Market Wrap: Benchmark indices close on a lower note while Nifty Smallcap underperforms!

In today's market, the Sensex concluded the trading session with a significant 0.85 percent decline, while the Nifty also closed lower, down by 0.8 percent.

Market Update at 3:35 PM: In today's market, the Sensex concluded the trading session with a significant 0.85 per cent decline, while the Nifty also closed lower, down by 0.8 per cent.

The Nifty Midcap and Nifty Smallcap indices followed suit, closing lower by 0.89 per cent and 1.34 per cent, respectively.

Notably, the India VIX experienced a substantial decline of 1.44 per cent.

Among the top losers, Nifty PSU Bank, Nifty Auto, and Nifty Bank stood out, while Nifty Media closed marginally positive with no other major sectors managing to close in positive territory.

Conversely, Adani Ports, Tech Mahindra, and Dr Reddy’s Laboratories were among the top gainers, while M&M, ICICI Bank, and Cipla found themselves among the top losers within the Nifty 50.

Examining the broader market sentiment, approximately 508 stocks advanced, while 1502 stocks declined, underscoring the prevalent negative sentiment in the broader market.

Market Update at 2:20 PM: The Indian stock market saw a notable decline, with the Sensex recording a substantial 0.91 per cent drop, and the Nifty trading significantly lower by 0.84 per cent. Additionally, the Nifty Midcap experienced a modest decline of 0.81 per cent, while the Nifty Smallcap also traded siginificantly lower, dropping by 1.18 per cent.

In contrast, the India VIX experienced a notable decline, dropping by 1.89 per cent.

Among the major sectors, Nifty Media was the only one trading positively, while Nifty Auto, Nifty PSU Bank, and Nifty Bank emerged as the top losers.

In terms of individual stocks, Adani Ports, Tech Mahindra, and Dr. Reddy's Laboratories were among the top gainers, while M&M, ICICI Bank, and SBIN were among the top losers within the Nifty 50.

The broader market sentiment appeared negative, with approximately 590 stocks advancing and 1399 stocks declining, indicating prevailing bearish sentiment.

Market Update at 12:40 PM: In the current market session, the Sensex and Nifty experienced significant declines of 0.9 per cent and 0.84 per cent, respectively.

Nifty Midcap and Nifty Smallcap also saw lower trading, with modest decreases of 0.65 per cent and 0.69 per cent, respectively.

Meanwhile, European markets are poised for a lower opening, with DAX, FTSE, and CAC showing declines of 0.64 per cent, 0.56 per cent, and 0.97 per cent, respectively.

India VIX registered a notable drop of 1.18 per cent, signaling reduced market volatility.

Notably, Nifty Media was the sole major sector showing positive performance, while Nifty Auto, Nifty Bank, and Nifty Financial Services recorded losses.

Among the top gainers from the Nifty 50 were Adani Ports, Tech Mahindra, and Adani Enterprises, whereas M&M, ICICI Bank, and Grasim stood out as the top losers.

In the broader market sentiment, around 652 stocks advanced, while 1341 stocks declined, reflecting an overall negative market sentiment.

Market Update at 11:11 AM: In the current trading session, the Sensex is trading substantially lower with a decline of 0.65 per cent, while the Nifty is significantly lower by 0.59 per cent. Additionally, Nifty Midcap has registered a marginal 0.09 per cent decrease, and Nifty Smallcap is trading lower by 0.14 per cent.

However, India VIX has seen a slight drop of 0.18 per cent, suggesting a modest reduction in market volatility.

Among the sectors, Nifty PSU Bank, Nifty Media, and Nifty Realty are standing out as the top gainers, whereas Nifty Auto, Nifty FMCG, and Nifty IT are currently the top losers.

In terms of individual stocks within the Nifty 50, notable gainers include Adani Ports, Tech Mahindra, and BPCL, while TCS, ICICI Bank, and M&M are among the top losers.

The broader market sentiment indicates a slight negative bias, as approximately 946 stocks are advancing compared to 1000 stocks that are declining. This mix of performance reflects a relatively cautious sentiment in the broader market.

Market Update at 9:30 AM: In the latest market opening, the Sensex and Nifty have both started with modest declines of 0.47 per cent and 0.41 per cent, respectively. Simultaneously, Nifty Midcap has opened with a marginal gain of 0.17 per cent, while Nifty Smallcap has experienced a 0.13 per cent increase.

India VIX has shown a slight uptick of 0.54 per cent, indicating some increased market volatility.

Notably, among the sectors, Nifty PSU Bank, Nifty Realty, and Nifty Media have emerged as the top gainers, while Nifty IT, Nifty Financial Services, and Nifty FMCG are currently the top losers.

Within the Nifty 50, leading gainers include Adani Ports, UPL, and Hindalco, while HCL Tech, ICICI Bank, and LTIMindtree are among the top losers.

The broader market sentiment appears balanced, with approximately 912 stocks advancing compared to 914 stocks declining, signifying a relatively neutral market sentiment.

Pre-Market Update at 8:15 AM: Stock futures traded near flat on Wednesday night as investors digested the Federal Reserve's projections. Dow Jones futures slipped 0.04 per cent, S&P 500 futures were down 0.1 per cent, and Nasdaq 100 futures edged 0.2 per cent lower. This followed a session where the major indices closed at their lows after the Fed, while keeping interest rates steady, signaled a possible rate hike by year-end. Fed Chair Jerome Powell mentioned a soft landing for the economy remained possible but wasn't his primary scenario, adding to market caution.

Oil prices dropped on Wednesday ahead of the US Federal Reserve's interest rate decision, as uncertainty loomed over the timing and potential impact of rate hikes on energy demand. Global benchmark Brent crude futures slid by 0.6 per cent to USD 93.76 per barrel after briefly hitting an intra-day low of USD 1.58. Meanwhile, the Dollar index fell 0.47 per cent in futures, standing at 104.71, while the dollar's value remained near Rs 82.92.

The GIFT Nifty suggests a slightly bearish opening for the benchmark indices, with a decline of 54 points. GIFT Nifty futures reached 19,858 points after reaching a peak at 20,034 points.

On September 20, foreign institutional investors (FII) offloaded shares worth Rs 3,110.69 crore, while domestic institutional investors (DII) sold shares worth Rs 573.02 crore.

Stocks that are banned for trading in the F&O segment on September 21, 2023, are Balrampur Chini Mills, BHEL, Chambal Fertilizers & Chemicals, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Manappuram, PNB and Zee Entertainment Ltd.