Meanwhile, the volatility gauge India VIX ended at 13.49, down 4.68% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities highlighted volatility remaining at play forcing investors to be on the sidelines. “The index has spent the last two days trading broadly within the range of its 200-DMA (25,341) and 21-EMA (25,610). Going forward, we expect the market to remain sideways until there is an improvement in investor confidence. Immediate support is placed at 25300; as long as this level is maintained, the possibility of a rally remains intact. On the higher end, resistance is placed at 25650–25750,” he said.
US markets
Wall Street stocks advanced early Wednesday, extending a rebound in tech shares ahead of Nvidia earnings as markets digested President Donald Trump’s address to Congress.
The tech-centered Nasdaq led Tuesday’s rally as markets adopted a less fearful view of the impact of artificial intelligence on legacy technology companies.
Analysts said the market largely shrugged off Trump’s State of the Union address Tuesday night in which the US president sought to paint a rosy picture of his achievements in his longest-ever speech to Congress.
European Markets
Most major European indices were trading with gains today around 1:19 p.m. GMT (7:04 pm India time). UK’s FTSE 100 was up 1% around this time while Spain’s IBEX, Germany’s DAX, France’s CAC 40 and Stoxx 600 were up between 0.4% and 0.8%.
Tech View
Decoding the Nifty charts, Bajaj Broking said the index has formed a high wave candle with a small real body and long shadows in either direction which mostly remained contained inside previous session price range, signaling consolidation amid stock specific action.
“Nifty in yesterday’s session reacted lower from the immediate resistance area of 25,650, going ahead only a move above the same will signal a pause in the current corrective trend. As mentioned in an earlier edition Index is seen consolidating in the range of 25,350-25,900 in the last 9 sessions. Only a breakout or a breakdown below this range will signal the next direction trend. Volatility is likely to remain elevated amid uncertain global cues,” the brokerage said, adding that a breach below Tuesday low 25,327 will open further downside towards the 200 days EMA and the previous gap up area placed around 25,100-25,200.
Most active stocks in terms of turnover
Aditya Infotech (Rs 1,081 crore), SpiceJet (Rs 454 crore), Lenskart (Rs 182), State Bank of India (SBI, Rs 303 crore), Larsen & Toubro (L&T, Rs 279 crore), Crompton Greaves (Rs 257 crore) and Waaree Energies (Rs 241 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: 2.98 crore), SpiceJet (Traded shares: 33.92 crore), Canara Bank (Traded shares: 1.22 crore), Suzlon Energy (Traded shares: 1 crore), Crompton (Traded shares: 96.72 lakh), Lenskart (Traded shares: 81.78 lakh), and Ola Electric (Traded shares: 81.54 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
HCL Technologies, Bajaj Auto, Concord Biotech, Lloyds Metals and Energy, Schaeffler India, Jindal Poly Films and Lakshmi Finance & Industrial Corporation were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 115 stocks hit their 52 week highs while 323 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aeroflex Industries, AGI Infra, Ajanta Pharma, Bank of Baroda (BoB), Bharat Forge, ICICI Prudential Asset Management Company and Bank of Maharashtra.
Stocks seeing selling pressure
Among the large cap names were SBI, Reliance Industries and Adani Ports and Special Economic Zone (APSEZ). Other stocks which witnessed significant selling pressure were R M Drip and Sprinklers Systems, Generic Engineering Construction and Projects, GTPL Hathway, Waaree Energies, A B Infrabuild, TIL and VL E-Governance & IT Solutions.
Sentiment meter favours bulls
Heavyweights like ICICI Bank, Tata Consultancy Services (TCS) and Mahindra & Mahindra (M&M) aided the markets though the market breadth stayed negative in the overall markets. Out of the 4,370 stocks that traded on the BSE on February 25, Wednesday, 2,012 stocks witnessed advances, 2,191 saw declines while 167 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)