Market Wrap: Benchmark indices close on a lower note while broader indices outperformed!

On Wednesday, Benchmark indices concluded the day on a negative note as Sensex closed substantially lower by 0.73 per cent concluding at 71,368.97 level, while Nifty also closed significantly lower by 0.68 per cent concluding at 21,518.60.

Market Update at 3:35 PM: On Wednesday, Benchmark indices concluded the day on a negative note as Sensex closed substantially lower by 0.73 per cent concluding at 71,368.97 level, while Nifty also closed significantly lower by 0.68 per cent concluding at 21,518.60. Whereas Broader indices closed moderately higher with Nifty Midcap surging by 0.22 per cent, while Nifty Smallcap marginally increased by 0.01 per cent.

Market volatility, as indicated by India VIX, has marginally declined by 3.29per cent, reflecting a slight decrease in market volatility.

Nifty Realty, Nifty PSU Bank, Nifty Pharma and Nifty Media were among the top gainers, while Nifty IT, Nifty Metal, Nifty Financial Services and Nifty Bank were among the top losers.

Bajaj Auto, Adani Enterprises and Indusind Bank were among the top gainers while Hindalco, JSW Steel and Tata Steel were among the top losing stocks from the Nifty 50.

About 1097 stocks were advancing as against to 965 stocks that were declining, thus indicating a optimistic sentiment in the broader market.

Market Update at 2:00 PM: In the current trading session benchmark indices trade lower with the Sensex plunging by 0.48 per cent, while Nifty declined by 0.45 per cent. Similarly, Nifty Midcap has surged by 0.43 per cent, while Nifty Smallcap is also experiencing a moderate gain of 0.14 per cent.

India VIX is currently trading lower by 2.83 per cent, indicating a slight decline in market volatility.

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

Adani Enterprises, Adani Ports and ITC are among the top gainers while JSW Steel, Hindalco and LTIMindtree are among the top losing stocks from the Nifty 50.

About 1142 stocks are advancing as against to 911 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 lower with the Sensex plunging by 0.62 per cent, while Nifty declined by 0.59 per cent. Similarly, Nifty Midcap has surged by 0.21 per cent, while Nifty Smallcap is also experiencing a marginal gain of 0.01 per cent.

India VIX is currently trading higher by 0.12 per cent, indicating a slight increase in market volatility.

European markets are heading for a negative open on Wednesday after a gloomy start to new year yesterday. European futures DAX, CAC and FTSE trade lower by 0.23 per cent, 0.25 per cent and 0.17 per cent respectively.

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

Adani Enterprises, ITC and BPCL are among the top gainers while JSW Steel, Hindalco and LTIMintree are among the top losing stocks from the Nifty 50.

About 1062 stocks are advancing as against to 983 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:15 AM: In the current trading session benchmark indices trade substantially lower with the Sensex trading lower by 0.45 per cent, while Nifty also trades lower by 0.46 per cent. Whereas, Nifty Midcap has marginally surged by 0.13 per cent, while Nifty Smallcap has also marginally soared by 0.07 per cent.

India VIX is currently trading marginally lower by 0.81 per cent, indicating a slight decline in market volatility.

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

Adani Enterprises, ITC and Adani Ports are among the top gainers while, JSW Steel, Hindalco and LTI Mindtree are among the top losing stocks from the Nifty 50.

About 1077 stocks are advancing as against to 967 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 9:30 AM: On Wednesday, Indian markets initiated the trading day on a lower note with the Sensex opening moderately lower by 0.21 per cent, while Nifty also opened moderately lower by 0.19 per cent. Whereas Nifty Midcap opened marginally higher by 0.05 per cent, while Nifty Smallcap also opened marginally higher by 0.16 per cent.

India VIX has marginally surged by 0.93 per cent, indicating a slight increase in market volatility.

Nifty Energy, Nifty FMCG and Nifty Media are among the top gaining sectors while Nifty IT, Nifty Metal and Nifty Auto are among the major underperforming sectors.

Adani Enterprises, Adani Ports and ITC are among the top gainers while JSW Steel, Wipro and Hindalco are among the top losing stocks from the Nifty 50.

About 1197 stocks are advancing as against to 731 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:05 AM: U.S. Stock futures showed little movement in overnight trading following the Nasdaq Composite's weakest session since October. Dow Jones Industrial Average futures saw a modest rise of only 10 points, while S&P 500 futures and Nasdaq-100 futures remained close to the neutral zone.

The new calendar year began on a sombre note, witnessing a 0.6 per cent decline in the S&P 500, with the 30-stock Dow finishing slightly less than 0.1 per cent higher. The Nasdaq Composite experienced a substantial drop of over 1.6 per cent, marking its worst day since October. This decline was attributed to significant technology stocks and a nearly 4 per cent fall in Apple following a downgrade by Barclays.

The GIFT Nifty signals a slightly negative commencement for the benchmark indices, reflecting a decrease of 70.5 points. GIFT Nifty futures settled at 21,682 points after reaching a peak of 21,820 points.

On Tuesday, oil prices exhibited volatility as Iran deployed a warship to the Red Sea, intensifying the already tense situation in the crucial waterway for global shipments, which has witnessed attacks by Yemen's Houthi rebels.

In the trading session, the West Texas Intermediate contract for February saw a marginal gain of 1 cent (0.01 per cent), reaching USD 71.66 per barrel. Meanwhile, the Brent contract for March experienced a slightly larger increase of 14 cents (0.18 per cent), trading at USD 77.18.

Earlier in the session, crude prices had surged more than 2 per cent. Iran's announcement on Monday regarding the dispatch of the Alborz destroyer through the strategic Bab al-Mandeb Strait added to the geopolitical tensions. While details of the warship's mission were not provided, Iran's state media reported that such operations are periodically conducted in the Red Sea to secure shipping routes.

This development followed the US Navy's destruction of three boats belonging to Iran-backed Houthi rebels, resulting in the death of 10 militants, as reported by AP. The Navy's actions were in response to a distress call from the Singapore-flagged vessel Maersk Hangzhou, which had come under Houthi fire, according to the US Central Command's statement.

The Dollar index saw a 0.77 per cent increase in futures, reaching 102.11, while the value of a single dollar remained close to Rs 83.28.

On January 02, 2024, foreign institutional investors (FII) bought shares worth Rs 1,602.16 crore, while domestic institutional investors (DII) offloaded shares worth Rs 1,959.04 crore.

Stocks that are banned for trading in the F&O segment on January 03, 2024, are BALRAMCHIN, DELTACORP, HINDCOPPER, IEX, SAIL and ZEEL.