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

The Indian stock market rallied on Monday, with Sensex and Nifty jumping nearly 2% each as falling oil prices, strong earnings by heavyweights including Reliance Industries and other factors strengthened the bulls of Dalal Street.

Sensex soared 1,233 points to close at 75,693 while Nifty 50 jumped 388 points to close near 23,441 on Monday. The sharp gains added more than Rs 8 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up above Rs 482 lakh crore.

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Here's how analysts read the market pulse

"Indian equities opened the week on a firm footing, supported by better than estimated Q2 earnings and improving domestic cues. Domestic macro indicators provided an additional boost to sentiment with October passenger-vehicle sales growth reflecting healthy festive demand, while gross GST collections increased, reinforcing the resilience of domestic consumption and economic activity. Global cues were also supportive, with softer crude oil prices and renewed US-Iran diplomatic efforts helping ease concerns around energy costs and geopolitical risks. Foreign investors turning buyers as a global AI rotation also provided support to domestic equities. The rally extended to the broader market, with mid- and small-cap indices also advancing, indicating an improvement in market participation,” said Vinod Nair, Head of Research at Geojit Investments.

US stocks

Wall Street's main indexes rose on Monday as oil prices tumbled more than 6% on hopes of a US-Iran peace deal, with investors also bracing for Tuesday's midterm elections and another busy week of earnings.

Brent crude prices fell to a near two-week low as Iran's talks with Qatari officials to end the eight-month-long conflict with the US raised hopes that Middle East supply disruptions could ease.

European markets

European stocks edged down on Monday after Friday’s tech rout, with investors looking ahead to Apple’s earnings and taking comfort from a sharp fall in oil prices amid hopes for a deal to end the Iran war. Europe's STOXX 600 was down 0.10%, with tech stocks rising 0.30%.

Most active stocks in terms of turnover

Reliance Industries (Rs 11,004 crore), Dixon Tech (Rs 1,980 crore), Infosys (Rs 1,508 crore), HDFC Bank (Rs 1,491 crore), Welspun India (Rs 1,388 crore), Bharti Airtel (Rs 1,360 crore), and ICICI Bank (Rs 1,253 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.

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Most active stocks in volume terms

Vodafone Idea (Traded shares: 32.64 crore), Vedanta Power (Traded shares: 18.45 crore), Motherson Sumi Wiring India (Traded shares: 17.86 crore), Suzlon Energy (Traded shares: 11.89 crore), Ola Electric Mobility (Traded shares: 10.12 crore), Yes Bank (Traded shares: 9.89 crore) and JP Power (Traded shares: 9.65 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

ITI, Engineers India, Affle (India), Dixon Tech, Kirloskar Bros., RIL and Welspun India 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 Coforge, Sona BLW Precision, Divi’s Labs, IHCL, Nykaa, PVR Inox and Anand Rathi Wealth.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were Gallantt Metal, Clean Science, Zee Entertainment, Syrma SGS Technology, PB Fintech, Concord Biotech and Escorts Kubota.

52-week low

Among the ones which hit their 52-week lows on NSE included Zee Entertainment, PB Fintech, Escorts Kubota, IGL, Sarda Energy, Max Financial and Colgate Palmolive..

Sentiment meter favours bulls

Out of the 3,713 stocks that traded on the NSE on November 2, Monday, 2,445 stocks witnessed advances, 1,164 stocks saw declines while 104 stocks remained unchanged.

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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 disclaimershere.