Market Wrap: Benchmark indices decline while Broader indices plummet over 1 per cent!

On Thursday, Benchmark indices concluded trading day on a negative note as Sensex significantly declined by 0.83 per cent and closed at 73,885.60 level, while Nifty plunged by 0.95 per cent and closed at 22,488.65 level.

Market Update at 3:45 PM: On Thursday, Benchmark indices concluded trading day on a negative note as Sensex significantly declined by 0.83 per cent and closed at 73,885.60 level, while Nifty plunged by 0.95 per cent and closed at 22,488.65 level. Similarly, the Broader market experienced underperformance as Nifty Midcap closed substantially lower by 1.34 per cent, while Nifty Smallcap plummeted by 1.62 per cent.

Market volatility, as indicated by India VIX, has closed flat but is still trading above the level of 24 reflecting heightened market volatility.

Nifty Media and Nifty Bank closed positively while Nifty Metal, Nifty IT and Nifty Pharma were the major sectors which underperformed.

ICICI Bank, Axis Bank and HDFC Bank were among the top gainers while Tata Steel, Tech Mahindra and Power Grid Corporation were among the top losing stocks from the Nifty 50.

About 431 stocks were advancing as against to 1684 stocks that were declining, thus indicating a negative sentiment in the broader market.

Market Update at 2:15 PM: In the current trading session benchmark indices trade on a lower note with the Sensex trading significantly lower by 0.72 per cent, while Nifty plunged by 0.78 per cent. Similarly, in the broader indices Nifty Midcap has substantially declined by 1 per cent, while Nifty Smallcap has plummeted by 1.29 per cent.

India VIX is currently slightly lower by 1.33 per cent but is still trading above the level of 23 indicating heightened market volatility.

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

ICICI Bank, Axis Bank and SBI are among the top gainers while Tata Steel, Power Grid Corporation and Titan are among the top losing stocks from the Nifty 50.

About 550 stocks are advancing as against 1555 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 on a negative note as Sensex has moderately declined by 0.55 per cent, while Nifty has also plunged by 0.61 per cent. Similarly, in the broader indices Nifty Midcap has declined by 0.77 per cent, while Nifty Smallcap has plummeted by 1.17 per cent.

India VIX is down by 1.51 per cent but is still trading above the level of 23, indicating heightened market volatility.

European markets are on course for a lower open on Thursday, continuing a negative trend this week as global markets come under pressure from rising bond yields. European futures DAX, CAC and FTSE trades lower by 0.35 per cent, 0.15 per cent and 0.24 per cent respectively.

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

ICICI Bank, SBI and Bharti Airtel are among the top gainers while Tata Steel, Titan and Power Grid Corporation are among the top losing stocks from the Nifty 50.

About 550 stocks are advancing as against to 1549 stocks that are declining, thus indicating a negative sentiment in the broader market.

Market Update at 11:15 AM: In the ongoing trading session, Benchmark indices are trading on a lower note with Sensex trading moderately lower by 0.55 per cent, while Nifty plunged by 0.59 per cent. Similarly, in the broader indices Nifty Midcap experience losses of 0.6 per cent, while Nifty Smallcap has plummeted by 0.84 per cent.

India VIX is has declined by 1.99 per cent but is still trading above the mark of 23, indicating heightened market volatility.

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

Top gainers in individual stocks are Kotak Bank, ICICI Bank and SBI, whereas Tata Steel, Titan and Nestle India are among the top losers in the Nifty 50.

The broader market sentiment is negative, with 610 stocks advancing compared to 1476 stocks declining.

Market Update at 9:30 AM: On Thursday, Indian markets initiated the trading day on a negative note with the Sensex opening lower by 0.26 per cent, while Nifty also opened lower by 0.28 per cent. Similarly, in the broader indices Nifty Midcap opened on a lower note with a decline of 0.14 per cent, while Nifty Smallcap has plunged by 0.24 per cent.

India VIX has slightly gained by 0.64 per cent and is still trading above the level of 24, indicating heightened market volatility.

Nifty PSU Bank, Nifty Bank and Nifty Financial Services are trading positively while Nifty Metal, Nifty Pharma and Nifty IT are among the top losers.

SBI, Axis Bank and ICICI Bank are among the top gainers while Tata Steel, JSW Steel and Nestle India are among the top losing stocks from the Nifty 50.

About 838 stocks are advancing as against to 1112 stocks that are declining, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 8:45 AM: U.S. stocks declined on Wednesday as Treasury yields continued to rise and concerns grew over the timing and scale of potential interest rate cuts from the Federal Reserve.

The Dow dropped more than 1 per cent, reaching its lowest level in nearly a month. All sectors of the S&P 500 also closed lower, with rate-sensitive utilities among the hardest hit.

The GIFT Nifty indicates a negative start for the Indian Benchmark indices, with a decline of 0.32 per cent or 72 points. Nifty futures are currently trading near the 22,856 mark.

Oil prices fell by 0.06 per cent on Thursday as markets awaited the latest U.S. crude oil stockpile data, while resilient U.S. economic activity suggested that borrowing costs might remain higher for longer, potentially impacting demand.

Brent futures decreased by 9 cents, or 0.1 per cent, to USD 83.52 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 3 cents, or 0.04 per cent, to USD 79.19 by 0046 GMT.

On May 29, 2024, foreign institutional investors (FII) offloaded shares worth Rs 5,841.84 crore, while domestic institutional investors (DII) purchased shares worth Rs 5,233.79 crore.

Stocks that are banned for trading in the F&O segment on May 30, 2024, are ABFRL, GMRINFRA, HINDCOPPER and IDEA.