Ahead of Market: 10 things that will decide stock market action on Thursday

The Indian stock market closed in the green on Wednesday, with Sensex and Nifty recording marginal gains after wiping off most of their intraday gains. Sensex rose over 130 points to close at 77,185, while Nifty 50 gained over 26 points to end the session at 24,078 on Wednesday. This came while the volatility measure India VIX dropped over 3% to 13.27.

While the benchmark indices have closed in the green, Sensex dropped 461 points from its intraday high of 77,185, and Nifty wiped off most of its gains after rising as high as 24,220 earlier during the session.

Here's how analysts read the market pulse


Domestic equities exhibited resilience, with broader markets outperforming large caps amid positive Asian cues, said Vinod Nair, Head of Research of Geojit Investments. He added that softer US inflation data supported sentiment, while the Fed maintained its focus on price stability without turning more hawkish.

“Q1FY27 earnings remained the key domestic catalyst, though higher crude prices due to West Asia tensions capped gains and triggered profit booking. PSU banks gained on strong business updates, while textile and industrial stocks advanced as the India-UK trade deal went live. In contrast, metal stocks declined due to weak China GDP data and margin concerns from flat metal prices and rising crude costs. The IT sector also underperformed following weak preliminary results and commentary from IBM,” he further said.

US stocks
Wall Street's main indexes edged higher on Wednesday, as softer-than-expected producer inflation data and a flurry of corporate earnings supported sentiment, while PayPal surged on news of a $53 billion takeover offer.

Strong results from major banks for a second straight day helped sustain an upbeat tone for the second-quarter earnings season. The S&P ‌500 financial sector ⁠gained 0.6%.

European markets

Europe's STOXX 600 index was just below parity after rallying the previous day when softer-than-expected U.S. inflation data cooled concerns about higher interest rates, pushing the dollar and yields lower.

Tech view

Nifty traded in a range with high volatility and closed marginally higher on Wednesday session, forming a doji candle with a long upper shadow that signals selling pressure at higher levels amid elevated crude oil prices, said Bajaj Broking.

"We expect the index to extend the recent consolidation and trade in the range of 23,800-24,350. Within the consolidation last Friday’s gap area and Monday's low of 24,000-23,950 will act as immediate support, holding above the same will lead to pullback towards 24,250-24,350 levels being the upper band of the recent consolidation range," it added.

"Short term support is placed at 23,800-23,900 levels being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels being the high of April 2026," the domestic brokerage further said.

Most active stocks in terms of turnover

Kalyan Jewellers (Rs 3,428 crore), Groww (Rs 3,265 crore), Patanjali Foods (Rs 2,858 crore), Ather Energy (Rs 2,208 crore), Nuvoco Vistas Corp (Rs 1,932 crore), ICICI Bank (Rs 1,838 crore) and HDFC Bank (Rs 1,752 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: 32.32 crore), Groww (Traded shares: 15.36 crore), Ola Electric (Traded shares: 9.19 crore), Patanjali Foods (Traded shares: 8.14 crore), Kalyan Jewellers (Traded shares: 6.36 crore), Union Bank of India (Traded shares: 6.08 crore) and Nuvoco Vistas Corp (Traded shares: 5.06 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

Nuvoco Vistas Corp, Gabriel India, Aegis Logistics, Ather Energy, L&T Tech, Groww and Jubilant Pharmova 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 Ather Energy, Gujarat Fluorochem, Bandhan Bank, Ipca Labs, Divis Labs, Torrent Pharma and J B Chemicals.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were Patanjali Foods, Tata Elxsi, Physicswallah, Adani Power, Adani Green, CarTrade Tech and Go Digit General Insurance.

52-week low

Among the ones which hit their 52-week lows on NSE included Patanjali Foods, Tata Elxsi, Vedanta and KPIT Tech.

Sentiment meter favours bulls

Out of the 3,403 stocks that traded on the NSE on July 15, Wednesday, 1,847 stocks witnessed advances, 1,445 saw declines while 111 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)