Market Wrap: Benchmark indices close higher while Nifty PSU Bank soared over 8 per cent!

On Monday, Benchmark indices concluded trading day on a positive note as Sensex significantly gained by 3.39 per cent and closed at 76,468.78 level, while Nifty surged by 3.25 per cent and closed at 23,263.90 level.

Market Update at 3:40 PM: On Monday, Benchmark indices concluded trading day on a positive note as Sensex significantly gained by 3.39 per cent and closed at 76,468.78 level, while Nifty surged by 3.25 per cent and closed at 23,263.90 level. Similarly, the Broader market also experienced gains as Nifty Midcap closed higher by 3.19 per cent, while Nifty Smallcap soared by 2.41 per cent.

Market volatility, as indicated by India VIX, has declined by 14.9 per cent and is trading around the level of 20 reflecting decreased market volatility.

Nifty PSU Bank, Nifty Energy and Nifty Realty closed positively while there were no major sectors which underperformed.

Adani Ports, NTPC and SBI were among the top gainers while Eicher Motors, LTIMindtree and HCL Technologies were among the top losing stocks from the Nifty 50.

About 1408 stocks were advancing as against to 719 stocks that were declining, thus indicating a positive sentiment in the broader market.

Market Update at 2:15 PM: In the current trading session benchmark indices trade on a higher note with the Sensex trading significantly higher by 3.23 per cent, while Nifty gained by 3.17 per cent. Similarly, in the broader indices Nifty Midcap has surged by 3.14 per cent, while Nifty Smallcap has gained by 2.58 per cent.

India VIX is currently trading significantly lower by 16.34 per cent and is trading around the level of 20 indicating decreased market volatility.

Nifty PSU Bank, Nifty Energy, Nifty Realty and Nifty Bank are the major sectors which are trading positively while there are no major sectors which are underperforming.

Adani Ports, Power Grid and SBI are among the top gainers while Eicher Motors, LTIMindtree and HCL Technologies are among the top losing stocks from the Nifty 50.

About 1524 stocks are advancing as against 611 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 12:40 PM In the current trading session benchmark indices trade on a positive note as Sensex has significantly gained by 3.11 per cent, while Nifty has also surged by 3.11 per cent. Similarly, in the broader indices Nifty Midcap has soared by 3 per cent, while Nifty Smallcap has gained by 2.47 per cent.

India VIX is down by 17.78 per cent and is trading around the level of 20, indicating decreased market volatility.

European markets are poised for a higher open on Monday as European futures DAX, CAC and FTSE trades higher by 1.06 per cent, 0.32 per cent and 0.53 per cent respectively.

Nifty PSU Bank, Nifty Energy and Nifty Realty are trading positively while no major sectors are underperforming as of now.

Power Grid Corporation, Adani Ports and SBI are among the top gainers while Eicher Motors, LTIMindtree and HCL Technologies are among the top losing stocks from the Nifty 50.

About 1572 stocks are advancing as against to 561 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:11 AM: In the ongoing trading session, Benchmark indices are trading on a higher note with Sensex trading substantially higher by 2.78 per cent, while Nifty gained by 2.79 per cent. Similarly, in the broader indices Nifty Midcap experience significant gains of 2.66 per cent, while Nifty Smallcap has surged by 2.07 per cent.

India VIX is has declined by 18.68 per cent and is trading around the mark of 20, indicating decreased market volatility.

Nifty PSU Bank, Nifty Energy and Nifty Realty are trading positively while no other major sectors are trading negatively.

Top gainers in individual stocks are Power Grid Corporation, Adani Ports and NTPC, whereas Eicher Motors, LTIMindtree and HDFC Life are among the top losers in the Nifty 50.

The broader market sentiment is positive, with 1556 stocks advancing compared to 551 stocks declining.

Market Update at 9:45 AM: On Monday, Indian markets initiated the trading day on a positive note with the Sensex opening substantially higher by 2.68 per cent and made an all-time high of 76,738.89 level, while Nifty also opened higher by 2.72 per cent and reached its record high of 23,338.70 level. Similarly, in the broader indices Nifty Midcap opened significantly higher with a gain of 2.45 per cent, while Nifty Smallcap has soared by 2.18 per cent.

India's GDP grew by 7.8 per cent in Q4FY24, driven by strong manufacturing growth, and 8.2 per cent for the full fiscal year, exceeding expectations. Economists expect this momentum to continue. Additionally, the market was buoyed by positive exit poll results predicting a third term for Prime Minister Narendra Modi.

In conclusion, robust GDP data, encouraging GST numbers, and favourable exit polls are likely pushing the indices higher.

India VIX has plummeted by 19.44 per cent and is trading below the level of 20, indicating decreased market volatility. This is due to the decreased uncertainty regarding the exit polls, indicating a victory of the incumbent party.

Nifty PSU Bank, Nifty Energy, Nifty Realty and Nifty Metal are among the top gainers while no major sectors are trading negatively.

Adani Ports, Adani Enterprises and Power Grid Corporation are among the top gainers while LTIMindtree and M&M are among the top losing stocks from the Nifty 50.

About 1823 stocks are advancing as against to 242 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:50 AM: U.S. stocks rebounded on Friday from the previous day's sharp losses due to positive news on consumer inflation outlook, leading the Nasdaq to its fifth consecutive week of gains and a record closing high. The U.S. 10-year Treasury yields fell by 22 basis points to 4.28 per cent, while the U.S. 2-year bond yield remained flat.

The GIFT Nifty indicates a substantially higher start for the Indian Benchmark indices, with a gain of 3.35 per cent or 761 points. Nifty futures are currently trading near the 22,693 mark.

Oil prices rose by 0.39 per cent early on Monday, driven by OPEC's decision to extend significant output cuts well into 2025.

Brent futures for August delivery dropped 24 cents, or 0.3 per cent, to USD 80.87 a barrel. U.S. West Texas Intermediate (WTI) crude futures for July delivery decreased 19 cents, or 0.25 per cent, to USD 76.80 a barrel.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are currently reducing output by a total of 5.86 million barrels per day (bpd), representing about 5.7 per cent of global demand.

On May 31, 2024, foreign institutional investors (FII) bought shares worth Rs 1,613.24 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,114.17 crore.

No stocks are banned for trading in the F&O segment on June 03, 2024.