Market Wrap: Benchmark indices close on a higher note while broader indices outperformed!

On the first trading session of 2024 on Monday, Benchmark indices concluded the day on a positive note.

Market Update at 3:40 PM: On the first trading session of 2024 on Monday, Benchmark indices concluded the day on a positive note. Sensex closed moderately higher by 0.04 per cent concluding at 72,271.94 level, while Nifty also closed higher by 0.05 per cent concluding at 21,741.90. Whereas Broader indices closed on a substantially higher note with Nifty Midcap surging by 0.63per cent, while Nifty Smallcap surged by 0.54 per cent.

Market volatility, as indicated by India VIX, has marginally surged by 1.71 per cent, reflecting a slight increase in market volatility.

Nifty Media, Nifty PSU Bank, Nifty FMCG and Nifty IT were among the top gainers, while Nifty Financial Services, Nifty Auto and Nifty Bank were among the top losers.

Nestle India, Adani Enterprises and Adani Ports were among the top gainers while Eicher Motors, Bharti Airtel and M&M were among the top losing stocks from the Nifty 50.

About 1399 stocks were advancing as against to 664 stocks that were declining, thus indicating a optimistic sentiment in the broader market.

Market Update at 2:15 PM: In the current trading session benchmark indices trade higher with the Sensex surging by 0.2 per cent, while Nifty soared by 0.28 per cent. Whereas, Nifty Midcap has surged by 0.86 per cent, while Nifty Smallcap is also experiencing a gain of 0.72 per cent.

India VIX is currently trading lower by 0.41 per cent, indicating a slight decrease in market volatility.

Nifty PSU Bank, Nifty Media and Nifty IT are among the top gainers while Nifty Auto is the only major sector which is currently underperforming.

Adani Enterprises, Adani Ports and Wipro are among the top gainers while Eicher Motors, Bharti Airtel and Bajaj Auto are among the top losing stocks from the Nifty 50.

About 1539 stocks are advancing as against to 532 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 12:35 PM: In the current trading session benchmark indices trade lower with the Sensex plunging by 0.13 per cent, while Nifty declined by 0.06 per cent. Whereas, Nifty Midcap has surged by 0.71 per cent, while Nifty Smallcap is also experiencing a moderate gain of 0.55 per cent.

India VIX is currently trading lower by 0.6 per cent, indicating a slight decrease in market volatility.

Nifty PSU Bank, Nifty Media and Nifty Metal are among the top gainers while Nifty IT and Nifty Financial Services are among the top losers.

Adani Enterprises, Adani Ports and Coal India are among the top gainers while Eicher Motors, Bharti Airtel and M&M are among the top losing stocks from the Nifty 50.

About 1518 stocks are advancing as against to 548 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:15 AM: In the current trading session benchmark indices trade on a mixed note with the Sensex trading lower by 0.06 per cent, while Nifty trades higher by 0.02 per cent. Whereas, Nifty Midcap has significantly surged by 0.74 per cent, while Nifty Smallcap has soared by 0.45 per cent.

India VIX is currently trading marginally higher by 0.34 per cent, indicating a slight increase in market volatility.

Nifty PSU Bank, Nifty Media and Nifty Metal are among the top gainers while Nifty IT and Nifty Pharma are among the top losers.

Coal India, Tata Motors and UPL are among the top gainers while M&M, Eicher Motors and Britannia are among the top losing stocks from the Nifty 50.

About 1508 stocks are advancing as against to 540 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 9:30 AM: On Monday, Indian markets initiated the first trading day of 2024 on a lower note with the Sensex opening moderately lower by 0.22 per cent, while Nifty  opened moderately lower by 0.15 per cent. Whereas Nifty Midcap opened marginally higher by 0.35 per cent, while Nifty Smallcap also opened moderately higher by 0.44 per cent.

India VIX has marginally surged by 1.28 per cent, indicating a slight increase in market volatility.

Nifty Media, Nifty PSU Bank and Nifty Pharma are among the top gaining sectors while Nifty IT, Nifty Financial Services and Nifty Bank are among the major underperforming sectors.

Grasim, Coal India and Tata Motors are among the top gainers while Eicher Motors, M&M and Britannia are among the top losing stocks from the Nifty 50.

About 1515 stocks are advancing as against to 447 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:45 AM: U.S. Stocks experienced a slight decline on Friday, yet the S&P 500 concluded 2023 with an unexpected 24 per cent gain, propelled by easing inflation, a resilient economy, and signals from the Federal Reserve indicating the conclusion of its rate-hiking campaign.

Marking its best winning streak since 2004, the S&P 500 saw nine consecutive weeks of growth, while Big Tech stocks fuelled the Nasdaq Composite to its most impressive performance since 2020, driven by enthusiasm in artificial intelligence.

Despite a 0.28 per cent dip to settle at 4,769.83, the S&P 500 achieved a remarkable 24.2 per cent gain for the year, narrowly missing a new all-time high. On Friday, it came within 9 points, or less than 0.2 per cent, of its record close in January 2022, reaching 4,796.56.

The Dow Jones Industrial Average saw a marginal decline of 20.56 points (0.05 per cent) to close at 37,689.54 on Friday but wrapped up the year with a significant 13.7 per cent gain, establishing a record in 2023. The Nasdaq Composite experienced a minor 0.56 per cent dip to 15,011.35 for the session but celebrated its best year since 2020 with a notable 43.4 per cent rise.

The GIFT Nifty suggests a slightly negative opening for the benchmark indices, marking a decline of 72 points. GIFT Nifty futures settled at 21,776 points, having reached a peak of 21,812 points.

Closing the year with a more than 10 per cent dip, US crude oil faces bearish sentiment driven by concerns of oversupply from record production outside OPEC.

On Friday, the West Texas Intermediate contract for February edged down by 12 cents (0.17 per cent), settling at USD 71.65 per barrel, while the Brent contract for March experienced an 11-cent loss (0.14 per cent), closing at USD 77.04. Despite ongoing geopolitical risks in the Middle East, attributed to the devastating war in Gaza, both US crude and the global benchmark marked their first annual decline since 2020. WTI concluded the year with a 10.73 per cent decrease, and Brent faced a 10.32 per cent loss.

Earlier in the week, oil prices had briefly risen nearly 3 per cent due to concerns that militant attacks on shipping in the Red Sea could disrupt global trade and crude supplies. However, the overarching focus among traders remains on the delicate balance between supply and demand, overshadowing intermittent spikes driven by Middle East tensions.

On December 29, 2023, foreign institutional investors (FII) bought shares worth Rs 1,459.12 crore, while domestic institutional investors (DII) purchased shares worth Rs 554.39 crore.

Stock that is banned for trading in the F&O segment on January 01, 2024, is HINDCOPPER.