The S&P BSE Sensex added 76.54 points, or 0.09%, to finish at 80,787.30, while the NSE Nifty 50 rose 32.15 points, or 0.13%, to 24,773.15.
Here’s how analysts read the market pulse:
The domestic market failed to sustain its early gains as a late-session sell-off reflected the prevailing “buy-on-dips, sell-on-rallies” strategy, highlighting investor caution, said Vinod Nair, Head of Research at Geojit Investments, adding that auto and ancillary stocks continued to rally on expectations of demand recovery following GST rate cuts, while IT remained weak amid global uncertainties.
“Globally, sentiment improved after soft U.S. jobs data raised hopes of a Fed rate cut in September. However, renewed concerns over sanctions on Russian oil pushed crude prices higher, and gold extended gains as trade-related uncertainties sustained demand for safe-haven assets,” said Nair.
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US markets
The S&P 500 and the Nasdaq gained on Monday on hopes that the Federal Reserve could lower borrowing costs soon in response to the latest jobs data that dragged down Wall Street in the previous session.A troubling nonfarm payrolls report on Friday confirmed a weakening U.S. job market, stoking fears of a potential slowdown in the world’s biggest economy.
Following the report, traders solidified their expectations for multiple rate cuts this year.
The bets for a 25-basis-point cut now stand at 88%, according to CME Group’s FedWatch tool, while investors are also hopeful for a jumbo 50-bps cut, compared to no such expectation before the jobs data was released.
European Markets
European shares edged higher on Monday in a buoyant start to an event-filled week that is likely to be dominated by political uncertainty in France, which is all but certain to start looking for its fifth prime minister in three years.
French Prime Minister Francois Bayrou is expected to lose a vote of no-confidence vote later on Monday, at a time when the continent’s second-largest economy struggles to rein in its debt. France also faces its first of many credit ratings reviews later this week.
Tech View
The markets once again encountered resistance at higher levels, with the Nifty unable to sustain above the 100-DMA, currently positioned around 24,800, said Nilesh Jain, Head of Technical and Derivatives Research Analyst at Centrum Broking.
“On the daily chart, the Nifty formed a Doji candle, reflecting indecision among market participants. On the downside, immediate support remains at 24,710, followed by 24,620. Overall, the market continues to lack a clear directional bias, and the Nifty is expected to consolidate within a broader range of 24,600–24,950 ahead of the weekly expiry,” said Jain.
A decisive breakout above the 25,000 mark is crucial to trigger a fresh leg of the uptrend, Jain said, adding that if this breakout occurs, it could pave the way for a rally towards 25,300, and potentially extend to 25,500.
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Most active stocks in terms of turnover
Netweb Technologies (Rs 2,883 crore), Ola Electric Mobility (Rs 2,045 crore), Mahindra & Mahindra (Rs 1,699 crore), Tata Motors (Rs 1,466 crore), HDFC Bank (Rs 1,133 crore), Adani Power (Rs 1,081 crore) and Maruti Suzuki (Rs 1,049 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: 79.32 crore), Ola Electric Mobility (Traded shares: 33.02 crore), Motherson Sumi (Traded shares: 5.62 crore), YES Bank (Traded shares: 5.07 crore), Aditya Birla Retail (Traded shares: 4.01 crore), Tata Steel (Traded shares: 3.64 crore) and Ashok Leyland (Traded shares: 3.35 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Suven Pharma, Gujarat Mineral Development, Bharat Forge, JP Power, Ashok Leyland, Motherson Sumi Wiring India and JM Financial were among the stocks that witnessed strong buying interest from market participants.
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52 Week high
Over 168 stocks hit their 52 week highs today while 69 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Mahindra & Mahindra, Maruti Suzuki and Tata Steel.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Amber Enterprises, EID Parry, Trent, Godfrey Philips. Coromandel International, Blue Star and PVR.
Sentiment meter neutral
The market sentiments were neutral. Out of the 4,407 stocks that traded on the BSE on Monday, 2,048 stocks witnessed declines, 2,199 saw advances, while 160 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
