Tech stocks lead, broader market shows weak sentiment

Sensex is up by 0.06 per cent, hovering around 81,570, and Nifty is down by 0.03 per cent, trading near 24,630.

Market Update at 10:15 AM: On Thursday, markets opened on a positive note, with both Nifty and Sensex showing positive movement. The Nifty IT index led the gains, while Nifty Media index lagged behind.

As of now, the Sensex is up by 0.06 per cent, hovering around 81,570, and Nifty is down by 0.03 per cent, trading near 24,630. Similarly, in the broader market, the Nifty Midcap rose about 0.01 per cent to about 59,300, and the Nifty Smallcap is down by 0.06 per cent, trading near 19,640.

India VIX is down by 0.60 per cent, trading at 13.20, indicating slight fall in market volatility.

Within the sectoral landscape Nifty IT, Nifty Pharma, and Nifty MID SELECT sector is among the Top Gainers while Nifty Energy, Nifty PSU Bank, Nifty Media sector is underperforming.

TECHM, WIPRO, and INFY are among the top gainers within the Nifty 50 while TATACONSUM, APOLLOHOSP, and HEROMOTOCO are among the Top Losers.

About 759 stocks are advancing as against to 1,508 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 8:45 AM: The Nasdaq Composite Index crossed the 20,000 mark for the first time on Wednesday, marking a significant milestone in a year dominated by the buzz around artificial intelligence and hopes for declining interest rates. These factors have sparked a strong rally in technology stocks.

The index, heavily weighted towards tech companies, has climbed over 33 per cent this year, driven by major players such as Apple, Nvidia, Google-parent Alphabet, and more recently, Tesla. Wednesday's surge followed a U.S. inflation report that strengthened expectations of a Federal Reserve rate cut next week.

The Nasdaq gained 1.77 per cent, closing at a record high of 20,034.89. Meanwhile, the S&P 500 advanced 0.82 per cent to settle at 6,084.19. In contrast, the Dow Jones Industrial Average slipped 99.27 points, or 0.22 per cent, to finish at 44,148.56.

The GIFT Nifty is indicating a flat start for the day. Nifty futures were trading at 24,737.

The U.S. 10-year Treasury yield stands at 4.287 per cent, while the 2-year bond yield at 4.163 per cent.

Brent crude held at $73 and WTI at $70 as supply concerns from EU sanctions clashed with weak demand signals from rising U.S. fuel inventories and OPEC’s lowered demand forecasts. Hopes persist for a demand boost from China’s policies and potential Fed rate cuts.

On December 11 2024, foreign institutional investors (FII) sold shares worth Rs 1,012 crore, while domestic institutional investors (DII) bought shares worth Rs 2,007 crore.

Stocks that are banned for trading in the F&O segment on December 12, 2024, are HINDCOPPER, METROPOLIS, GRANULES, MANAPPURAM, PVRINOX, RBLBANK.

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