Sensex jumps 0.77 per cent while Nifty gains 0.72 per cent; Strong start for Indian markets
The Sensex surged by 0.77 per cent, hovering around 83,600, and the Nifty also surged by 0.72 per cent, approaching 25,600.
Market Update at 9:30 AM: On Thursday, Indian markets opened on a positive note, with both Nifty and Sensex seeing strong gains. Nifty IT emerged as the top gainer, while no sector lagged as the biggest loser.
The Sensex surged by 0.77 per cent, hovering around 83,600, and the Nifty also surged by 0.72 per cent, approaching 25,600. Similarly, the broader market also registered gains, with the Nifty Midcap surging by 0.71 per cent to about 60,170, while the Nifty Smallcap surged by 0.61 per cent, trading close to 19,500.
India VIX has declined by 8.45 per cent and is trading at 12.24, indicating a fall in market volatility.
Within the sectoral landscape Nifty IT, Nifty Realty, and Nifty MID SELECT are among the Top Gainers while there are no sectors which are underperforming.
NTPC, LTIM, and WIPRO are among the top gainers within the Nifty 50 while ONGC, BPCL, BAJAJFINSV are among the Top Losers.
About 1,630 stocks are advancing as against to 625 stocks that are declining, thus indicating a positive sentiment in the broader market.
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Pre-Market Update at 8:25 AM: Major stock indexes ended the day with slight losses on Wednesday, while the dollar strengthened amid volatile trading. This followed the U.S. Federal Reserve's decision to implement a larger-than-expected rate cut, marking its first adjustment to borrowing costs in over four years.
The central bank slashed the overnight rate by half a percentage point, exceeding the usual quarter-point adjustment, as it expressed increased confidence in inflation gradually returning to its 2 per cent annual target.
Initially, the S&P 500 surged by 1 per cent after the announcement but later pulled back, closing down by 0.29 per cent at 5,618.26. Similarly, the Dow Jones Industrial Average fell 0.25 per cent, ending at 41,503.10, while the Nasdaq Composite dropped 0.31 per cent to finish at 17,573.30.
In early trading on Tuesday, the U.S. 10-year Treasury yield rose by 51 basis points to 3.72 per cent, while the 2-year bond yield fell 75 basis points to 3.64 per cent.
GIFT Nifty is trading flat, signaling a subdued opening for the day. Nifty futures are currently hovering around 25,369.20.
Oil prices dipped on Wednesday, ending a two-day winning streak, even after the Federal Reserve's unexpected half-point rate cut. While prices recovered some losses, the response in the oil market remained subdued.
West Texas Intermediate for October closed at $70.91 per barrel, down 28 cents, or 0.39 per cent, while Brent for November fell by 5 cents, or 0.07 per cent, to $73.65 per barrel. Year to date, U.S. crude is down about 1 per cent, and Brent has declined 4 per cent.
On September 18, 2024, foreign institutional investors (FII) bought shares worth Rs 1,153 crore, while domestic institutional investors (DII) bought shares worth Rs 152 crore.
Stocks that are banned for trading in the F&O segment on September 19, 2024, are AARTIIND, BALRAMCHIN, BIOCON, BSOFT, GNFC, GRANULES, LICHSGFIN, OFSS, PNB, RBLBANK.
Disclaimer: The article is for informational purposes only and not investment advice.