.png)
2 hours ago
29
Indian benchmark equity indices rebounded on Tuesday, snapping a two-day losing streak as investor sentiment improved after US President Donald Trump indicated that the ongoing war with Iran could end soon. The comments eased global market concerns and supported buying across several sectors. The Nifty closed higher at 24,262, while the Sensex rose 640 points to settle at 78,206.
Here's how analysts read the market pulse:
"In the near term, markets are likely to remain in the woods, with investors closely monitoring signs of geopolitical de-escalation. Greater clarity could trigger value buying in sectors that have been most affected by recent volatility," said Vinod Nair, Head of Research, Geojit Investments.
US Stocks
Wall Street's main stock indexes rose from the red on Tuesday while oil prices continued declining as US President Donald Trump declared the Middle East war could be "over soon" despite defiant comments from Iran’s military that cast some doubt over the prospects of a swift resolution.
Crude and natural gas prices extended declines on Trump's comments, easing further from the worrying $120-per-barrel mark, even as Iran said it would continue its oil blockade through the region.
Energy producers in the Middle East are yet to resume full-scale production, and shipping costs are likely to be elevated for a while.
Travel stocks, which have borne the brunt of the selloff since the war started, slipped on Tuesday, with an index tracking passenger airlines down over 2%, while cruise companies Carnival and Royal Caribbean fell 1.8% each.
Surging crude prices since the start of the conflict have revived concerns that the U.S. economy could slip into stagflation and complicate the Federal Reserve's work, as data also suggested the labor market was weakening.
Traders have priced in a potential 25 basis point rate cut around September, according to LSEG-compiled data.
European Markets
European shares bounced back on Tuesday as investor sentiment was lifted after US President Donald Trump said the war in Middle East could come to a quick end. The pan-European benchmark added 1.9% to 606 points after closing at its weakest level in more than two months.
Tech View
Immediate resistance is placed near 24,300, and a decisive breakout above this level could extend the recovery toward 24,600, which remains the next key short-term resistance. On the downside, the 24,000 level continues to act as an important support zone for the index.
Most active stocks in terms of turnover
HDFC Bank (Rs 4,491 crore), RIL (Rs 2,550), ICICI Bank (Rs 2,496 crore), Bharti Airtel (Rs 2,176 crore), Dixon Tech (Rs 2,141 crore), Redington (Rs 1,980 crore) and SBI (Rs 1,944 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: 40,48,94,631), YES Bank (Traded shares: 7,82,17,318), Redington (Traded shares: 7,59,60,096), Suzlon Energy (Traded shares: 7,08,66,917), Rashtriya Chemicals (Traded shares: 6,85,73,618), IDFC First Bank (Traded shares: 6,64,54,955) and Ola Electric (Traded shares: 5,42,37,734) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Authum Investment, FACT, Happiest Minds, Rashtriya Chemicals, ABSL AMC, Redington and Dixon Technologies were among the stocks that witnessed strong buying interest from market participants.
Stocks seeing selling pressure
Among the names which witnessed significant selling pressure were Polycab India, KEI Industries, Finolex Cables, Hexaware Technologies, Onesource Mobility, Poly Medicure and Coforge.
Sentiment meter favours bulls
Out of the 4,420 stocks that traded on the BSE on March 10, Tuesday, 3,053 stocks witnessed advances, 1,231 saw declines while 136 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)
English (US) ·