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

On August 2, foreign institutional investors (FII) offloaded shares worth Rs 1,877.84 crore, while domestic institutional investors (DII) sold shares worth Rs 2.23 crore.

Market Update at 3:50 PM: Sensex and Nifty close on a lower note by 0.82 per cent and 0.74 per cent respectively.

Nifty Midcap and Nifty Smallcap close higher by 0.25 per cent and 0.12 per cent respectively.

India VIX has plunged by 0.89 per cent.

Nifty Pharma and Nifty Media were among the top gainers whereas Nifty Realty, Nifty Bank and Nifty Financial services were among the top gainers.

Adani Enterprises, Adani Ports and Eicher Motors were among the top gainers while UPL, ICICI Bank and Titan were among the top losers from the Nifty 50.

About 955 stocks were advancing as against to 1010 stocks that were declining, thus indicating a neutral sentiment in the broader market.

Market Update at 12:40 PM: Sensex trades lower by 0.68 per cent while Nifty trades lower by 0.65 per cent.

Nifty Midcap trades lower by 0.8 per cent while Nifty Smallcap trades lower by 0.29 per cent.

India VIX has surged by 4.34 per cent.

European markets are expected to open mixed as investors evaluate earnings season and await the Bank of England's rate decision, scheduled to be announced on Thursday around midday.

Nifty Pharma and Nifty Media are among the top gainers whereas Nifty Realty, Nifty PSU Bank and Nifty IT are among the top losers.

Sun Pharma, Adani Enterprises and Divi’s Laboratories are among the top gainers while UPL, Titan and Tech Mahindra are among the top losers from the Nifty 50.

About 896 stocks are advancing as against to 1084 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 11:10 AM: Sensex and Nifty trade lower by 0.14 per cent and 0.09 per cent respectively.

Nifty Midcap trades higher by 0.37 per cent while Nifty Smallcap trades higher by 0.29 per cent.

India VIX has surged by 2.48 per cent.

Nifty Pharma, Nifty Media and Nifty Energy are among the top gainers whereas Nifty Realty, Nifty Financial Servives and Nifty Bank are among the top losers.

Sun Pharma, Adani Enterprises and NTPC are among the top gainers while UPL, Titan and HDFC Life are among the top losers from the Nifty 50.

About 1163 stocks are advancing as against to 785 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 9:30 AM: Sensex and Nifty trade marginally lower by 0.04 per cent each.

Nifty Midcap trades higher by 0.28 per cent while Nifty Smallcap trades higher by 0.44 per cent.

India VIX has surged by 1.51 per cent.

Nifty Pharma, Nifty Media and Nifty PSU Bank are among the top gainers whereas Nifty Metal, Nifty Realty and Nifty FMCG are among the top losers.

Sun Pharma, Adani Enterprises and NTPC are among the top gainers while UPL, Ultra Cement and Hindalco are among the top losers from the Nifty 50.

About 1321 stocks are advancing as against to 507 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:25 AM: On Wednesday, stocks experienced a selloff, with the Nasdaq Composite recording its worst day since February, triggered by Fitch downgrading the long-term rating for the US and renewed risk-off sentiment in the market. The tech-heavy Nasdaq index dropped by 2.17 per cent to close at 13,973.45, while the S&P 500 declined by 1.38 per cent, ending at 4,513.39. The Dow Jones Industrial Average also saw a significant tumble of 348.16 points and finished at 35,282.52.

Fitch Ratings downgraded the long-term foreign currency issuer default rating for the US from AAA to AA+, citing concerns about the expected fiscal deterioration over the next three years. The last time a major ratings agency downgraded the US was in 2011 when Standard & Poor's lowered the rating from AAA to AA+.

On August 2, oil prices slightly declined from recent highs but stayed close to the highest levels since April. The drop came after strong US demand indicated by crude and fuel product inventory data, which countered worries about the Chinese economy. Brent crude futures for October fell by 79 cents to USD 84.12 per barrel. Additionally, the Dollar index traded 0.27 per cent higher in futures at 102.57, while the value of one dollar remained around Rs 82.72.

The GIFT Nifty suggests a slightly positive to neutral opening for the benchmark indices, with a 12-point increase following the Nifty's 207-point decline, closing at 19,526 level on August 2. Meanwhile, GIFT Nifty futures were recorded at 19,513 points.

On August 2, foreign institutional investors (FII) offloaded shares worth Rs 1,877.84 crore, while domestic institutional investors (DII) sold shares worth Rs 2.23 crore.

Stocks that are banned for trading in the F&O segment on August 3, 2023, are GNFC, Hindustan Copper, Indiabulls Housing Finance and Piramal Enterprises Ltd.