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The 30-stock Sensex index fell 572.07 points or 0.7% to close at 80,891.02, while the Nifty had dropped 156.10 points or 0.63% to end at 24,680.90. Both the benchmarks have logged four consecutive weekly losses.
Here’s how analysts read the market pulse:
Domestic market sentiment has remained cautious, weighed down by a disappointing set of Q1 earnings, delays in the India-US trade agreement, and continued FII outflows, said Vinod Nair, Head of Research, Geojit Investments.
“In contrast, global markets remain broadly positive, supported by US-EU trade developments that are perceived as less concerning than anticipated. The upcoming monetary policy decisions from the Fed and BoJ, along with the trajectory of domestic quarterly earnings, are expected to play a pivotal role in shaping market direction in the near term,” said Nair.
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US markets
The S&P 500 and the Nasdaq trimmed their gains after briefly reaching record highs on Monday, as investors looked past the U.S.-EU trade pact and braced for a week filled with megacap earnings, a Fed meeting and an impending U.S. tariff deadline.President Donald Trump and European Commission President Ursula von der Leyen unveiled a trade framework on Sunday, slashing EU import tariffs to 15% – half the previously threatened rate set for August 1.
European Markets
European shares pulled back from a four-month high and settled Monday’s choppy session marginally lower as investors weighed the implications of a framework trade agreement between the United States and the European Union.
The pan-European STOXX 600 index rose as much as 1% to touch a four-month high on initial relief that prolonged negotiations yielded a deal that said a 15% U.S. tariff will be slapped on most EU goods – a significant reduction from the previously threatened 30% rate.
However, the index closed 0.2% lower as the deal quashed hopes for a zero-for-zero agreement and an average rate last year of around 2.5%.
Tech View
“Once again, bears ruled the day as the Nifty fell below 24,700 amid rising weakness in the market,” said Rupak De, Senior Technical Analyst at LKP Securities, adding that “during the session, the index faced resistance around the 50-EMA and remained below it until the close.”
The RSI continues to support the bears with its negative crossover, De said, adding that “in the short term, the index may remain under pressure, with a possibility of slipping towards 24,550. On the higher end, resistance is seen at 24,800 and 24,950.”
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Most active stocks in terms of turnover
Kotak Mahindra Bank (Rs 2,747 crore), Laurus Labs (Rs 1,558 crore), Bajaj Finance (Rs 1,252 crore), HDFC Bank (Rs 1,213 crore), Indian Energy Exchange (Rs 1,170 crore), ICICI Bank (Rs 1,116 crore) and RIL (Rs 1,080 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: 38.12 crore), Ola Electric Mobility (Traded shares: 14.72 crore), Indian Energy Exchange (Traded shares: 8.44 crore), Suzlon Energy (Traded shares: 6.38 crore), YES Bank (Traded shares: 6.12 crore), JP Power (Traded shares: 5.27 crore) and Reliance Power (Traded shares: 3.95 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of ACME Solar Holdings, Vijaya Diagnostic Centre, Laurus Labs, Chennai Petro, Aadhar Housing Finance, eClerx Services and Mphasis were among the stocks that witnessed strong buying interest from market participants.
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52 Week high
Over 125 stocks hit their 52 week highs today while 89 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Kotak Mahindra Bank, Home First Finance, Macrotech Developers, SBI Card and Payments Services, Gujarat Mineral Development, CDSL and Engineers India.
Sentiment meter bearish
The market sentiments were bearish. Out of the 4,299 stocks that traded on the BSE on Monday, 2,881 stocks witnessed declines, 1,256 saw advances, while 162 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)
