Market Wrap: Benchmark indices decline over 1 per cent while Nifty Smallcap plummets over 2.5 per cent!

On Thursday, Benchmark indices concluded trading day on a lower note as Sensex significantly declined by 1.45 per cent and closed at 72,404.17 level, while Nifty also plunged by 1.55 per cent and closed at 21,957.50 level.

Market Update at 3:35 PM: On Thursday, Benchmark indices concluded trading day on a lower note as Sensex significantly declined by 1.45 per cent and closed at 72,404.17 level, while Nifty also plunged by 1.55 per cent and closed at 21,957.50 level. Similarly, the Broader market experienced substantial losses as Nifty Midcap closed substantially lower by 1.85 per cent, while Nifty Smallcap plummeted by 2.83 per cent.

Market volatility, as indicated by India VIX, has surged by 6.92 per cent, reflecting an increase in market volatility.

Nifty Auto was the only sector which closed positively while Nifty Energy, Nifty Metal and Nifty FMCG were among the top losers.

Hero Motocorp, Tata Motors and M&M were among the top gainers while L&T, Asian Paints and BPCL were among the top losing stocks from the Nifty 50.

About 255 stocks were advancing as against to 1856 stocks that were declining, thus indicating a negative 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 substantially lower by 1.05 per cent, while Nifty plunged by 1.13 per cent. Similarly, in the broader indices Nifty Midcap has plummeted by 1.17 per cent, while Nifty Smallcap has tumbled by 1.8 per cent.

India VIX is currently trading higher by 4.3 per cent, indicating a significant increase in market volatility.

Nifty Auto and Nifty PSU Bank are the major sectors which are trading positively while Nifty FMCG, Nifty Energy and Nifty Metal are among the top losers.

Hero Motocorp, Tata Motors and SBI are among the top gainers while L&T, Divi’s Laboratories and Coal India are among the top losing stocks from the Nifty 50.

About 374 stocks are advancing as against 1730 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 significantly lower as Sensex has declined by 0.62 per cent, while Nifty has plummeted by 0.67 per cent. Similarly, in the broader markets Nifty Midcap has plunged by 0.47 per cent, while Nifty Smallcap has tumbled by 1.15 per cent.

India VIX has spiked up by 2.74 per cent, indicating an increase in market volatility.

European markets are heading for a higher open on Thursday maintaining positive momentum in a busy week of earnings. European futures DAX, CAC and FTSE trade marginally lower by 0.02 per cent and 0.23 and 0.05 per cent respectively.

Nifty Auto, Nifty IT and Nifty Media are trading positively while Nifty FMCG, Nifty Energy and Nifty Pharma are among the top losers.

Hero Motocorp, Tata Motors and M&M are among the top gainers while L&T, Divi’s Laboratories and Britannia are among the top losing stocks from the Nifty 50.

About 513 stocks are advancing as against to 1572 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 11:15 AM: In the ongoing trading session, Benchmark indices are trading on a negative note with Sensex substantially declining by 0.7 per cent, while Nifty also plunged by 0.72 per cent. Similarly, in the broader indices Nifty Midcap experience significant losses of 0.8 per cent, while Nifty Smallcap has plummeted by 1.29 per cent.

India VIX is trading higher by 3.26 per cent, indicating a moderate increase in market volatility.

Nifty Auto is the only major sector which is trading positively while Nifty Energy, Nifty Metal and Nifty Media are among the top losers.

Top gainers in individual stocks are Hero Motocorp, M&M and Tata Motors, whereas L&T, Divi’s Laboratories and Coal India are among the top losers in the Nifty 50.

The broader market sentiment is negative, with 447 stocks advancing compared to 1634 stocks declining.

Market Update at 9:35 AM: On Thursday, Indian markets initiated the trading day on a positive note with Sensex opening moderately lower by 0.27 per cent, while Nifty also opened lower by 0.28 per cent. Whereas, in the broader indices Nifty Midcap opened lower by 0.02 per cent, while Nifty Smallcap has gained by 0.08 per cent.

India VIX has surged by 2.8 per cent, indicating an increase in market volatility.

Nifty Auto, Nifty PSU Bank and Nifty Bank are among the top gainers while Nifty FMCG, Nifty Pharma and Nifty Energy are among the top losers.

Hero Motocorp, Bajaj Auto and M&M are among the top gainers while L&T, BPCL and Dr Reddy’s Laboratories are among the top losing stocks from the Nifty 50.

About 1040 stocks are advancing as against to 870 stocks that are declining, thus indicating a positive sentiment in the broader market.

Pre-Market Update at 8:50 AM: Wall Street's enthusiasm for stocks diminished as traders hesitated to join a strong rally early in May. The S&P 500 closed unchanged, remaining below the 5,200 mark. Mega-cap losses were led by Tesla and Alphabet, while Intel suffered from reduced revenue expectations following a US ban on chip exports to Huawei.

The index hovered around 5,190, following its most significant four-day advance since November, while 10-year Treasury yields rose to 4.49 per cent. Equities resumed their upward trend in early May, propelled by robust earnings and speculation of Federal Reserve rate cuts, bringing the S&P 500 within 1 per cent of its all-time high.

The GIFT Nifty trends suggest a neutral opening for the Indian Benchmark indices, with a marginal increase of 4 points or 0.02 per cent. Nifty futures were observed trading near the 22,391 level.

In early Asian trading, oil prices declined following reports of increased US crude and fuel stockpiles, indicating weakened demand. Brent crude futures slipped 0.3 per cent to USD 82.95 per barrel, while US West Texas Intermediate crude futures dropped 0.2 per cent to USD 78.25 per barrel.

Both benchmarks saw slight declines in the preceding session due to a relaxation in supply constraints. Additionally, hopes for a ceasefire in Gaza and a stronger US dollar contributed to the downward pressure on oil prices.

On May 08, 2024, foreign institutional investors (FII) offloaded shares worth Rs 6,669.10 crore, while domestic institutional investors (DII) bought shares worth Rs 5,928.81 crore.

Stocks that are banned for trading in the F&O segment on May 09, 2024, are ABFRL, BALRAMCHIN, BIOCON, CANBK, GMRINFRA, IDEA, PEL, PNB, SAIL and ZEEL.