Market Wrap: Benchmark close substantially lower amidst higher volatility!

On Wednesday, Frontline indices concluded the trading day on a negative note as Sensex closed substantially lower by 2.23 per cent concluding at 71,500.76 level, while Nifty plunged by 2.09 per cent and closed at 21,571.95 level.

Market Update at 3:40 PM: On Wednesday, Frontline indices concluded the trading day on a negative note as Sensex closed substantially lower by 2.23 per cent concluding at 71,500.76 level, while Nifty plunged by 2.09 per cent and closed at 21,571.95 level. Similarly Broader indices closed significantly lower with Nifty Midcap plunging by 1.08 per cent, while Nifty Smallcap plummeted by 1.2 per cent.

Market volatility, as indicated by India VIX, has surged by 11.73 per cent, reflecting a substantial increase in market volatility.

Nifty IT was the only major sector, which was trading positively, while Nifty Bank, Nifty Financial Services, Nifty Metal and Nifty PSU Bank were among the top losers.

HCL Technologies, SBI Life and LTIMindtree were among the top gainers while HDFC Bank, Tata Steel and Kotak Bank were among the top losing stocks from the Nifty 50.

About 523 stocks were advancing as against to 1711 stocks that were declining, thus indicating an optimistic sentiment in the broader market.

Market Update at 2:15 PM: In the current trading session benchmark indices trade on a lower note with the Sensex substantially declining by 1.85 per cent, whereas Nifty also plummeted by 1.73 per cent. Similarly, Nifty Midcap has plunged by 0.65 per cent, while Nifty Smallcap trades substantially lower by 0.92 per cent.

India VIX is currently trading higher by 9.65 per cent, indicating a surge in market volatility.

Nifty IT and Nifty Media are among the top gainers, while Nifty Bank, Nifty Financial Services and Nifty Metal are among the top losers.

SBI Life, HCL Technologies and Apollo Hospitals are among the top gainers while HDFC Bank, Kotak Bank and Tata Steel are among the top losing stocks from the Nifty 50.

About 626 stocks are advancing as against to 1605 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 12:40 PM: In the current trading session benchmark indices trade substantially lower with the Sensex plunging by 1.78 per cent, while Nifty also plummeted by 1.67 per cent. Similarly, Nifty Bank also substantially declined as HDFC Bank announced their Q3FY24 results. This trend continued, in the broader indices as Nifty Midcap also declined by 0.86 per cent, while Nifty Smallcap plunged by 0.92 per cent.

India VIX is currently trading significantly higher by 9.87 per cent, indicating a surge in market volatility.

European markets are heading for a lower open on Wednesday, while regional focus remains on the World Economic Forum taking place this this week in Davos, Switzerland. European futures DAX, CAC and FTSE trade lower by 0.76 per cent, 0.98 per cent and 1 per cent respectively.

Nifty Media and Nifty IT are among the top gainers, while Nifty Bank, Nifty Financial Services and Nifty Metal are among the top losers.

SBI Life, HCL Technologies and Infosys are among the top gainers while HDFC Bank, Kotak Bank and Tata Steel are among the top losing stocks from the Nifty 50.

About 554 stocks are advancing as against to 1667 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 11:15 AM: In the current trading session benchmark indices trade on a lower note as Sensex trades substantially lower by 1.4 per cent while, Nifty also trades significantly lower by 1.27 per cent. Similarly, Nifty Midcap has moderately plunged by 0.43 per cent, while Nifty Smallcap has also plummeted by 0.55 per cent.

India VIX is currently trading marginally higher by 3.76 per cent, indicating a slight increase in market volatility.

Nifty Media, Nifty IT and Nifty Energy are among the top gainers while Nifty Bank, Nifty Financial Services and Nifty Metal are among the top losers.

HCL Technologies, L&T and Power Grid are among the top gainers while, HDFC Bank, Kotak Bank and ICICI Bank are among the top losing stocks from the Nifty 50.

About 700 stocks are advancing as against to 1517 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 9:30 AM: On Wednesday, Indian markets initiated the trading day on a negative note with the Sensex opening substantially lower by 1.27 per cent, while Nifty also opened significantly lower by 1.2 per cent. Similarly Nifty Midcap opened lower by 0.68 per cent, while Nifty Smallcap also opened moderately lower by 0.51 per cent.

India VIX has marginally surged by 1.64 per cent, indicating a slight increase in market volatility.

Nifty IT is the only major sector which is trading positively while Nifty Financial Services, Nifty Bank and Nifty Metal are among the top losers.

HDFC Life, Adani Ports and TCS are among the top gainers while HDFC Bank, Hindalco and Tata Steel are among the top losing stocks from the Nifty 50.

About 477 stocks are advancing as against to 1585 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 8:00 AM: U.S. Stock futures remained stable in overnight trading following a negative session that marked the beginning of the holiday-shortened trading week. Dow Jones Industrial Average futures saw a decrease of 18 points, equivalent to 0.05 per cent. Meanwhile, S&P 500 futures and Nasdaq-100 futures remained close to the unchanged mark. Tuesday's trading session witnessed a decline in stocks as the fourth-quarter earnings season gained momentum.

Additionally, the yield on the 10-year Treasury note exceeded 4 per cent after Federal Reserve Governor Christopher Waller's remarks cautioned that the easing of monetary policy might occur more gradually than expected. The Dow experienced a drop of 231.86 points, or 0.62 per cent, while the S&P 500 and Nasdaq Composite recorded declines of 0.37 per cent and 0.19 per cent, respectively.

The GIFT Nifty suggests a slightly bearish beginning for the benchmark indices, showing a decrease of 155 points. GIFT Nifty futures reached 21,872 points, having reached a peak of 22,151 points.

Oil prices exhibited volatility on Tuesday as investors assessed the impact of Middle East tensions amidst a stronger dollar and tempered expectations of U.S. interest rate cuts.

Brent crude futures inched up by 16 cents, or 0.2 per cent, reaching USD 78.31 per barrel. Although the contract had surged more than USD 1 above its Monday settlement earlier in the session, US West Texas Intermediate crude experienced a decline of 27 cents, or 0.37 per cent, from Friday, settling at USD 72.41 per barrel. US markets were closed on Monday for a public holiday.

Geopolitical concerns, including an escalating shipping crisis in the Red Sea and Iranian missile strikes on targets in Syria and Iraq, contributed to the oil price's geopolitical risk premium on Tuesday. However, the potential for prices to rise further may be limited unless there is a production shutdown.

On January 16, 2024, foreign institutional investors (FII) bought shares worth Rs 656.57 crore, while domestic institutional investors (DII) offloaded shares worth Rs 369.29 crore.

Stocks that are banned for trading in the F&O segment on January 17, 2024, are ABFRL, ASHOKLEY, BANDHANBNK, BIOCON, CHAMBLFERT, DELTACORP, HINDCOPPER, INDIACEM, INDUSTOWER, METROPOLIS, NATIONALUM, PEL, POLYCAB, PVRINOX and ZEEL.