Market Wrap: Sensex and Nifty close lower while Nifty Financial Services decline over 1.5 per cent!

On Wednesday, Benchmark indices concluded trading day on a negative note as Sensex significantly declined by 0.89 per cent and closed at 74,502.90 level, while Nifty plunged by 0.8 per cent and closed at 22,704.70 level.

Market Update at 3:45 PM: On Wednesday, Benchmark indices concluded trading day on a negative note as Sensex significantly declined by 0.89 per cent and closed at 74,502.90 level, while Nifty plunged by 0.8 per cent and closed at 22,704.70 level. Similarly, the Broader market experienced mixed performance as Nifty Midcap closed lower by 0.32 per cent, while Nifty Smallcap gained by 0.06 per cent.

Market volatility, as indicated by India VIX, has slightly declined 0.08 per cent and is still trading above the level of 24 reflecting heightened market volatility.

Nifty Pharma, Nifty Metal and Nifty Media closed positively while Nifty Financial Services, Nifty Bank and Nifty IT were the major sectors which underperformed.

Hindalco, Power Grid Corporation and Divi’s Laboratories were among the top gainers while HDFC Life, SBI Life and Tata Consumer Product were among the top losing stocks from the Nifty 50.

About 856 stocks were advancing as against to 1251 stocks that were declining, thus indicating a negative sentiment in the broader market.

Market Update at 2:15 PM: In the current trading session benchmark indices trade on a lower note with the Sensex trading lower by 0.7 per cent, while Nifty plunged by 0.59 per cent. Similarly, in the broader indices Nifty Midcap has marginally declined by 0.11 per cent, while Nifty Smallcap has gained by 0.33 per cent.

India VIX is currently slightly lower by 0.75 per cent but is still trading above the level of 24 indicating heightened market volatility.

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

Hindalco, Sun Pharma and Adani Enterprises are among the top gainers while HDFC Life, SBI Life and ICIC Bank are among the top losing stocks from the Nifty 50.

About 980 stocks are advancing as against 1120 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 12:35 PM In the current trading session benchmark indices trade on a negative note as Sensex has significantly declined by 0.73 per cent, while Nifty has also plunged by 0.65 per cent. Whereas, in the broader indices Nifty Midcap has declined by 0.16 per cent, while Nifty Smallcap has slightly gained by 0.07 per cent.

India VIX is up by 1.01 per cent and is trading above the level of 24, indicating heightened market volatility.

European markets are heading for a lower open on Wednesday following the worst session for a month. European futures DAX, CAC and FTSE trades lower by 0.3 per cent, 0.26 per cent and 0.22 per cent respectively.

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

Hindalco, Sun Pharma and Power Grid are among the top gainers while SBI Life, HDFC Life and ICICI Bank are among the top losing stocks from the Nifty 50.

About 916 stocks are advancing as against to 1172 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 11:11 AM: In the ongoing trading session, Benchmark indices are trading on a lower note with Sensex trading significantly lower by 0.69 per cent, while Nifty plunged by 0.68 per cent. Whereas, in the broader indices Nifty Midcap experience losses of 0.25 per cent, while Nifty Smallcap has gained by 0.03 per cent.

India VIX is has gained by 1.96 per cent and is trading above the mark of 24, indicating heightened market volatility.

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

Top gainers in individual stocks are Hindalco, Nestle India and Power Grid, whereas SBI Life, Ultratech Cement and HDFC Life are among the top losers in the Nifty 50.

The broader market sentiment is negative, with 900 stocks advancing compared to 1190 stocks declining.

Market Update at 9:35 AM: On Wednesday, Indian markets initiated the trading day on a negative note with the Sensex opening lower by 0.26 per cent, while Nifty also opened lower by 0.32 per cent. Whereas, in the broader indices Nifty Midcap opened on a lower note with a decline of 0.04 per cent, while Nifty Smallcap has surged by 0.14 per cent.

India VIX has slightly declined by 0.19 per cent but is still trading above the level of 23, indicating heightened market volatility.

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

Bharti Airtel, Hindalco and Power Grid are among the top gainers while M&M, SBI life and HDFC Life are among the top losing stocks from the Nifty 50.

About 1070 stocks are advancing as against to 918 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:40 AM: The Nasdaq surpassed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia, while the S&P 500 closed marginally higher and the Dow ended lower as Treasury yields increased.

The Dow Jones Industrial Average dropped 216.73 points, or 0.55 per cent, to 38,852.86. The S&P 500 edged up 1.32 points, or 0.02 per cent, to 5,306.04, and the Nasdaq Composite rose 99.09 points, or 0.59 per cent, to 17,019.88.

The GIFT Nifty indicates a negative start for the Indian Benchmark indices, with a decline of 0.20 per cent or 46 points. Nifty futures are currently trading near the 23,039 mark.

Oil prices rose in Asian trade on Wednesday, continuing their recent gains due to expectations of increased demand with the start of the U.S. summer travel season. Traders also anticipated that the Organization of Petroleum Exporting Countries would maintain current production cuts during their weekend meeting.

Brent oil futures for July delivery increased by 0.3 per cent to USD 84.51 a barrel, while West Texas Intermediate crude futures rose 0.5 per cent to USD 80.19 a barrel.

In addition to demand optimism, renewed geopolitical unrest in the Middle East also contributed to the strength in crude prices. Israel's intensified actions in Rafah heightened concerns over a broader conflict in the oil-rich region.

On May 28, 2024, foreign institutional investors (FII) bought shares worth Rs 65.57 crore, while domestic institutional investors (DII) purchased shares worth Rs 3,231.67 crore.

Stocks that are banned for trading in the F&O segment on May 29, 2024, are ABFRL, BIOCON, HINDCOPPER, IDEA and PEL.