The local stocks and share market on this Monday ended the Diwali Muhurat trading session on a high note, with the Sensex and Nifty ending 0.88% higher. It was due partly to encouraging signals from the European and US markets and despite the sell-off in the Hong Kong and China markets.
You must look at several vital signs indicating Tuesday’s action.
US market
In early Wall Street trading on Monday, US equities fluctuated between gains and losses ahead of a busy week of extensive tech companies reports. As of 10:26 a.m. Eastern, the S&P 500 had given up its early boost and was down 0.2%. The Nasdaq dipped by 0.9% while the Dow Jones Industrial Average had a jump by 233 points, or 0.8%, to 31,320.
Mortgage rates are influenced by the yield on the 10-year Treasury, which increased late Friday from 4.22% to 4.28%.
European shares
Although his challengers withdrew from the contest, former British finance minister Rishi Sunak will become the country’s next leader. According to analysts, this eased some anxiety about the UK economy’s future and helped domestic markets. The consumer and industrial sectors underpin a 0.6% daily increase in the FTSE 100, outperforming the larger European markets, where the STOXX 600 is up 1.2%.
Sterling fluctuated between the day’s high of $1.1402 and the low of $1.1275 in choppy trading before dropping 0.1% to $1.1291.
Ten-year gilt yields dropped 28 basis points to 3.78%, marking their lowest level since the “mini-budget” presented on September 23 by former finance minister Kwasi Kwarteng.
View from the Tech: Nifty trading above 8 of the 8 SMAs.
The Nifty ended trading above 5 out of 9 oscillators and 8 out of 8 SMAs. The day MACD signal was above its center and signal line, a bullish indicator.
Stocks with a positive bias
A bullish trade setting was indicated by the momentum indicator Moving Average Convergence Divergence (MACD) on the counters of KPIT Tech NSE 0.13%, Bharti Airtek, BPCL, Max India, IGL, and Biocon.
The MACD is renowned for predicting trend reversals regarding traded assets or indices. A bullish signal is given when the MACD crosses above the signal line and suggests that the price of the securities may move higher or down.
Stocks indicating impending weakness
On the counters of, among others, Mazagon Dock, GRSE, Tanla Platforms, Chalet Hotels, RITES, and Borosil, the MACD displayed negative signals.
These counters had only started their descent when the MACD showed a bearish crossover.
Most active stocks in terms of value
In terms of value, the most active stocks on the NSE were ICICI Bank NSE 2.11% (Rs 406 crore), RIL (Rs 386 crore), Axis Bank (Rs 281 crore), SBI (Rs 210 crore), HUL (Rs 186 crore), and Bajaj Finance NSE 0.19% (Rs 165 crore). A counter with higher value-based activity can determine the counters with the most trading turns during the day.
Most active shares in terms of volume
The most actively traded stocks during the session on NSE included Tata Steel NSE 1.00% (Shares traded: 7.4 crores), ICICI Bank (Shares traded: 4.3 crores), SBI (Shares traded: 3.6 crores), ITC (Shares traded: 3.2 crores), Axis Bank (Shares traded: 3 crores), and Tata Motors NSE 0.89% (Shares traded: 2.8 crores).
Shares attracting interest from buyers
Strong purchasing interest from market players was seen as shares of NHPC, Nestle India NSE 2.86%, IDFC First Bank NSE 1.92%, IDFC, Godfrey Philips NSE 1.93%, Kalpataru Power NSE 1.76%, and Federal Bank NSE 1.62% touched their new 52-week highs, reflecting positive sentiment.
Most active shares in terms of volume
The most actively traded stocks during the session on NSE included Tata Steel NSE 1.00% (Shares traded: 7.4 crores), ICICI Bank (Shares traded: 4.3 crores), SBI (Shares traded: 3.6 crores), ITC (Shares traded: 3.2 crores), Axis Bank (Shares traded: 3 crores), and Tata Motors NSE 0.89% (Shares traded: 2.8 crores).
Stocks showing buying interest
Strong purchasing interest from market players was seen as shares of NHPC, Nestle India NSE 2.86%, IDFC First Bank NSE 1.92%, IDFC, Godfrey Philips NSE 1.93%, Kalpataru Power NSE 1.76%, and Federal Bank NSE 1.62% touched their new 52-week highs, reflecting positive sentiment.
The sentiment meter is in the bulls favor
2,662 stocks concluded in the green, favoring winners overall, while 744 names settled with losses due to market breadth.
