Tech stocks lead gains; Energy and Metal sectors weigh on markets

Sensex is down by 0.16 per cent, hovering around 80,820, and Nifty is down by 0.24 per cent, trading near 24,410.

Market Update at 10:10 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 PSU Bank sector lagged behind.

As of now, the Sensex is down by 0.16 per cent, hovering around 80,820, and Nifty is down by 0.24 per cent, trading near 24,410. However, in the broader market, the Nifty Midcap rose about 0.03 per cent to about 58,120, and the Nifty Smallcap is up by 0.39 per cent, trading near 19,250.

India VIX is up by 5.54 per cent, trading at 15.25, indicating rise in market volatility.

Within the sectoral landscape Nifty IT sector is among the Top Gainers while Nifty PSU Bank, Nifty Energy and Nifty Metal sector is underperforming.

BHARTIARTL, TCS, and TECHM are among the top gainers within the Nifty 50 while BAJAJ-AUTO, NTPC, and POWERGRID are among the Top Losers.

About 1,080 stocks are advancing as against to 1,173 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 8:30 AM: A rally in US tech stocks and hopes of lower interest rates lifted global markets, while the euro and dollar remained stable on Wednesday despite political challenges in South Korea and France.

Major Wall Street indexes closed at record highs, fueled by gains in tech stocks and comments from Federal Reserve officials.

The S&P 500 climbed 0.6 per cent to reach 6,086, and the Nasdaq Composite surged 1.3 per cent to 19,735 — both hitting all-time highs. Meanwhile, the Dow Jones Industrial Average increased by 0.7 per cent to 45,014.

The GIFT Nifty is trading marginally lower, indicating a flat to negative start for the day. Nifty futures were trading at 24,561.00.

The U.S. 10-year Treasury yield stands at 4.194 per cent, while the 2-year bond yield at 4.138 per cent.

Brent crude stabilized above $72 per barrel, and WTI held around $68.7 on Thursday, recovering slightly after a 2 per cent drop. Traders are watching the OPEC+ meeting, with reports suggesting a potential three-month delay in output hikes to avoid oversupply.

EIA data showed US crude stocks fell by over 5 million barrels, the largest drop since August, but production hit a record high. Geopolitical risks, including unrest in South Korea and conflicts in Syria, provided additional support to oil prices.

On December 4 2024, foreign institutional investors (FII) bought shares worth Rs 1,797 crore, while domestic institutional investors (DII) sold shares worth Rs 900 crore.

Stocks that are banned for trading in the F&O segment on December 5, 2024, are GRANULES

MANAPPURAM, RBLBANK.

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