A sell-off was seen in the stock market on Thursday. Index-based foreign funds eased bullish trade and booked profits today despite continued buying by local funds against continued selling in stocks by foreign portfolio investors (FPIs). Amid demand for a mega stimulus package to revive the economy in China, industry and markets were unsatisfied with Asian markets washing out, OPEC downgrading its global crude oil demand forecast for 2024, and crude prices falling on the positive impact of Israel's report that it would not attack Iran's oil reserves. And at home, the Sensex, Nifty-based declined for the second day in a row as liquidity became limited due to Hyundai Motor India's mega IPO.
The Sensex closed down 494 points at 81006 points, while the Nifty future index closed down 205 points at 24843 points. The Bank Nifty future index closed down 550 points at 51491 points. Global markets were soft today amid China uncertainty. Sensex, Nifty eased bullish trade on caution, while funds sold off in small, mid-cap stocks. Global markets continued to soften amid uncertainty over China's stimulus package and uncertainty over economic recovery. Funds continued to book profits in automobile stocks. Funds, investors in other auto stocks that have been providing funds for Hyundai Motor India's mega IPO continued to sell. In IT-software services, technology stocks too, funds eased bullish trade in many stocks today. Funds in banking stocks were also cautious in a bullish fresh trade today. The fall in international crude oil prices saw a modest recovery today.
Top gainers in today's trade include TCS, Larsen, Reliance, Infosys, HCL Technology, Tech Mahindra, State Bank of India. Today's top losers include Torrent Pharma, Indigo, Divis Lab, Mahindra & Mahindra, TVS Motors, Grasim, Hindustan. Shares like Unilever, Muthoot Finance, Havells, Kotak Mahindra Bank, Bharti Airtel, Adani Ports, Bata India, Tata Chemicals, Jindal Steel have declined. Out of a total of 4068 scrips traded in BSE, the number of losers was 2688 and the number of gainers was 1272, 104 stocks saw no change in price. While 236 stocks had only seller's bearish lower circuit against only buyer's bullish upper circuit in 312 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24843 ) :- On the next move Nifty Future is likely to touch the first of 24979 points and the all-important strong stoploss of 25008 points from 24770 points to 24676 points, 24606 points. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 51491 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 51808 points first and 52008 points from 51303 points to 51188 points, 51008 points very important level around 52008 points cautiously. Create a position.
Specific technical level regarding future stock Balakrishna Industries ( 2981 ) :- The share price of this leading company of Balakrishna Group is currently trading around Rs.2929. Buyable with a stoploss of Rs.2909, this stock is likely to register a price of Rs.3003 to Rs.3018 in a short period of time…!! Bullish focus on Rs.3033…!! ACC Limited ( 2271 ):- Positive breakout around Rs.2239 as per technical chart…!! This buyable stock is likely to touch Rs.2294 to Rs.2308 with the support of Rs.2208…!! Oberoi Realty ( 1900 ) :- According to the technical chart, the residential, commercial projects sector, sector, sector, sector, sector, this stock has the possibility of a target price of Rs.1880 to Rs.1868 through a profitable sell-off around Rs.1944. Consider a trading oriented stoploss of Rs.1950..!! Voltas Limited ( 1837 ):- This stock is sellable with a stoploss of Rs.1800 registering an overbought position around Rs.1873..!! It is likely to show the price of Rs.1808 to Rs.1787 in phases…!! Consider bullish above Rs.1909.
Future direction of the market… Friends, in view of the incentives announced by China to stabilize the economy, global fund managers are increasing their allocation in China at the expense of India, according to a survey by BofA Securities. Currently, funds are hoping for good returns from investing in low valuations in China. A BofA Securities survey has found that global fund managers are increasing their allocations to China at the expense of India in view of the incentives being announced by China to revive the sluggish economy. Currently, funds are hoping for good returns from investing in low valuations in China. The Chinese government announced last week that the government would significantly increase the issuance of debt instruments in an effort to boost sluggish economic growth, following the announcement of financial support in September, the largest monetary stimulus since the coronavirus.
Among major emerging markets, India is poised to become the fastest growing major economy in the next three years and the third largest globally by 2030, a global report showed on Thursday. According to a report by S&P Global, emerging markets are set to become the world's fastest growing economy in the next decade. will play a crucial role in shaping the economy, which will average 4/.06% GDP growth by 2035, compared to 1.59% for advanced economies. By 2035, emerging markets will contribute about 65% of global economic growth. This growth will be mainly driven by emerging economies in the Asia-Pacific, including China, India, Vietnam and the Philippines. India, named in 'Developed India' in 2049, aims to become a $30 trillion economy by 2047 from the current $3.6 trillion. India, Indonesia and Brazil have improved compared to their peers. And they are poised to grow in the next decade.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
