Meanwhile, the volatility gauge India VIX ended at 18.30, up by 4.37% from the last closing.
Here’s how analysts read the market pulse:
Commenting on the current trends, Rupak De, Senior Technical Analyst at LKP Securities, said the index remained in a bearish grip during the day following a negative start on Wednesday. “On a smaller timeframe, the index has fallen below the 20EMA, suggesting waning bullishness. The India VIX remained positive though it remains below the 50EMA, confirming decreased fear among investors,” Des said.
While the short-term sentiment remains positive as the index is sustaining above the 50EMA, the setup looks non-indicative, he added. He places support at 24,200, below which the index might drift down towards 23,900 while 24,600 might act as resistance again where the 100EMA is placed on the daily timeframe, he opined.
US markets
The U.S. stock market is rallying toward another record Wednesday after GE Vernova, Boston Scientific and other big companies joined the list of those reporting fatter profits for the start of the year than analysts expected. But caution is still hanging over Wall Street, and oil prices are also rising on uncertainty about what will happen in the war with Iran.
Trump said the indefinite extension of the ceasefire followed a request by Pakistani mediators. However, the U.S. Navy’s blockade of Iranian ports remained in effect, and Iran seized two ships in the Strait of Hormuz.
The bullish sentiment despite the uncertainty points to a market desperate to cling to good news, and reflects investor belief that despite setbacks, the war will be settled at the negotiating table instead of the battlefield.
European Markets
Most major European indices traded in the red on Wednesday around 2:14 p.m. BST (6:59 pm India time). UK’s FTSE 100, French CAC and Stoxx 600,Spain’s IBEX 35 and Germany’s Dax traded lower between 0.09% and 0.40% around this time.
Tech View
Decoding the Nifty charts, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said a reasonable negative candle was formed on the daily chart, which indicates presence of a crucial hurdle around 24,400-24,500 levels. The bullish pattern like higher tops and bottoms continued on the daily chart and present weakness could form a new higher bottom of the pattern, Shetti said, adding the underlying trend of Nifty remains positive and present weakness is likely to find support around 24,200-24,100 levels in the next few sessions.
However, a decisive move above 24,600 could pull Nifty towards the next resistance of 24,800-25,000 band,” he opined.
Most active stocks in terms of turnover
360 One WAM (Rs 278 crore), HCL Technologies (Rs 254 crore), Britannia Industries (Rs 242 crore), Amara Raja Energy & Mobility (Rs 193 crore), Billionbrains Garage Ventures (Groww) (Rs 181 crore), Adani Power (Rs 155 crore) and Cipla (Rs 132 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
SpiceJet (Traded shares: 3.66 crore), JP Power (Traded shares: 2.51 crore), Vodafone Idea (Traded shares: 1.88 crore), Reliance Power (Traded shares: 1.23 lakh) Groww (Traded shares: 83.22 lakh), Adani Power (Traded shares: 73.61 lakh) and Suzlon Energy (Traded shares: 63.25 lakh), and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Adani Energy Solutions, Websol Energy, Tata Consumer Products, IRM Energy, Nagreeka Capital & Infrastructure, Amara Raja and Industrial Investment Trust were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 153 stocks hit their 52 week highs while 23 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Accord Transformer & Switchgear, Adani Ports and Special Economic Zone (APSEZ), Aequs, Bhagyanagar India, CG Power and Industrial Solutions, Data Patterns (India) and ICICI Prudential Asset Management Company.
Stocks seeing selling pressure
Among the large cap names were HCL Technologies, Infosys, Mahindra & Mahindra (M&M). Other stocks which witnessed significant selling pressure were Rolex Rings, Tata Elxsi, GNG Electronics, Investment & Precision Castings, Transformers And Rectifiers, Hexaware Technologies and Ace Integrated Solutions.
Sentiment meter favours bulls
While Sensex ended with declines, dragged by HDFC Bank, HCL Tech and Infosys, the broader market breadth stayed positive. Out of the 4,422 stocks that traded on the BSE on April 22, Wednesday, 2,391 stocks witnessed advances, 1,895 saw declines while 136 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)