The benchmark S&P BSE Sensex slumped 1,190.34 points or 1.48% to settle at 79,043.74, while the broader Nifty 50 index closed at 23,914.15, down by 360.75 points or 1.49%.
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Here’s how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said the Domestic markets took a breather after a strong start to the week.
“The overnight sell-off in the U.S. market, driven by renewed uncertainty about the rate cut trajectory and rising geopolitical tension, led to a correction in heavyweight IT and consumer discretionary stocks,” Nair said, adding that “conversely, the broader market outperformed the frontline index due to a shift in the stance of FIIs and investors seeking opportunities in undervalued stocks.”
US markets
The US markets were closed on Thursday, November 28 on account of Thanksgiving Day.
European stocks
European shares ticked up on Thursday after falling the previous day, while Asian stocks slipped, as trading volumes thinned ahead of the U.S. Thanksgiving holiday.Europe’s continent-wide STOXX 600 index rose 0.48%, after falling 0.75% across the previous two sessions.European markets were boosted by a rally in tech shares after Bloomberg reported the Biden administration’s curb on Chinese chips could be less severe than expected.
Tech View
The Nifty slipped sharply during the day, falling below the crucial support level of 23,940, said Rupak De, Senior Technical Analyst, LKP Securities, adding that “the sentiment looks weak, and further weakness seems possible from here.”
“On the daily chart, the index has closed a gap it created recently. In the short term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher,” De added.
Most active stocks in terms of turnover
Adani Power (Rs 304.53), Adani Enterprises (Rs 290.23 crore), Adani Ports SEZ (Rs 178.43 crore), Adani Green Energy (Rs 152.60 crore), Adani Total Gas (Rs 115.59 crore), Adani Energy Solutions (Rs 107.71 crore), and Axis Bank (Rs 91.71 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: 102.29 crore), JP Power (Traded shares: 17.40 crore), YES Bank (Traded shares: 10.17 crore), Adani Power (Traded shares: 6.08 crore), Zomato (Traded shares: 4.96 crore), Ujjivan SFB (Traded shares: 5.57 crore) and Suzlon Energy (Traded shares: 4.26 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Adani Total Gas, Adani Energy Solutions, Honasa Consumer, Adani Green Energy, JP Power, ITI Ltd and Adani Power were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 203 stocks hit their 52 week highs today while 23 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included KEC international, EID Parry (India), Laurus Labs, Caplin Point, Paytm, CAMS and eClerx Services.
Stocks seeing selling pressure
Among the large cap names were SBI Life Insurance and Infosys. Other stocks which witnessed significant selling pressure were Rainbow Children’s Medicare, Amber Enterprises, Max Financial, Triveni Turbine and Tata Teleservices.
Sentiment meter favours bulls
The market sentiments were bullish. Out of the 4,049 stocks that traded on the BSE on Thursday, 1,815 stocks witnessed declines, 2,127 saw advances while 107 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)
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