Indices climb on IT gains, but metals weigh heavily

Metal stocks saw a sharp decline today after the Supreme Court ruled that states could levy taxes and royalties on minerals in addition to Central duties

Market Update at 12:30 PM: The tide has shifted for benchmark indices, as they gained positive momentum during the afternoon trades, driven by robust gains in information technology stocks. Metal stocks saw a sharp decline today after the Supreme Court ruled that states could levy taxes and royalties on minerals in addition to Central duties, and permitted states to collect past dues.

At 12:30 pm, the BSE Sensex gained 0.20 per cent reaching a level of 79,105. The Nifty 50 index added 0.07 per cent to the 24,156 level. 

Within the Nifty 50, Apollo Hospitals, Tata Consultancy Services and HCL Technologies were among the leading gainers, whereas Divi’s Laboratories, Hero Motocorp and Coal India were among the market draggers.

With 907 shares rising on the NSE and 1,694 shares declining, the advance-decline ratio remained in favour of declines.

Market Update at 11:15 AM: Frontline indices, after recovering from sessions’ early losses, have once again pared gains and are trading flat. At 11:15 am, the BSE Sensex edged up by 0.07 per cent reaching a level of 79,008. The Nifty 50 index edged up by 0.02 per cent to the 24,144 level. 

Broader indices extended their losses due to intensified selling pressures. Considering sectoral developments, Nifty IT and Nifty Auto were among the Top Gainers, while Nifty Metal, Nifty Media and Nifty Realty were notable laggards.

Within the Nifty 50, Apollo Hospitals, Tata Consultancy Services and Mahindra & Mahindra were among the leading gainers, whereas Tata Steel, Divi’s Laboratories and Coal India were among the market draggers. Marsons Ltd, EPL Ltd and PB Fintech Ltd experienced a significant spurt in trading volumes.

With 785 shares rising on the NSE and 1,760 shares declining, the advance-decline ratio strongly remained in favour of declines.

Market Update at 9:30 AM: As anticipated from the GIFT Nifty, domestic indices started today's trading session with a muted performance, posting marginal losses. At 9:30 am, the BSE Sensex edged down by 0.02 per cent reaching a level of 78,948. The Nifty 50 index lost 0.04 per cent to the 24,128 level. Broader indices experienced a substantial sell-off.

In terms of sectoral performance, Nifty IT and Nifty Auto were the only gainers, while Nifty Realty, Nifty Media, and Nifty FMCG emerged as notable laggards.

Within the Nifty 50, Hindalco Industries, HCL Technologies and Mahindra & Mahindra were among the leading gainers, whereas Hero Motocorp, Divi’s Laboratories and UltraTech Cement were among the market draggers. With 674 shares rising on the NSE and 1,585 shares declining, the advance-decline ratio remained in favour of declines.

Pre-Market Update at 8:00 AM:

Wall Street indices saw a robust rally overnight, reaching their highest levels in nearly two weeks, as softer producer price data fuelled speculation of a potential Fed interest rate cut. The Nasdaq Composite Index climbed 2.43 per cent, the S&P 500 surged 1.68 per cent, and the Dow Jones Industrial Average gained by 1.04 per cent.

Mixed investor sentiment is evident across Asian markets, though the overall tone remains largely positive, reflecting the overnight strength in U.S. markets. GIFT Nifty, trading slightly lower than the previous close, suggests a subdued start for domestic indices in today's trading session.

Brent and U.S. crude oil futures declined yesterday as traders' concerns eased over the potential for a broader conflict in the Middle East, with Iran still not having acted on its threats to retaliate against Israel.

The dollar remained on the defensive after tumbling against major peers overnight, while Treasury yields edged lower following U.S. producer price data that bolstered expectations for an interest rate cut from the Federal Reserve.

On August 13, foreign institutional investors (FIIs) sold shares worth Rs 2,107.17 crore, while domestic institutional investors (DIIs) made a considerable inflow of Rs 1,239.9 crore.