Market Wrap: Benchmark indices close on a higher note while Broader indices outperform!

On Friday, Benchmark indices concluded trading day on a higher note as Sensex moderately gained by 0.36 per cent and closed at 72,664.47 level, while Nifty also gained by 0.44 per cent and closed at 22.055.20 level.

Market Update at 3:35 PM: On Friday, Benchmark indices concluded trading day on a higher note as Sensex moderately gained by 0.36 per cent and closed at 72,664.47 level, while Nifty also gained by 0.44 per cent and closed at 22.055.20 level. Similarly, the Broader market experienced substantial gains as Nifty Midcap closed substantially higher by 0.86 per cent, while Nifty Smallcap soared by 0.69 per cent.

Market volatility, as indicated by India VIX, has surged by 2.2 per cent, reflecting an increase in market volatility.

Nifty Energy, Nifty Metal and Nifty FMCG closed positively while Nifty IT, Nifty Realty and Nifty PSU Bank were among the top losers.

BPCL, NTPC and Power Grid were among the top gainers while TCS, Cipla and LTIMindtree were among the top losing stocks from the Nifty 50.

About 1333 stocks were advancing as against to 771 stocks that were declining, thus indicating a positive sentiment in the broader market.

Market Update at 2:20 PM: In the current trading session benchmark indices trade on a positive note with the Sensex trading moderately higher by 0.21 per cent, while Nifty surged by 0.35 per cent. Similarly, in the broader indices Nifty Midcap has soared by 0.54 per cent, while Nifty Smallcap has gained by 0.47 per cent.

India VIX is currently trading higher by 1.91 per cent, indicating an increase in market volatility.

Nifty Metal, Nifty Pharma and Nifty Energy are the major sectors which are trading positively while Nifty IT, Nifty Realty and Nifty Financial Services are among the top losers.

BPCL, Hero Motocorp and Cipla are among the top gainers while TCS, Infosys and LTIMindtree are among the top losing stocks from the Nifty 50.

About 1327 stocks are advancing as against 760 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 12:35 PM: In the current trading session benchmark indices trade moderately higher as Sensex has surged by 0.23 per cent, while Nifty has gained by 0.34 per cent. Similarly, in the broader markets Nifty Midcap has surged by 0.31 per cent, while Nifty Smallcap has slight gained by 0.15 per cent.

India VIX has spiked up by 2.74 per cent, indicating an increase in market volatility.

European markets are set to open higher on Friday as positive momentum continued into the end of the week. European futures DAX and CAC trade higher by 0.35 per cent and 0.25 respectively while FTSE traded marginally lower 0.18 per cent.

Nifty Metal, Nifty Pharma and Nifty FMCG are trading positively while Nifty Realty and Nifty IT are among the top losers.

BPCL, Hero Morocorp and Cipla are among the top gainers while Tech Mahindra, TCS and Infosys are among the top losing stocks from the Nifty 50.

About 1258 stocks are advancing as against to 825 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:11 AM: In the ongoing trading session, Benchmark indices are trading on a positive note with Sensex substantially moderately surging by 0.37 per cent, while Nifty also gained by 0.47 per cent. Similarly, in the broader indices Nifty Midcap experience moderate gains of 0.28 per cent, while Nifty Smallcap has surged by 0.17 per cent.

India VIX is trading higher by 0.95 per cent, indicating an increase in market volatility.

Nifty Metal, Nifty Pharma and Nifty Energy are trading positively while Nifty IT and Nifty Realty are the only sectors which are among the top losers.

Top gainers in individual stocks are BPCL, Hero Motocorp and Asian Paints, whereas Infosys, LTIMindtree and TCS are among the top losers in the Nifty 50.

The broader market sentiment is positive, with 1245 stocks advancing compared to 802 stocks declining.

Market Update at 9:35 AM: On Friday, Indian markets initiated the trading day on a positive note with Sensex opening moderately higher by 0.38 per cent, while Nifty also opened higher by 0.44 per cent. Similarly, in the broader indices Nifty Midcap opened marginally higher by 0.02 per cent, while Nifty Smallcap has gained by 0.05 per cent.

India VIX has surged by 0.69 per cent and is trading above the level of 18, indicating heightened market volatility.

Nifty FMCG, Nifty Energy and Nifty Auto are among the top gainers while Nifty IT, Nifty Realty and Nifty PSU Bank are among the top losers.

BPCL, ITC and Axis Bank are among the top gainers while Infosys, LTIMindtree and HDFC Bank are among the top losing stocks from the Nifty 50.

About 1073 stocks are advancing as against to 857 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:45 AM: The S&P 500 reached its highest level in a month amidst an increase in US jobless claims, sparking talks of potential Fed rate cuts. Meanwhile, a successful USD 25 billion 30-year bond sale extended the bond rally. While megacaps like Amazon saw gains, Nvidia experienced a decline. The dollar weakened due to lower Treasury yields.

The GIFT Nifty is signalling a promising opening for Indian Benchmark indices, with a rise of 70 points or 0.32 per cent. Nifty futures are hovering around the 22,159 level.

Oil is set for its third consecutive day of gains, driving its weekly performance higher due to US jobs data hinting at potential Fed rate cuts, which in turn supports risk assets. Brent crude surpasses USD 84 per barrel, while West Texas Intermediate approaches USD 80.

Increased US jobless claims further strengthen the argument for looser monetary policy, leading to a weaker dollar and increased attractiveness of commodities. Oil maintains an upward trajectory this year, supported by OPEC+ cuts, strong global demand, and ongoing tensions in the Middle East. OPEC+ will convene next month to discuss second-half output.

On May 09, 2024, foreign institutional investors (FII) offloaded shares worth Rs 6,994.86 crore, while domestic institutional investors (DII) bought shares worth Rs 5,642.53 crore.

Stocks that are banned for trading in the F&O segment on May 10, 2024, are ABFRL, BALRAMCHIN, CANBK, GMRINFR, IDEA, PEL, PNB, SAIL and ZEEL.