Market Wrap: Benchmark indices close substantially lower with Nifty PSU Bank among the top losers!

In the latest market session, benchmark indices have concluded the day wih losses as the Sensex and Nifty have registered substantial declines, closing lower by 0.83 per cent and 0.71 per cent, respectively, marking a challenging day for the markets.

Market Update at 3:35 PM: In the latest market session, benchmark indices have concluded the day wih losses as the Sensex and Nifty have registered substantial declines, closing lower by 0.83 per cent and 0.71 per cent, respectively, marking a challenging day for the markets.

Furthermore, Nifty Midcap has taken a significant hit, closing down by 0.9 per cent, while Nifty Smallcap has also faced a decrease, albeit a more moderate one at 0.34 per cent. These figures signify the widespread downturn in the market.

Adding to the market's dynamics, the India VIX has experienced a noticeable surge of 2.83 per cent, indicating an increase in market volatility.

Sector-wise, Nifty Pharma, Nifty Media, and Nifty Auto have shone as the top gaining sectors, demonstrating resilience in the face of broader market challenges. Conversely, Nifty PSU Bank, Nifty Financial Services, and Nifty Bank find themselves among the top losers, reflecting the difficulties faced by financial institutions.

Zooming in on individual stocks within the Nifty 50, Cipla, Dr. Reddy's Laboratories, and Tata Motors have emerged as the top gainers, while Bajaj Finance, Bajaj Finserv, and NTPC find themselves among the top losers in this index.

Taking a broader perspective of the market, approximately 643 stocks are advancing, compared to 1,389 stocks that are declining, painting a picture of an overall negative sentiment within the broader market. This mixed performance underscores the cautious mood currently prevailing among investors.

Market Update at 2:15 PM: In the latest market developments, the Sensex and Nifty indices are exhibiting a modest downturn, with losses of 0.62 per cent and 0.5 per cent, respectively. At the same time, Nifty Midcap is facing a more significant decline of 0.77 per cent, while Nifty Smallcap has recorded a 0.17 per cent decrease. These figures reflect the current market conditions.

Adding to the market's dynamics, the India VIX has experienced a notable increase of 1.96 per cent, signaling an upturn in market volatility, which warrants close attention from investors.

Among the sectors, Nifty Pharma, Nifty Media, and Nifty Auto are standout performers, displaying notable gains. In contrast, Nifty Financial Services, Nifty Bank, and Nifty PSU Bank are among the sectors struggling to perform, indicating a challenging environment for financial institutions.

Zooming in on individual stocks within the Nifty 50, Cipla, Dr. Reddy's Laboratories, and Tata Motors have emerged as the top gainers, while Bajaj Finance, LTIMindtree, and Bajaj Finserv find themselves among the top losers.

Taking a broader view of the market, approximately 630 stocks are advancing, compared to 1,403 stocks that are declining, painting a picture of overall negative sentiment in the broader market. This mixed performance underscores the current cautious sentiment among investors.

Market Update at 12:40 PM: In the latest market update, the Sensex and Nifty indices have experienced modest declines of 0.76 per cent and 0.62 per cent, respectively, with the Nifty Midcap taking a more substantial dip of 0.87 per cent, and the Nifty Smallcap following with a 0.28 per cent decrease. This trend reflects a cautious market sentiment.

Adding to the market's apprehension, the India VIX has surged by 3.81 per cent, pointing towards heightened market volatility, which may be a cause for concern among investors.

European markets are also showing signs of a sluggish start, with European futures for DAX, FTSE, and CAC trading down by 0.16 per cent, 0.13 per cent, and 0.21 per cent, respectively. This international trend aligns with the cautious sentiment observed in the Indian market.

Amid this scenario, the Nifty Pharma sector stands out as the only sector trading in positive territory, while Nifty Financial Services, Nifty Bank, and Nifty PSU Bank are among the top underperforming sectors, which indicates a lackluster performance in the financial sector.

Specifically, Cipla, Dr Reddy's Laboratories, and Sun Pharma have emerged as the top gainers in the Nifty 50, while Bajaj Finance, LTIMindtree, and Bajaj Finserv find themselves among the top losers.

