Broader markets decline, midcaps and smallcaps struggle

Sensex is down by 0.19 per cent, hovering around 80,510, and Nifty is down by 0.17 per cent, trading near 24,300.

Market Update at 9:25 AM: On Wednesday, markets opened on a negative note, with both Nifty and Sensex showing negative movement. Nifty Pharma index led the gains, while Nifty Media index lagged behind.

As of now, the Sensex is down by 0.19 per cent, hovering around 80,510, and Nifty is down by 0.17 per cent, trading near 24,300. However, in the broader market, the Nifty Midcap declined about 0.44 per cent to about 58,850, and the Nifty Smallcap is down by 0.25 per cent, trading near 19,350.

India VIX is up by 2.90 per cent, trading at 14.91, indicating a rise in market volatility.

Within the sectoral landscape Nifty Pharma, Nifty FMCG, and Nifty IT sector is among the Top Gainers while Nifty Media, Nifty PSU Bank, Nifty Auto sector is underperforming.

DRREDDY, SUNPHARMA, and CIPLA are among the top gainers within the Nifty 50 while TATAMOTORS, LT, and POWERGRID are among the Top Losers.

About 1,044 stocks are advancing as against to 1,205 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 8:40 AM: US stocks closed lower on Tuesday, with crude oil prices also slipping as investors assessed economic data and braced for upcoming central bank decisions, including a likely Federal Reserve rate cut.

Bitcoin hit new record highs, while U.S. Treasury yields remained steady ahead of what is expected to be a "hawkish cut" from the Fed.

The Dow dropped 266.93 points (0.61 per cent) to 43,450.55, marking its ninth straight loss—the longest streak since 1978. The S&P 500 fell 23.45 points (0.39 per cent) to 6,050.63, and the Nasdaq declined 64.83 points (0.32 per cent) to 20,109.06.

The GIFT Nifty is indicating a negative start for the day. Nifty futures were trading at 24,400.00.

The U.S. 10-year Treasury yield stands at 4.393 per cent, while the 2-year bond yield at 4.24 per cent.

Brent crude rose above $73 and WTI exceeded $69 as U.S. crude stocks fell by 4.7 million barrels, beating forecasts. Prices face pressure from weak China demand and rising non-OPEC+ output, despite hopes of a Fed rate cut boosting growth.

On December 17 2024, foreign institutional investors (FII) sold shares worth Rs 6,409 crore, while domestic institutional investors (DII) bought shares worth Rs 2,706 crore.

Stocks that are banned for trading in the F&O segment on December 18, 2024, are BANDHANBNK, CHAMBLFERT, GRANULES, HINDCOPPER, MANAPPURAM, NATIONALUM, PVRINOX, RBLBANK, SAIL.

Disclaimer: The article is for informational purposes only and not investment advice.