Here’s how analysts read the market pulse:
“Investor sentiment improved after comments from the US deputy secretary suggested that an India–US trade deal may be nearing completion. Value buying also emerged in sectors such as metals, consumer durables, realty, and auto following recent corrections, while IT stocks resumed their decline partly due to the strengthening of the Indian rupee,” said Vinod Nair, Head of Research, Geojit Investments.
US Markets
Wall Street’s main indexes edged lower on Thursday as the Middle East conflict entered its sixth day, raising concerns of fresh inflation pressures that could complicate the Federal Reserve’s monetary policy decisions.Helping limit the losses was a strong forecast from Broadcom that projected its artificial intelligence chip revenue would exceed $100 billion next year, sending shares of the chip designer up 2.9%.
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Despite the U.S.-Israeli air war against Iran showing no signs of cooling off, Wall Street’s main indexes have fared better than their European and Asian counterparts this week, aided primarily by a rebound in technology stocks that bore the brunt of February’s selloff.
The tech-led recovery in the prior session helped the Nasdaq recover all weekly losses, putting it on track to close the week in positive territory if those gains hold through Friday.
Still, a prolonged disruption in shipping through the strategic Strait of Hormuz is likely to further fuel inflation pressures through energy and shipping costs, at a time when U.S. tariffs have already complicated the Fed’s monetary policy outlook.
European Markets
European stock markets advanced Wednesday as oil prices steadied, after Asian bourses suffered deep losses amid inflation worries sparked by the US-Iran war.
Tech View
The overall chart structure has not changed materially, as the index continues to trade well below the 200 DMA as well as the former trendline support, which now acts as resistance. On the RSI, an initial sign of positive divergence is visible; however, it is not yet confirmed, keeping momentum uncertainties intact.
Most active stocks in terms of turnover
RIL (Rs 3,590 crore), HDFC Bank (Rs 2736), SBI (Rs 2,575 crore), Tejas Networks (Rs 2,444 crore), ICICI Bank (Rs 2,387 crore), Mazagon Dock (Rs 2,196 crore) and Airtel (Rs 2,178 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 59,13,20,459), Suzlon Energy (Traded shares: 8,91,73,308), YES Bank (Traded shares: 7,08,53,056), Sagility (Traded shares: 6,58,48,980), Reliance Power (Traded shares: 5,40,97,347), Tejas Networks (Traded shares: 4,86,78,035) and Ola Electric (Traded shares: 4,82,78,492) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
LT Foods, Mazagon Dock, Data patterns, Navin Flourine, OneSource, SJVN and Sai Life Science were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Among the ones which hit their 52 week highs included Data Patterns, Sai Life Science, BEL, GE Shipping, Vardhaman Textiles and Lupin.
Stocks seeing selling pressure
Among the names which witnessed significant selling pressure were Netweb Tech, Aegis Vopak, Gujarat Gas, eClerx Services, Sagility India, Affle (India) and Praj Industries.
Sentiment meter favours bulls
Out of the 4,397 stocks that traded on the BSE on March 5, Wednesday, 2,749 stocks witnessed advances, 1,515 saw declines while 133 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)