained resilient led by stock specific rally in small caps.
US stocks
US stocks were mixed on Thursday as gains across most sectors helped the S&P 500 and Nasdaq reverse early losses while the Dow edged lower. Technology shares remained under pressure after upbeat forecasts from Western Digital and SanDisk failed to impress investors.
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The semiconductor sector was broadly lower, with Intel and AMD declining and the Philadelphia Semiconductor Index falling 1.5%.Strength elsewhere helped offset the technology sell-off, with nine of the S&P 500’s 11 sectors advancing. Energy, consumer staples and healthcare led the gains.
Investors were also awaiting details of a potential Middle East peace deal. Brent crude traded near $80 a barrel as markets watched for signs of an agreement between Iran and the United States. A proposed Iran-Oman deal would give Tehran control over vessels entering the Gulf through the Strait of Hormuz, sources told Reuters.
European markets
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The rally resumed in European markets, with the pan-European STOXX 600 touching an all-time high, driven by media and telecoms stocks. It was up 0.4% on the day by 1102 GMT, while London's FTSE 100 was up 0.2%, France's CAC 40 was up 0.7% and Germany's DAX was up 0.2%.
Tech view
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On the higher side, the Nifty repeatedly faced resistance near the previous day's closing level, with buying momentum fading at higher levels. On the downside, 24,600 acted as a crucial support throughout the session. In the near term, as long as the Nifty sustains above 24,600, it has the potential to move towards 24,800. A sustained breakout above 24,800 could trigger a fresh directional rally and strengthen the bullish momentum.
Most active stocks in terms of turnover
HDFC Bank (Rs 3,294 crore), Navin Flourine (Rs 3,215 crore), RIL (Rs 2,671 crore), HAL (Rs 2,341 crore), LIC (Rs 2,231 crore), ICICI Bank (Rs 2,177 crore) and Neuland Labs (Rs 2,014 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
Ola Electric Mobility (Traded shares: 26.82 crore), Vodafone Idea (Traded shares: 20.45 crore), JP Power (Traded shares: 5.95 crore), LIC (Traded shares: 5.74 crore), Swiggy (Traded shares: 5.14 crore), Pine Labs (Traded shares: 4.63 crore), and HDFC Bank (Traded shares: 4.4 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Navin Fluorine, Neuland Labs, Tata Technologies, Mazagon Dock, HAL, Pine Labs and Kalyan Jewellers 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 Navine Fluorine, Neuland Labs, Tata Tech, AU SFB, Chola Inv Finance, Tata Capital and PNB Housing.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were First Source, Inventurus Knowledge, Blue Star, Saregama India, ITD Cementation, HFCL and Bikaji Foods.
Sentiment meter favours bears
Out of the 4,493 stocks that traded on the NSE on August 6, Thursday, 2,100 stocks witnessed advances, 2,191 saw declines while 202 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)
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