Market Wrap: Benchmark indices close higher while Broader indices outperform!

In the domain of markets, the Sensex and Nifty exhibit a marginal increase of 0.05 per cent and 0.11 per cent respectively.

Market Update at 3:40 PM:In a notable market development, the Sensex and Nifty conclude with gains of 0.12 per cent and 0.19 per cent respectively, painting a positive picture for the trading day. The closing bell also brings positive news for Nifty Midcap, which registers a 0.34 per cent increase, and Nifty Smallcap, demonstrating a more substantial rise of 0.54 per cent.

Further contributing to today's market dynamics, the India VIX experiences a decline of 1.45 per cent, signaling a reduction in market volatility. Among the sectors, Nifty Realty, Nifty Metal, and Nifty Media shine as top gainers, highlighting their robust performance during the trading session. Conversely, Nifty PSU Bank, Nifty FMCG, and Nifty Pharma sectors witness a dip, emerging as the top losers within their respective domains.

Delving into individual stock movements, Jio Financial Services, Hindalco, and UPL exhibit noteworthy gains, while Bharti Airtel, Hindustan Unilever, and Axis Bank face setbacks among the Nifty 50 constituents.

Taking a broader view, approximately 1168 stocks are on the rise, surpassing the count of 810 declining stocks. This broader market sentiment indicates a predominantly positive outlook among investors, shaping the overall market sentiment for the day.

Market Update at 2:35 PM: In the domain of markets, the Sensex and Nifty exhibit a marginal increase of 0.05 per cent and 0.11 per cent respectively. While Nifty Midcap shows a modest increase of 0.29 percent, Nifty Smallcap demonstrates a more notable rise of 0.47 percent.

Adding to the intricacies of today's session, the India VIX has registered a substantial decline of 0.8 percent, indicating a reduced level of market volatility.

Within specific sectors, Nifty Realty, Nifty Media, and Nifty Metal sectors are among the prominent gainers, reflecting their strength during this trading session. On the flip side, Nifty FMCG, Nifty Pharma, and Nifty PSU Bank sectors have experienced a downward trend, positioning them as the top losers within their respective domains.

Shifting focus to individual stock performance, Jio Financial Services, Hindalco, and UPL stand out as notable gainers, while Bharti Airtel, Reliance, and Hindustan Unilever have encountered losses within the Nifty 50.

A broader overview reveals that about 1163 stocks are advancing, overshadowing the performance of 819 declining stocks. This distribution of movement suggests an overall positive sentiment resonating within the broader market.

Market Update at 12:35 PM: In the realm of markets, the Sensex and Nifty displayed a modest rise, trading marginally higher by 0.15 per cent and 0.22 per cent respectively. This upward trend extended to the midcap and smallcap segments as well, with Nifty Midcap witnessing a 0.42 per cent rise and Nifty Smallcap with a 0.59 per cent increase.

Looking beyond domestic indices, European markets are poised to open on a stronger note. European futures for DAX and FTSE are currently showing promising signs, indicating gains of 0.28 per cent and 0.68 per cent respectively.

Adding to the market dynamics, India VIX recorded a significant drop of 1.05 per cent, reflecting a decrease in volatility.

Notable gainers during this session include Nifty Realty, Nifty Media, and Nifty Metal, while Nifty FMCG and Nifty PSU Bank experienced a downturn as the top losers within their sectors.

Zooming in on individual stocks, Jio Financial Services, Adani Ports, and UPL stood out as top gainers, while Bharti Airtel, Indusind Bank, and Axis Bank faced losses within the Nifty 50.

With around 1320 stocks advancing compared to 660 stocks declining, the broader market sentiment remains positive, indicating optimism in the market's trajectory.

Market Update at 11:05 AM: In the current market scenario, both the Sensex and Nifty displayed slight upward movement, trading higher by 0.09 per cent and 0.13 per cent respectively. The positive trend was evident in the midcap and smallcap segments as well, with Nifty Midcap trading higher by 0.39 per cent and Nifty Smallcap by 0.64 per cent.

Adding to the dynamics, India VIX witnessed a drop of 0.73 per cent, reflecting a reduction in market volatility.

Noteworthy gainers in this session were Nifty Realty, Nifty Media, and Nifty Metal. However, Nifty FMCG and Nifty PSU Bank faced some downward pressure as top losers within their respective sectors.

Among individual stocks, Jio Financial Services, UPL, and Power Grid led the gainers, while Bharti Airtel, Reliance, and Axis Bank experienced losses within the Nifty 50.

Taking a broader perspective, the positive sentiment was evident as around 1380 stocks advanced compared to 590 stocks that declined. This scenario painted an overall optimistic outlook for the broader market.

Market Update at 9:25 AM: In the initial moments of trading, the Sensex and Nifty displayed an upward momentum, gaining 0.15 per cent and 0.18 per cent respectively.

This positive trend extended to the midcap and smallcap segments as well, as Nifty Midcap opened higher by 0.27 per cent and Nifty Smallcap by 0.55 per cent.

Notably, the India VIX saw a decline of 1.45 per cent, hinting at decreased market volatility.

Among the sectors, Nifty Media, Nifty Realty, and Nifty IT emerged as the top gainers, showcasing promising performance. On the flip side, Nifty PSU Bank and Nifty Energy stood as major underperformers.

The gainers' list featured UPL, Cipla, and Hero Motocorp, while Apollo Hospitals, Reliance, and Dr Reddy’s Laboratories faced losses within the Nifty 50.

In a broader context, the market sentiment remained positive, with around 1413 stocks advancing as opposed to 365 stocks in decline. This balance indicated an overall optimistic sentiment prevailing in the broader market.

Pre-Market Update at 7:55 AM: After a positive trading session on Wall Street, which has been infrequent in recent times, the S&P 500 and Nasdaq Composite both registered gains of 0.6 per cent and 0.8 per cent, respectively. The Dow Jones Industrial Average also surged, closing over 200 points higher, reflecting a gain of approximately 0.6 per cent.

Oil prices climbed on Monday as China implemented measures to strengthen its slowing economy. However, concerns about growth rate and potential US interest rate hikes that could impact demand lingered. China's move to cut stamp duty on stock trading aimed to bolster struggling markets. Another focal point for the market was Tropical Storm Idalia and its potential impact on oil and gas production in the US Gulf. Brent crude increased by 0.8 per cent to USD 85.13 a barrel. The Dollar index showed a 0.02 per cent decrease in futures at 104.05, while the dollar's value remained close to Rs 83.09.

The GIFT Nifty suggests a slightly bearish commencement for the benchmark indices, showing a decrease of 6 points subsequent to the Nifty's closure at 19,306 points, marking a 40-point increase on August 28. The GIFT Nifty futures are positioned at 19,366 points.

On August 28, foreign institutional investors (FII) offloaded shares worth Rs 1,393.25 crore, while domestic institutional investors (DII) purchased shares worth Rs 1,264.01 crore.

Stocks that are banned for trading in the F&O segment on August 29, 2023, are BHEL, Escorts, GMR Infra, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, RBL Bank, and Sun TV.