Market Wrap: Benchmark indices close on a positive note with Nifty Metal among the top gainers!

On Wednesday, Frontline indices concluded the day on a positive note as Sensex closed significantly higher by 0.98 per cent concluding at 71,060.31 level, while Nifty surged by 1.01 per cent and closed at 21,453.95 level.

Market Update at 3:40 PM: On Wednesday, Frontline indices concluded the day on a positive note as Sensex closed significantly higher by 0.98 per cent concluding at 71,060.31 level, while Nifty surged by 1.01 per cent and closed at 21,453.95 level. Similarly, this trend continued in the Broader market as Nifty Midcap closed substantially higher surging by 1.83 per cent, while Nifty Smallcap soared by 1.72 per cent.

Market volatility, as indicated by India VIX, has declined by 3.21 per cent, reflecting a decrease in market volatility.

Nifty Media, Nifty Metal, Nifty PSU Bank and Nifty Energy were among the top gainers while there were no major sectors which underperformed.

Hindalco, Dr Reddy’s Laboratories and Tata Steel were among the top gainers while ICICI Bank, Axis Bank and Asian Paints were among the top losing stocks from the Nifty 50.

About 1635 stocks were advancing as against to 589 stocks that were declining, thus indicating an optimistic sentiment in the broader market.

Market Update at 2:10 PM: In the current trading session benchmark indices trade on a positive note with the Sensex moderately surging by 0.39 per cent, whereas Nifty also surged by 0.43 per cent. Similarly, Nifty Midcap has significantly soared 1.2 per cent, while Nifty Smallcap trades significantly higher by 1.13 per cent.

India VIX is currently trading marginally higher by 0.77 per cent, indicating a slight surge in market volatility.

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

Hindalco, Dr Reddy’s Laboratories and Tata Steel are among the top gainers while Axis Bank, ICICI Bank and Asian Paints are among the top losing stocks from the Nifty 50.

About 1524 stocks are advancing as against to 702 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 12:40 PM: In the current trading session benchmark indices trade marginally lower with the Sensex plunging by 0.1 per cent, while Nifty also marginally declined by 0.01 per cent. Whereas, in the broader indices as Nifty Midcap surged by 0.31 per cent, while Nifty Smallcap marginally declined by 0.06 per cent.

India VIX is currently trading substantially higher by 2.26 per cent, indicating a slight increase in market volatility.

European markets are heading for a positive open on Wednesday as Investors look ahead to preliminary purchasing managers index data from the Euro Zone in January. European futures DAX, CAC and FTSE trades higher by 0.60 per cent, 0.53 per cent and 0.23 per cent each.

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

Hindalco, Dr Reddy’s Laboratories and Bajaj Finserv are among the top gainers while Axis Bank, ICICI Bank and Asian Paints are among the top losing stocks from the Nifty 50.

About 1198 stocks are advancing as against to 1010 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:15 AM: In the ongoing trading session, benchmark indices are trading on a higher note, with Sensex moderately increasing by 0.58 per cent and Nifty also making moderate gains of 0.61 per cent. The Nifty Midcap has seen a substantial gain of 1.05 per cent, while Nifty Smallcap has also experienced a surge of 0.48 per cent.

India VIX is marginally down by 0.64 per cent, suggesting a slight reduction in market volatility.

Noteworthy gainers include Nifty Metal, Nifty PSU Bank, and Nifty FMCG, while Nifty Realty is the only major sector which is currently underperforming.

Top gainers in individual stocks are Hindalco, Dr Reddy’s Laboratories, and SBIN, whereas Axis Bank, Asian Paints, and Hero Motocorp are among the leading losers in the Nifty 50.

The broader market sentiment remains positive, with 1582 stocks advancing compared to 618 declining.

Market Update at 9:35 AM: On Wednesday, Indian markets initiated the trading day on a positive note with the Sensex opening marginally higher by 0.07 per cent, while Nifty also opened marginally higher by 0.11 per cent. Similarly Nifty Midcap opened moderately higher by 0.71 per cent, whereas Nifty Smallcap opened moderately higher 0.83 per cent.

India VIX has marginally surged by 1.92 per cent, indicating a slight increase in market volatility.

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

Hindalco, Indusind Bank and Coal India are among the top gainers while Axis Bank, Hero Motocorp and Asian Paints are among the top losing stocks from the Nifty 50.

About 478 stocks are advancing as against to 616 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:05 AM: The S&P 500 achieved a record closing high on Tuesday as investors processed a diverse array of early Quarterly Results and anticipated upcoming reports, including those from Tesla and other companies later in the week.

The S&P 500 rose by 0.29 per cent, concluding the session at 4,864.59 points. Meanwhile, the Nasdaq increased by 0.43 per cent to 15,425.94 points, while the Dow Jones Industrial Average dipped by 0.25 per cent to 37,905.45 points.

Indications from the GIFT Nifty suggest a favourable opening for the benchmark indices, showcasing an increase of 87 points or 0.41 per cent. Nifty futures are observed trading in the vicinity of the 21,277 level.

On Tuesday, oil prices experienced a decline, relinquishing some of the gains from the previous day. Traders assessed the impact of increased crude supply in Libya and Norway, juxtaposed with production disruptions in the United States and ongoing geopolitical tensions.

Brent crude futures dropped by 0.72 per cent, or 58 cents, to USD 79.48 a barrel, while US West Texas Intermediate crude futures (WTI) slid by 0.6 per cent, or 45 cents, to USD 74.31 a barrel. Brent slipped below the USD 80 threshold, having settled above it on Monday for the first time since December 26.

The dollar index reached a six-week high, accompanied by an increase in U.S. Treasury yields. Investors awaited economic growth and inflation data, seeking insights into the Federal Reserve's potential decisions on interest rate cuts.

On January 23, 2024, foreign institutional investors (FII) offloaded shares worth Rs 3,115.39 crore, while domestic institutional investors (DII) bought shares worth Rs 214.40 crore.

Stocks that are banned for trading in the F&O segment on January 24, 2024, are BALRAMCHIN, IRCTC, NATIONALUM, OFSS and RBLBANK.