Meanwhile, the volatility gauge India VIX ended at 16.62, down by 0.34% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty has given a consolidation breakout on the daily timeframe, suggesting a rise in optimism. The index is in a bullish crossover on the daily timeframe and has also moved above the 50 EMA, confirming an improving trend, he said. “In the short term, the trend is likely to remain strong, with the possibility of a rise towards 24,750–24,800. On the lower end, support is placed at 24,200, below which the trend may weaken,” De added.
US markets
The S&P 500 and the Nasdaq held close to record highs on Thursday, helped by an extended fall in oil prices on hopes of a U.S.-Iran deal that could potentially normalize crude supplies through the Strait of Hormuz.
The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with growing optimism that it could pave the way for the narrow waterway – a vital artery for global energy and trade – to open. Tehran is expected to respond to the peace proposals.
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A relentless rally in technology and AI shares has also played a big role in pushing U.S. stocks to fresh highs as investors cheered signs of strong demand for artificial intelligence, a robust earnings season and upbeat economic data.
The tech rally appeared to stall somewhat on Thursday, with U.S.-listed shares of Arm Holdings sliding 6.9% as worries about the company’s ability to secure sufficient supplies for its new AI chip overshadowed a strong earnings forecast.
European Markets
Most major European indices traded with decline today. UK’s FTSE 100, French CAC, Germany’s Dax and Stoxx 600 were down between 0.19% and 0.90% while Spain’s IBEX 35 was the only outlier with positive trade, albeit with minor gains.
Tech View
Decoding the charts, Bajaj Broking said the index has formed a small bearish candlestick pattern with shadows in either direction signaling consolidation amid stock specific action. Nifty started the session on a positive note but failed to sustain above 24,400 and closed on a flat note, it added.
“Nifty is currently placed around the upper band of the last 10 sessions trading range 23,800-24,400. Going ahead, a breakout and a close above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming weeks. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. Failure to move above 24,400 will signal extension of the last 10 sessions consolidation in the range of 24,400-23,800. Short-term support is placed at 23,800 levels, being the almost identical low of the last two weeks,” the brokerage said.
Most active stocks in terms of turnover
HDFC Life Insurance (Rs 952 crore), Reliance Industries (RIL, Rs 265 crore), HDFC Bank (Rs 245 crore), Samvardhana Motherson International (Rs 218 crore), ICICI Bank (Rs 211 crore), CG Power (M&M, Rs 187 crore) and Axis Bank (Rs 161 crore) and 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: 2.27 crore), YES Bank (Traded shares: 2.15 crore), JP Power (Traded shares: 1.71 crore), Motherson (Traded shares: 1.71 crore), HDFC Life (Traded shares: 1.55 crore), Suzlon Energy (Traded shares: 84.92 lakh) and Meesho (Traded shares: 58.48 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
One 97 Communications (Paytm), Godrej Industries, Hero MotoCorp, Polycab India, Tejas Networks, Aeroflex Industries and Apcotex Industries were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 168 stocks hit their 52 week highs while 25 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aayush Art And Bullion, Aditya Birla Capital, Acutaas Chemicals, Bajaj Consumer Care, Clean Max Enviro Energy Solutions, Data Patterns (India) and Fractal Analytics.
Stocks seeing selling pressure
Among the large cap names were Hindustan Unilever (HUL), Tata Consultancy Services (TCS) and Titan Company. Other stocks which witnessed significant selling pressure were Godrej Consumer, Wockhardt, Sakar Healthcare, Mercantile Ventures, Rubicon Research, Abans Enterprises and Brigade Enterprises.
Sentiment meter favours bulls
Even as Sensex settled mildly lower dragged by HUL, TCS and ITC, the market breadth stood positive. Out of the 4,423 stocks that traded on the BSE on May 7, Thursday, 2,704 stocks witnessed advances, 1,572 saw declines while 147 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)