Market Wrap: Benchmark indices close lower while Broader indices close on a mixed note!

The closing bell saw the Sensex and Nifty experiencing declines of 0.28 per cent and 0.29 per cent respectively.

Market Update at 3:50 PM: The closing bell saw the Sensex and Nifty experiencing declines of 0.28 per cent and 0.29 per cent respectively. Amidst this, the Nifty Midcap displayed a substantial rise of 0.24 per cent, while the Nifty Smallcap encountered a slight dip of 0.35 per cent.

Market volatility displayed a modest decrease, indicated by a 0.26 per cent drop in the India VIX.

Noteworthy gainers included the Nifty IT, Nifty FMCG, and Nifty Realty sectors, contributing positively to market dynamics. In contrast, the Nifty Energy, Nifty PSU Bank, and Nifty Pharma sectors faced losses.

Within the Nifty 50 index, BPCL, Asian Paints, and IndusInd Bank emerged as prominent gainers, supporting the index's performance. Conversely, Jio Financial Services, Reliance, and ONGC faced declines, impacting their standings.

Despite the mixed closing, a positive sentiment in the broader market prevailed, with approximately 920 advancing stocks in comparison to 1057 declining ones. This collective outlook suggests an underlying positive sentiment amid the day's varied performance across indices.

Market Update at 2:10 PM:  As market activity unfolded, the Sensex and Nifty encountered declines of 0.08 per cent and 0.09 per cent respectively. Amid this backdrop, the Nifty Midcap charted a contrasting narrative, advancing by 0.5 per cent, while the Nifty Smallcap displayed a more moderate increase of 0.15 per cent.

The day saw an elevation in market volatility, marked by a notable 2.06 per cent surge in the India VIX.

Among the day's top performers were the Nifty Realty, Nifty IT, and Nifty Media sectors, contributing positively to market dynamics. In contrast, the Nifty PSU Bank, Nifty Pharma, and Nifty Energy sectors faced setbacks.

Indusind Bank, Asian Paints, and BPCL emerged as significant gainers within the Nifty 50 index, bolstering its performance. Conversely, Jio Financial Services, ONGC, and L&T experienced declines, influencing their standings.

The broader market sentiment remained encouraging, with approximately 1145 advancing stocks in contrast to 810 declining ones. This collective view indicates an overall positive sentiment in the broader market, despite the day's dip in indices.

Market Update at 12:35 PM: In a day marked by positive market sentiment, the Sensex and Nifty demonstrated gains of 0.04 per cent and 0.03 per cent respectively. Broadening the scope of the upswing, the Nifty Midcap showcased an impressive rise of 0.55 per cent, while the Nifty Smallcap posted a modest increase of 0.34 per cent.

Global markets mirrored this optimism, with European counterparts following the lead of Asia and the US. A retreat in Bond Yields contributed to a reduction in global borrowing costs, fostering positive sentiment. Notably, European futures for DAX and FTSE displayed gains of 0.41 per cent and 0.69 per cent respectively.

Market volatility experienced a decline, evident in the 1.36 per cent drop in India VIX.

Among the top gainers within the Nifty 50 were Nifty Realty, Nifty IT, and Nifty Media sectors, contributing to the day's positive momentum. Conversely, Nifty PSU Bank and Nifty Energy sectors witnessed losses.

Adani Enterprises, Indusind Bank, and BPCL stood out as significant gainers within the index, bolstering its performance. On the other hand, Jio Financial Services, Hindalco, and Divi's Laboratories faced losses, affecting their standings.

With around 1150 advancing stocks in comparison to 813 declining ones, the broader market depicted an encouraging sentiment, hinting at favorable prospects for the trading session.

Market Update at 11:10 AM: Continuing their positive trajectory, the Sensex and Nifty showcased gains of 0.23 per cent and 0.22 per cent respectively. This optimism extended to broader indices, with the Nifty Midcap marking a substantial rise of 0.69 per cent, and the Nifty Smallcap demonstrating a commendable increase of 0.38 per cent.

Market volatility appeared to be subsiding, as the India VIX witnessed a significant decline of 1.36 per cent.

Leading the gainers were the Nifty Realty, Nifty Metal, and Nifty Bank sectors, collectively contributing to the prevailing positive momentum. Impressively, no major sectors were seen underperforming at the moment.

Within the Nifty 50 index, Adani Enterprises, Indusind Bank, and BPCL stood out as notable gainers, further bolstering the index's strength. On the other hand, Jio Financial Services, Hindalco, and NTPC faced losses, influencing their standings within the index.

In the broader market, a positive sentiment was evident, with approximately 1314 advancing stocks compared to 633 declining ones. This comprehensive outlook reinforces the overall positive sentiment in the broader market, suggesting a favourable trading environment.

Market Update at 9:35 AM: The market commenced on an optimistic note as the Sensex and Nifty exhibited upward movements of 0.55 per cent and 0.54 per cent respectively. This positive sentiment resonated in broader indices as well, with the Nifty Midcap registering an encouraging opening with a rise of 0.79 per cent, and the Nifty Smallcap also stepping up by 0.5 per cent.

The India VIX reflected a calmer environment, plunging by 3.15 per cent, suggesting diminished volatility.

Among the day's top gainers were Nifty PSU Bank, Nifty Media, and Nifty Metal sectors, driving positive momentum. Notably, there were no significant sectors underperforming, further contributing to the favourable market outlook.

Within the Nifty 50, Adani Enterprises, Bajaj Finserv, and Tech Mahindra displayed strong performances, bolstering the index. Conversely, Jio Financial Services and NTPC faced downward pressure, impacting their standings within the index.

Broader market sentiment remained upbeat, with approximately 1481 advancing stocks compared to 355 declining ones. This comprehensive view underscores an overall positive sentiment in the broader market, indicating favourable prospects for the trading session ahead.

Pre-Market Update at 8:05 AM: On Wednesday, US stock futures inched upwards as investors directed their attention to significant second-quarter outcomes from chip manufacturer Nvidia, seeking insights into whether the AI buzz holds substantial merit. S&P 500 futures recorded a 0.5 per cent ascent, while Nasdaq 100 futures exhibited a 0.7 per cent increase. On the other hand, futures linked to the Dow Jones Industrial Average remained relatively stable.

Oil prices declined on Wednesday due to concerns about weakening demand caused by increased U.S. gasoline inventories and sluggish global manufacturing data. Despite the positive news of a more substantial-than-expected decrease in U.S. crude stocks, these factors exerted more influence. Brent crude experienced a 0.7 per cent drop, reaching USD 83.48 per barrel. In parallel, the Dollar index exhibited a 0.21 per cent decrease in futures, trading at 103.34. Simultaneously, the dollar's value hovered close to Rs 82.54.

The benchmark indices are poised for a slightly positive opening, as reflected by the GIFT Nifty, which shows a gain of 11.5 points following the Nifty's 0.22 per cent increase to 19,444 points on August 23. The GIFT Nifty futures are positioned at 19,509 points.

On August 23, foreign institutional investors (FII) bought shares worth Rs 125.03 crore, while domestic institutional investors (DII) purchased shares worth Rs 614.32 crore.

Stocks that are banned for trading in the F&O segment on August 24, 2023, are BHEL, Delta Corp, Escorts, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, Metropolis, PNB and Sun TV.