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

The Indian stock market closed in the red on Wednesday, with Sensex and Nifty slipping up to 0.4%, a day after the benchmark indices rallied more than 1.5%.

The Sensex fell 252 points to close at 72,782, while the Nifty 50 fell 99 points to end the session below 22,623 on Wednesday. Broader markets also slipped into the red, with Nifty Midcap 100 and Nifty Smallcap 100 falling up to 0.3%.

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Here's how analysts read the market pulse

"Indian equities witnessed a volatile session as profit booking emerged after recent gains, with investors turning cautious ahead of key U.S. inflation data. Sentiment found some support from easing intraday crude oil prices, rupee appreciation following the RBI’s forex measures, and expectations of a potential review of LTCG tax and STT. However, a hotter-than-expected domestic WPI print pushed bond yields higher, reviving concerns over a tighter monetary policy trajectory and weighing on automobiles, private banks and metals. Meanwhile, encouraging business updates from IT, FMCG and PSU banks reinforced investors’ preference for fundamentally resilient companies with stronger earnings visibility amid a challenging macro backdrop,” said Vinod Nair, Head of Research at Geojit Investments.

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Most active stocks in terms of turnover

TCS (Rs 2,805 crore), Taril (Rs 2,413 crore), Infosys (Rs 2,401 crore), Meesho (Rs 2,003 crore), HDFC Bank (Rs 1,706 crore), BHEL (Rs 1,700 crore) and Axis Bank (Rs 1,456 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

Vedanta Power (Traded shares: 25.68 crore), Vodafone Idea (Traded shares: 19.92 crore), IDBI Bank (Traded shares: 14.86 crore), YES Bank (Traded shares: 9.66 crore), Meesho (Traded shares: 8.72 crore), TARIL (Traded shares: 6.9 crore) and Suzlon Energy (Traded shares: 6.75 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

TARIL, Vedanta Power, Elecon Engg Co, IDBI Bank, Vedanta Oil and Gas, Aegis Logistics and JSW Energy 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 BHEL and Aditya Infotech.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were LIC Housing, Meesho, Piramal Finance, HDB Financial Services, Sterlite Tech, Bank of Baroda and Shriram Finance.

52-week low

Among the ones which hit their 52-week lows on NSE included Commercial Engg, Max Financial, SBI Life, Vedanta Aluminium, Vishal Mega Mart, Fortis Healthcare and Natco Pharma.

Sentiment meter favours bulls

Out of the 3,667 stocks that traded on the NSE on October 14, Wednesday, 2,023 stocks witnessed advances, 1,536 stocks saw declines while 108 stocks remained unchanged.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.