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Here’s how analysts read the market pulse:
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the market continues to remain in a sell-on-rise mode until it moves back above 24,850. “The daily RSI is in a bearish crossover with a reading below 50. In the short term, the trend is likely to remain weak. On the lower end, support is placed at 24,500, while on the higher end, resistances are placed at 24,700 and 24,850,” De said.
US markets
Wall Street fell further from its records on Tuesday, ground down by tightening pressure from the bond market.
Nvidia and other companies that have benefited from the frenzy around artificial-intelligence technology were some of the heaviest weights on the market.
Nvidia, whose chips are powering much of the move into AI, fell 2.1%. Other losing Big Tech stocks included Amazon, which fell 1.9%, and Alphabet, which sank 1.8%.The overall stock market was feeling pressure from rising yields in the bond market, where the 10-year Treasury yield climbed to 4.26% from 4.23% late Friday. When bonds are paying more in interest, investors are less willing to pay high prices for stocks.
European Markets
European shares finished near one-month low on Tuesday after a broad-based selloff, driven by a rise in bond yields as investors grew increasingly concerned over fiscal pressures in economies worldwide.
The STOXX 600 index dropped 1.47% to close at 543.35 points, with rate-sensitive real estate the biggest drag with a loss of 3.5% that took it to a nearly five-month low. Investors are worried about the sustainability of the debt of several countries in Europe and around the world, sparking a selloff in longer-dated German and French bonds .
Tech View
Market expert Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said that the market witnessed a sharp decline towards the closing time after opening on a positive note.
“The Nifty once again faced stiff resistance at its 100-DMA around 24,700 and slipped below the 24,600 mark, forming a shooting star candle. As highlighted earlier, pullbacks are likely to attract selling pressure, with the index expected to oscillate in the broader range of 24,400–24,750. A decisive move above 24,750 will be crucial to pave the way for an upside towards 25,000,” Jain said.
Most active stocks in terms of turnover
Ola Electric (Rs 467 crore), National Securities Depositories Limited (NSDL, Rs 410 crore), Apollo Micro Systems (Rs 212 crore), One Mobikwik (Rs 192 crore), Vimta Labs (Rs 137 crore), Waaree Energies (Rs 101 crore), Godfrey Phillips (Rs 86 crore) and Rail Vikas Nigam Limited (RVNL, Rs 70 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
Ola Electric (Traded shares: 7.37 crore), NSDL (Traded shares: 31.80 lakh), Apollo (Traded shares: 74 lakh), One Mobikwik (Traded shares: 72 lakh), Vimta (Traded shares: 18.38 lakh crore), Waaree Energies (Traded shares: 3.12 lakh) and Godfrey Phillips (Traded shares: 84.16 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
One MobiKwik Systems, Shree Renuka Sugars, Raymond Lifestyle, MRF, ITI, JK Tyre, Alok Industries and Ceat were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 124 stocks hit their 52 week highs today while 64 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aplab, Apollo Micro Systems, BGR Energy Systems, BOSCH and Bizotic Commercial.
Stocks seeing selling pressure
Among the large cap names were Dr Reddy’s Laboratories and Mahindra & Mahindra (M&M). Other stocks which witnessed significant selling pressure were Godfrey Phillips, Sarda Energy, Five-star Business Finance, SBFC Finance, GNFC, Sundaram Finance, Lemon Tree Hotels and Indus Towers.
Sentiment meter favours bears
Action in heavyweights like ICICI Bank, HDFC Bank and M&M dragged the markets the most, ensuring a negative closing despite breadth staying positive in broader markets. Out of the 4,285 stocks that traded on the BSE on September 2, Tuesday, 2,439 stocks witnessed advances, 1,705 saw declines while 141 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)
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