A broader look at the market reveals that around 547 stocks are advancing, compared to 1,478 stocks that are declining, thus signaling an overall negative sentiment within the broader market. This mixed performance further underscores the ongoing cautious sentiment among investors.

Market Update at 11:11 AM: In the current market session, the Sensex and Nifty are experiencing a slight downturn, with losses of 0.47 per cent and 0.39 per cent, respectively. However, Nifty Smallcap is trading flat, while Nifty Midcap is trading lower with a decline of 0.64 per cent.

Market volatility, as measured by India VIX, is relatively stable with marginal declines of 0.07 per cent.

Sectors are displaying mixed performance, with Nifty Pharma, Nifty Media, and Nifty Metal emerging as top-gaining sectors. Conversely, Nifty Financial Services, Nifty Bank, and Nifty PSU Bank are currently underperforming.

Prominent gainers within the Nifty 50 index include Cipla, Dr Reddy’s Laboratories, and Sun Pharma, while Bajaj Finance, Power Grid, and Bajaj Finserv are among the leading decliners.

In the broader market, there are 833 advancing stocks compared to 1162 declining stocks, indicating a negative sentiment prevailing in the broader market.

Market Update at 9:35 AM: In the opening of the recent market session, the Sensex and Nifty started the day on a lower note with a slight dip of 0.17 per cent and 0.11 per cent, respectively. In contrast, Nifty Midcap opened with a 0.19 per cent rise, and Nifty Smallcap demonstrated a notable surge of 0.57 per cent.

Market volatility, measured by India VIX, saw a marginal 0.84 per cent decline, hinting at a slight reduction in market turbulence.

Sectors exhibited a mixed performance, with Nifty Media, Nifty Metal, and Nifty Pharma emerging as top-gaining sectors. In contrast, Nifty Financial Services, Nifty Bank, and Nifty Realty faced declines.

Prominent gainers within the Nifty 50 index include Cipla, Hindalco, and Tata Motors, while Apollo Hospitals, Power Grid, and Bajaj Finance experienced declines, marking them as the top decliners.

In the broader market, the majority of stocks were on an advancing trend, with approximately 1201 stocks moving up compared to 666 stocks in decline, underlining a positive sentiment in the broader market.

Pre-Market Update at 8:00 AM: On Tuesday, the Nasdaq experienced a decline, and there was a notable surge in benchmark US Treasury yields. This was driven by robust economic data and strong third-quarter earnings, leading to the suggestion that the Federal Reserve might maintain its tight monetary policy for a longer duration than previously anticipated.

All three primary US stock indices displayed fluctuations throughout the trading session. Specifically, the Dow Jones Industrial Average recorded a gain of 0.04 per cent increase, reaching 33,997.65. The S&P 500 showed a marginal loss of 0.01 per cent, closing at 4,373.2, while the Nasdaq Composite decreased by 0.25 per cent drop, to finish at 13,533.75.

In early trading on Wednesday, oil prices surged by nearly USD 2. This increase was prompted by industry data revealing a larger-than-expected reduction in US crude inventories. Additionally, concerns about potential disruptions in the oil supply from the Middle East, stemming from the escalating conflict between Israel and Hamas, contributed to the price jump. Brent crude futures saw a significant rise of USD 1.62, which amounts to a 1.8 per cent increase, reaching USD 91.49 per barrel.

The GIFT Nifty trends suggest a potential lower opening for the benchmark indices, with a decline of 28 points, equivalent to 0.14 per cent. Nifty futures were observed trading at approximately the 19,783.50 level.

On October 17, foreign institutional investors (FII) bought shares worth Rs 263.68 crore, while domestic institutional investors (DII) purchased shares worth Rs 112.55 crore.

Stocks that are banned for trading in the F&O segment on October 18, 2023, are BALRAMCHIN, BHEL, DELTACORP, GNFC, HINDCOPPER, IBULHSGFIN, INDIACEM, MANAPPURAM, MCX and SAIL.