Market Wrap: Benchmark indices close on a positive note with Nifty IT among the top gainers!

On Thursday, Benchmark indices concluded trading day on a positive note as Sensex significantly surged by 0.93 per cent and closed at 73,663.72 level, while Nifty also gained by 0.92 per cent and closed at 22,403.85 level.

Market Update at 3:40 PM: On Thursday, Benchmark indices concluded trading day on a positive note as Sensex significantly surged by 0.93 per cent and closed at 73,663.72 level, while Nifty also gained by 0.92 per cent and closed at 22,403.85 level. Similarly, the Broader market experienced substantial gains as Nifty Midcap closed higher by 0.88 per cent, while Nifty Smallcap soared by 0.84 per cent.

Market volatility, as indicated by India VIX, has slightly declined by 1.37 per cent, reflecting slight decrease in market volatility.

Nifty IT, Nifty Realty and Nifty Media closed positively while Nifty PSU Bank was the only major sector which underperformed.

M&M, Tata Consumer Product and Bharti Airtel were among the top gainers while Maruti, Tata Motors and SBI were among the top losing stocks from the Nifty 50.

About 1226 stocks were advancing as against to 875 stocks that were declining, thus indicating a positive sentiment in the broader market.

Market Update at 2:10 PM: In the current trading session benchmark indices trade on a negative note with the Sensex trading moderately lower by 0.5 per cent, while Nifty plunged by 0.56 per cent. Whereas, in the broader indices Nifty Midcap has gained by 0.18 per cent, while Nifty Smallcap has surged by 0.46 per cent.

India VIX is currently trading higher by 2.6 per cent, indicating an increase in market volatility.

Nifty Realty, Nifty Media and Nifty IT are the major sectors which are trading positively while Nifty PSU Bank, Nifty Energy and Nifty Metal are among the top losers.

Bharti Airtel, LTIMindtree and Tech Mahindra are among the top gainers while Maruti, Power Grid and Tata Motors are among the top losing stocks from the Nifty 50.

About 1030 stocks are advancing as against 1065 stocks that are declining, thus indicating a slight negative sentiment in the broader market.

Market Update at 12:35 PM In the current trading session benchmark indices trade marginally lower as Sensex has declined by 0.11 per cent, while Nifty has plunged by 0.15 per cent. Whereas, in the broader indices Nifty Midcap has surged by 0.52 per cent, while Nifty Smallcap has soared by 0.77 per cent.

India VIX is up by 1.42 per cent and is trading above the level of 20, indicating heightened market volatility.

European stocks are set to open in positive territory Thursday, buoyed by a relief rally for global markets following softer-than-expected U.S. inflation data. European futures DAX and CAC trades lower by 0.1 per cent and 0.08 per cent respectively, while FTSE trades higher by 0.14 per cent.

Nifty Realty, Nifty IT and Nifty Media are trading positively while Nifty PSU Bank, Nifty Auto and Nifty Energy are among the top losers.

Bharti Airtel, LTIMindtree and Tech Mahindra are among the top gainers while Maruti, Power Grid and Tata Motors are among the top losing stocks from the Nifty 50.

About 1255 stocks are advancing as against to 831 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 lower note with Sensex trading moderately lower by 0.28 per cent, while Nifty gained by 0.3 per cent. Whereas, in the broader indices Nifty Midcap experience moderate gains of 0.49 per cent, while Nifty Smallcap has surged by 0.69 per cent.

India VIX is trading slightly higher by 1.84 per cent and is trading above the mark of 20, indicating heightened market volatility.

Nifty Realty, Nifty IT and Nifty Media are trading positively while Nifty PSU Bank, Nifty Auto and Nifty Bank are among the top losers.

Top gainers in individual stocks are Bharti Airtel, Tech Mahindra and Infosys, whereas Maruti, Eicher Motors and Shriram Finance are among the top losers in the Nifty 50.

The broader market sentiment is positive, with 1227 stocks advancing compared to 838 stocks declining.

Market Update at 9:35 AM: On Thursday, Indian markets initiated the trading week on a positive note with Sensex opening moderately higher by 0.3 per cent, while Nifty also opened higher by 0.31 per cent. Similarly, in the broader indices Nifty Midcap opened higher by 0.58 per cent, while Nifty Smallcap has soared by 0.52 per cent.

India VIX has slightly surged by 0.35 per cent and is trading above the level of 20, indicating heightened market volatility.

Nifty IT, Nifty Realty and Nifty Metal are trading positively while Nifty Pharma, Nifty FMCG and Nifty Auto are trading negatively.

Infosys, Bharti Airtel and LTIMindtree are among the top gainers while Maruti, Tata Motors and Shriram Finance are among the top losing stocks from the Nifty 50.

About 1477 stocks are advancing as against to 516 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:50 AM: Wall Street achieved historic peaks as bond yields fell due to reports of subdued inflation, heightening speculation of Federal Reserve rate cuts by September. The VIX fear index plummeted to levels not seen since January, while Treasury yields increased.

Fed swaps now imply an accelerated rate of policy easing. The inflation report indicates a downward trajectory, potentially setting the stage for rate reductions. Retail sales data hinted at a modest softening in consumer demand, bolstering the economy.

The GIFT Nifty indicates a promising start for the Indian Benchmark indices, with a gain of 0.55 per cent or 123 points. Nifty futures are currently trading near the 22,383 mark.

Oil prices continued their ascent on Thursday, building on the momentum from the previous session, driven by indications of heightened demand in the U.S. In this market environment, where inflation figures in the U.S. fell below market expectations, the case for an interest rate cut gained strength, potentially further stimulating demand.

Brent futures climbed by 42 cents, marking a 0.5 per cent increase to reach USD 83.17 per barrel, while U.S. West Texas Intermediate crude (WTI) saw a gain of 43 cents, or 0.6 per cent, reaching USD 79.06 per barrel.

On May 15, 2024, foreign institutional investors (FII) offloaded shares worth Rs 2,832.83 crore, while domestic institutional investors (DII) bought shares worth Rs 3,788.38 crore.

Stocks that are banned for trading in the F&O segment on May 16, 2024, are BALRAMCHIN, BIOCON, BSOFT, GMRINFRA, GRANULES, HINDCOPPER, IDEA, INDIACEM, LICHSGFIN, PEL, SAIL and ZEEL.