Markets start in the red: Nifty and Sensex slide amid broad weakness

Sensex is down by 0.71 per cent, hovering around 80,715, and Nifty is down by 0.72 per cent, trading near 24,370.

Market Update at 9:50 AM: On Friday, markets opened on a negative note, with both Nifty and Sensex showing negative movement. While no index led the gains, while Nifty Metal index lagged behind.

As of now, the Sensex is down by 0.71 per cent, hovering around 80,715, and Nifty is down by 0.72 per cent, trading near 24,370. Similarly, in the broader market, the Nifty Midcap decline about 0.99 per cent to about 58,430, and the Nifty Smallcap is down by 1.41 per cent, trading near 19,190.

India VIX is up by 2.65 per cent, trading at 13.54, indicating rise in market volatility.

Within the sectoral landscape no sector is among the Top Gainers while Nifty Metal, Nifty PSU Bank, Nifty Media sector is underperforming.

BHARTIARTL, ADANIENT, and ADANIPORTS are among the top gainers within the Nifty 50 while TATASTEEL, JSWSTEEL, and SHRIRAMFIN are among the Top Losers.

About 372 stocks are advancing as against to 1,900 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 7:35 AM: Wall Street experienced a decline on Thursday as investors analyzed key economic data ahead of the Federal Reserve's meeting scheduled for next week.

According to a report from the Labor Department, U.S. producer prices in November rose more than anticipated. However, a slowdown in service costs signaled that the overall disinflationary trend may persist. On the other hand, initial claims for U.S. unemployment benefits showed an unexpected increase last week, raising concerns about the strength of the labor market.

The Dow Jones Industrial Average dropped by 234.44 points, or 0.53 per cent, closing at 43,914.12. The S&P 500 declined by 32.94 points, or 0.54 per cent, ending at 6,051.25, while the Nasdaq Composite slipped 132.05 points, or 0.66 per cent, to finish at 19,902.84.

The GIFT Nifty is indicating a weak start for the day. Nifty futures were trading at 24,647.

The U.S. 10-year Treasury yield stands at 4.32 per cent, while the 2-year bond yield at 4.19 per cent.

Brent fell to $73.4 and WTI to $70 per barrel as the IEA warned of a 2025 supply surplus. OPEC cut its demand forecast, citing weak Chinese demand, while optimism remains over Beijing's monetary easing plans. Earlier gains came from EU and U.S. sanctions on Russian and Iranian oil.

On December 12 2024, foreign institutional investors (FII) sold shares worth Rs 3,560 crore, while domestic institutional investors (DII) bought shares worth Rs 2,646 crore.

Stocks that are banned for trading in the F&O segment on December 13, 2024, are HINDCOPPER, METROPOLIS, GRANULES, NATIONALUM, PVRINOX, RBLBANK.

Disclaimer: The article is for informational purposes only and not investment advice.