Market Wrap: Benchmark indices close on a negative note while Nifty Midcap underperformed!

On Tuesday, Frontline indices concluded the day on a negative note as Sensex closed significantly lower by 1.47 per cent concluding at 70,370.55 level, while Nifty plummeted by 1.53 per cent and closed at 21,241.65 level.

Market Update at 3:35 PM: On Tuesday, Frontline indices concluded the day on a negative note as Sensex closed significantly lower by 1.47 per cent concluding at 70,370.55 level, while Nifty plummeted by 1.53 per cent and closed at 21,241.65 level. Similarly, this trend continued in the Broader market as Nifty Midcap closed substantially lower plunging by 3.06 per cent, while Nifty Smallcap plummeted by 2.86 per cent.

Market volatility, as indicated by India VIX, has surged by 7.57 per cent, reflecting a surge in market volatility.

Nifty Pharma was the only major sector which traded positively while Nifty Media, Nifty Realty, Nifty PSU Bank and Nifty Metal were among the top losers.

Cipla, Sun Pharma and Bharti Airtel were among the top gainers while Indusind Bank, Coal India and ONGC were among the top losing stocks from the Nifty 50.

About 316 stocks were advancing as against to 1937 stocks that were declining, thus indicating a pessimistic sentiment in the broader market.

Market Update at 2:20 PM: In the current trading session benchmark indices trade on a lower note with the Sensex substantially declining by 1.13 per cent, whereas Nifty also plummeted by 1.24 per cent. Similarly, Nifty Midcap has significantly declined 2.62 per cent, while Nifty Smallcap trades significantly lower by 2.1 per cent.

India VIX is currently trading moderately higher by 8.89 per cent, indicating a surge in market volatility.

Nifty Pharma is the only major sector which is currently trading positively while Nifty Media, Nifty Realty and Nifty PSU Bank are among the top losers.

Cipla, Sun Pharma and Bharti Airtel are among the top gainers while Indusind Bank, Coal India and SBI Life are among the top losing stocks from the Nifty 50.

About 405 stocks are advancing as against to 1852 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 12:35 PM: In the current trading session benchmark indices trade substantially lower with the Sensex plunging by 0.76 per cent, while Nifty also plummeted by 0.8 per cent. Similarly, this trend continued, in the broader indices as Nifty Midcap also plummeted by 1.9 per cent, while Nifty Smallcap plunged by 1.48 per cent.

India VIX is currently trading substantially higher by 8.22 per cent, indicating an increase in market volatility.

European markets are heading for a flat open on Tuesday, losing an air of positivity seen in the previous trading session. European futures DAX, CAC and FTSE trades higher by 0.21 per cent, 0.20 per cent and 0.19 per cent each.

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

Cipla, Sun Pharma and Bharti Airtel are among the top gainers while SBI Life, Indusind Bank and Hindustan Unilever are among the top losing stocks from the Nifty 50.

About 512 stocks are advancing as against to 1726 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 11:20 AM: In the ongoing trading session, benchmark indices are trading on a lower note, with Sensex marginally declining by 0.05 per cent and Nifty also making marginal losses of 0.04 per cent. The Nifty Midcap has seen a substantial decline of 0.87 per cent, while Nifty Smallcap has also experienced a plunge of 0.87 per cent.

India VIX is marginally down by 0.24 per cent, suggesting a slight reduction in market volatility.

Noteworthy gainers include Nifty Pharma, Nifty IT, and Nifty Auto, while Nifty Media, Nifty Realty and Nifty PSU Bank are among the top losers.

Top gainers in individual stocks are Cipla, Sun Pharma, and Bharti Airtel, whereas Britannia, Coal India, and HDFC Bank are among the leading losers in the Nifty 50.

The broader market sentiment remains negative, with 665 stocks advancing compared to 1550 declining.

Market Update at 9:30 AM: On Tuesday, Indian markets initiated the trading day on a higher note with the Sensex opening substantially higher by 0.75 per cent, while Nifty also opened significantly higher by 0.7 per cent. Similarly Nifty Midcap opened marginally higher by 0.15 per cent, whereas Nifty Smallcap opened marginally lower 0.12 per cent.

India VIX has marginally declined by 3.12 per cent, indicating a slight decrease in market volatility.

Nifty Pharma, Nifty IT and Nifty Financial Services are among the top gainers while Nifty Media and Nifty Realty are among the top losers.

Cipla, ICICI Bank and Power Grid are among the top gainers while Asian Paints, HDFC Bank and Britannia are among the top losing stocks from the Nifty 50.

About 1203 stocks are advancing as against to 888 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 7:40 AM: The S&P 500 achieved its second consecutive record high close on Monday, driven by gains in technology stocks, while investors anticipated forthcoming corporate reports for insights into this year's profit outlook.

The Dow Jones Industrial Average increased by 138.01 points (0.36 per cent) to 38,001.81, the S&P 500 rose by 10.62 points (0.22 per cent) to 4,850.43, and the Nasdaq Composite added 49.32 points (0.32 per cent) to 15,360.29. This marks a confirmation, based on a commonly used measure, that the S&P 500 has been in a bull market since its low on Oct. 12, 2022.

Indications from the GIFT Nifty suggest a favourable opening for the benchmark indices, reflecting a gain of 139 points or 0.64 per cent. Nifty futures are currently trading near the 21,728.50 level.

Sony Abandons USD 10 Billion Merger with Zee in India:

Sony Group Corp. has officially communicated its decision to terminate the USD 10 billion merger with Zee Entertainment Enterprises Ltd., ending a two-year acquisition saga. The Japanese entertainment giant cited unmet conditions as the reason for the termination, leaving Zee exposed to competition challenges as its rivals strengthen their positions. The stalemate, particularly regarding Zee's CEO Punit Goenka's leadership in the merged entity amid regulatory investigations, has effectively scuttled the deal.

Oil prices climbed approximately 2 per cent on Monday due to apprehensions about global energy supplies triggered by a Ukrainian drone strike on Russia's Novatek fuel terminal. Additionally, extreme cold weather persisted, disrupting US crude production. Brent March crude futures concluded at USD 80.06 per barrel, marking a gain of USD 1.50, or 1.9 per cent.

On January 20, 2024, foreign institutional investors (FII) offloaded shares worth Rs 545.58 crore, while domestic institutional investors (DII) sold shares worth Rs 719.31 crore.

Stocks that are banned for trading in the F&O segment on January 23, 2024, are ABFRL, BALRAMCHIN, DELTACORP, IEX, IRCTC, NATIONALUM, OFSS, POLYCAB, RBLBANK, SAIL and ZEEL.