The Indian market ended lower on Friday, with the Sensex and Nifty logging a second day of losses as investors booked profits amid mixed corporate earnings and cautious global cues, with a stronger U.S. dollar and the Federal Reserve’s tempered stance on rate cuts dragging on sentiment, while banking heavyweights HDFC Bank and ICICI Bank came under pressure after the market regulator’s circular on new eligibility norms.

The S&P BSE Sensex fell 465.75 points, or 0.55%, to close at 83,938.71, while the NSE Nifty 50 slipped 155.75 points, or 0.60%, to end at 25,722.10.

Here’s how analysts read the market pulse:

Indian equities ended decisively lower after a volatile session, as investors booked profits amid mixed corporate earnings and cautious global sentiment in the backdrop of a strong greenback, said Vinod Nair, Head of Research at Geojit Investments, adding that most sectors closed in the red, pressured by renewed FII selling which have turned cautious after Powell’s hawkish statement and as U.S.-China trade development did not meet expectations.

“However, PSU banks outperformed on expectations of increased FDI limits and better Q2 results. After a strong rally, the markets are on a profit booking mode as a large part of the economic developments are factored in. Buy on dips is expected to stay as a trading strategy as optimism remains solid on a QoQ basis,” said Nair.

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US markets

Wall Street ended higher on Friday, lifted by Amazon’s upbeat earnings outlook, though gains were capped as investors weighed signs the Federal Reserve may take a more cautious approach to rate cuts.

The Dow Jones Industrial Average added 40.75 points, or 0.09%, to 47,562.87. The S&P 500 advanced 17.86 points, or 0.26%, to 6,840.20, while the Nasdaq Composite climbed 143.81 points, or 0.61%, to 23,724.96.

European Markets

European stocks slipped on Friday as investors digested a batch of mixed earnings and a subdued eurozone inflation reading that underscored the European Central Bank’s stance that price pressures remain contained. The pan-European STOXX 600 index fell 0.5%, marking its fourth consecutive decline.

Tech View

The Nifty remained weak throughout the day as the index failed to sustain above 25,950, said Rupak De, Senior Technical Analyst at LKP Securities, adding that bears took control of the session when Nifty failed to move decisively above this level.

“On the lower end, the support at 25,800 was broken, setting a bearish tone. In the short term, the trend is likely to remain weak with the potential to decline towards 25,525. On the higher end, resistance is placed at 25,850, above which the trend may turn positive,” said De.

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Most active stocks in terms of turnover

Chennai Petro (Rs 3,287 crore), Navin Fluorine (Rs 2,990 crore), HDFC Bank (Rs 2,297 crore), BEL (Rs 2,162 crore), ICICI Bank (Rs 2,149 crore), BSE (Rs 1,891 crore) and United Spirits (Rs 1,526 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: 77.92 crore), YES Bank (Traded shares: 21.08 crore), Sagility India (Traded shares: 20 crore), Suzlon Energy (Traded shares: 10.80 crore), IDFC First Bank (Traded shares: 9.56 crore), IDBI Bank (Traded shares: 8.63 crore) and Canara Bank (Traded shares: 8.05 crore) were among the most actively traded stocks in volume terms on NSE.

Stocks showing buying interest

Shares of Navin Fluorine, Chennai Petro, Intellect Design, IDBI Bank, Latent View Analytics, Inventurus Knowledge and Union Bank India were among the stocks that witnessed strong buying interest from market participants.

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52 Week high

Over 136 stocks hit their 52-week highs today while 66 stocks slipped to their 52-week lows. Among the ones which hit their 52-week highs included Canara Bank, SBI and PNB.

Stocks seeing selling pressure

Stocks which witnessed significant selling pressure were Bandhan Bank, Apar Industries, Sapphire Foods, Motilal Oswal, Mphasis, Global Health and Vedant Fashions.

Sentiment meter bearish

The market sentiments were bearish. Out of the 4,309 stocks that traded on the BSE on Friday, 2,436 stocks witnessed declines, 1,722 saw advances, while 151 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)