Meanwhile, the volatility gauge India VIX ended at 18.05, down by 1.79% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty got entangled within the bands of 20EMA and 50EMA, and said he sees now that the market is waiting for cues for the next directional move. “The market does not appear convinced enough to move beyond a particular range. On the other hand, on the lower end, support is placed at 23,950; a decisive fall below this level might trigger a correction in the market. Resistance on the higher end, is placed at 24200, above which the Nifty might witness a directional up move,” De said.
US markets
The Nasdaq Composite fell on Tuesday, underperforming the benchmark S&P 500 and the blue-chip Dow, as investors questioned whether the artificial intelligence boom can deliver meaningful growth for tech stocks.
The Wall Street Journal reported that AI heavyweight OpenAI had missed internal targets for weekly users and revenue, raising concerns over the ChatGPT parent’s ability to support its massive spending on data centers.
Although the company is privately held, its fortunes are closely tied to several major technology stocks. Its financial performance is often viewed as a gauge of AI demand and could have wide-ranging implications for public equity markets.
Shares of Oracle, whose reliance on OpenAI for its cloud computing ambitions has been under scrutiny, fell 2.9%.Chip stocks also dropped, with Nvidia, AMD and Arm Holdings down 2.4%, 3.5% and 6.3%, respectively. Nvidia-backed CoreWeave slid 2%.
European Markets
Most major European indices also traded mixed around 4:05 pm BST (8:50 pm India time). UK’s FTSE 100, French CAC, Germany’s Dax and Stoxx 600 were trading in the red around this time, declining up to 2.28% while Spain’s IBEX 35 was up 0.56% and 0.17%, respectively.
Tech View
Osho Krishan, Chief Manager – Technical & Derivative Research at Angle One said Nifty has remained range-bound between its 20-day and 50-day DEMA over the past few sessions, indicating a lack of clear directional bias. A decisive breakout on either side is likely to determine the intermediate trend, he said.
“Market breadth continues to appear tentative, reflecting a pronounced tug-of-war between bulls and bears. On the downside, the 23,800-23,750 zone is expected to provide immediate support, while a stronger cushion is placed near the bullish gap in the 23,550-23,500 range in the near term. Conversely, a sustained move above 24,250-24,300 could revive buying interest, with a key resistance seen around the 24,550-24,600 zone,” Krishan said, suggesting a buy-on-dips approach adding till clearer strength emerges.
He also advised traders to maintain a stock-specific approach, focusing on individual opportunities rather than broad market exposure.
Most active stocks in terms of turnover
Vedanta (Rs 233 crore), Reliance Industries (RIL, Rs 222 crore), Mobikwik (Rs 176 crore), Tata Chemicals (Rs 152 crore), Eternal (Rs 141 crore), Cohance (Rs 134 crore) and Adani Total Gas (ATGL, Rs 100 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: 3.84 crore), JP Power (Traded shares: 2.48 crore), SpiceJet (Traded shares: 1.48 crore), Suzlon Energy (Traded shares: 99.26 crore), Mobikwik (Traded shares: 80.24 lakh), HCC (Traded shares: 64.60 lakh) and Reliance Power (Traded shares: 63.16 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
ONGC, Adani Enterprises, Abans Enterprises, AGI Greenpac, Veranda Learning Solutions, Plastiblends India and Dhanlaxmi Bank were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 152 stocks hit their 52 week highs while 30 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Industries, Adani Energy Solutions, Adani Green Energy, Adani Power, BHEL, Clean Max Enviro Energy Solutions, Fractal, Glenmark Pharma and Honasa Consumer.
Stocks seeing selling pressure
Among the large cap names were Axis Bank, Maruti Suzuki and HCL Technologies. Other stocks which witnessed significant selling pressure were Emami Realty, Unicommerce Esolutions, Autoline Industries, Lux Industries, Grand Oak Canyons Distillery, Maan Aluminium and Anlon Healthcare.
Sentiment meter favours bears
Sensex settled with losses, dragged by ICICI Bank, HDFC Bank and Axis Bank as the broader market breadth stayed positive. Out of the 4,427 stocks that traded on the BSE on April 28, Tuesday, 1,910 stocks witnessed advances, 2,351 saw declines while 166 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)