Markets open in green; Nifty Media shines, PSU banks lag
Sensex is up by 0.36 per cent, hovering around 79,500, and Nifty is up by 0.37 per cent, trading near 24,040.
Market Update at 9:40 AM: On Friday, markets opened on a positive note, with both Nifty and Sensex showing positive movement. Nifty Media index led the gains, while Nifty PSU Bank index lagged behind.
As of now, the Sensex is up by 0.36 per cent, hovering around 79,500, and Nifty is up by 0.37 per cent, trading near 24,040. However, in the broader market, the Nifty Midcap rose about 0.26 per cent to about 58,700, and the Nifty Smallcap is up by 0.31 per cent, trading near 19,200.
India VIX is up by 2.55 per cent, trading at 14.88, indicating a rise in market volatility.
Within the sectoral landscape Nifty Media, Nifty Energy and Nifty Auto sector is among the Top Gainers while no sector is underperforming.
DRREDDY, TITAN and NTPC are among the top gainers within the Nifty 50 while AXISBANK, CIPLA, and TECHM are among the Top Losers.
About 1,587 stocks are advancing as against to 691 stocks that are declining, thus indicating a negative sentiment in the broader market.
Pre-Market Update at 8:10 AM: US stocks saw little movement on Thursday, erasing an early rebound from the previous session's sharp decline. The Federal Reserve's forecast of fewer interest rate cuts and higher inflation for next year weighed on sentiment.
Economic data aligned with the Fed's outlook, with initial jobless claims dropping more than anticipated and third-quarter GDP revised to a 3.1 per cent rise, up from the earlier 2.8 per cent estimate.
The Dow edged up 15.37 points (0.04 per cent) to 42,342.24, while the S&P 500 slipped 5.08 points (0.09 per cent) to 5,867.08, and the Nasdaq fell 19.92 points (0.10 per cent) to 19,372.77.
The GIFT Nifty is indicating a negative start for the day. Nifty futures were trading at 24,020.00.
The U.S. 10-year Treasury yield stands at 4.558 per cent, while the 2-year bond yield at 4.31 per cent.
Brent fell below $73 and WTI near $69 as a strong US dollar and weaker Chinese demand pressured prices. Sinopec's report of peaked gasoline demand in China added to concerns. Earlier gains from a US crude stock draw and OPEC+ support were outweighed, leaving crude on track for a yearly decline.
On December 19 2024, foreign institutional investors (FII) sold shares worth Rs 4,224 crore, while domestic institutional investors (DII) bought shares worth Rs 3,943 crore.
Stocks that are banned for trading in the F&O segment on December 20, 2024, are BANDHANBNK, GRANULES, HINDCOPPER, MANAPPURAM, NMDC, PVRINOX, SAIL.
Disclaimer: The article is for informational purposes only and not investment advice.