Sensex and Nifty flat; Nifty Auto sector slides over 1 per cent
The Sensex is almost flat, down by 0.06 per cent, hovering around the 81,885 mark. Similarly, the Nifty is marginally lower by 0.05 per cent, trading close to 25,000.
Market Update at 9:20 AM: On Wednesday, Indian markets opened on a flat note, with Nifty and Sensex showing minimal movement. Nifty IT emerged as the top gainer, while Nifty Auto emerged as the top loser.
The Sensex is almost flat, down by 0.06 per cent, hovering around the 81,885 mark. Similarly, the Nifty is marginally lower by 0.05 per cent, trading close to 25,000. In contrast, the broader market shows slight upward movement, with the Nifty Midcap up by 0.09 per cent at around 59,000, while the Nifty Smallcap remains flat, trading near 19,322.
India VIX has declined by 0.52 per cent and is trading at 13.29, indicating a decline in market volatility.
Within the sectoral landscape Nifty FMCG, Nifty IT, and Nifty Pharma are among the Top Gainers while Nifty Auto, Nifty Realty, and Nifty PSU Bank are the sectors which are underperforming.
ASIANPAINT, BPCL, and BAJAJ-AUTO are among the top gainers within the Nifty 50 while TATAMOTORS, ONGC, and HINDALCO are among the Top Losers.
About 1,212 stocks are advancing as against to 945 stocks that are declining, thus indicating a positive sentiment in the broader market.
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Pre-Market Update at 8:15 AM: The S&P 500 closed 0.5 per cent higher on Tuesday, but gains were limited by concerns over slowing economic growth. Bank stocks struggled, dragging the Dow down, while energy shares also dropped.
The Dow Jones slipped 92.63 points (0.23 per cent) to 40,736.96, while the Nasdaq added 141.28 points (0.84 per cent) to 17,025.88.
In early Wednesday trading, U.S. Treasury yields saw a rise, with the 10-year yield increasing by 21 basis points to 3.64 per cent, while the 2-year yield climbed 17 basis points to 3.60 per cent.
The GIFT Nifty is signaling a soft opening for the market, pointing to a weaker start to the day, with Nifty futures trading at 25,097.
On Tuesday, OPEC released its monthly report, projecting that global oil demand will increase by 2.03 million barrels per day in 2024, slightly lower than the previous estimate of 2.11 million bpd. On Wednesday, crude prices rebounded as concerns about Tropical Storm Francine's impact on oil supply outweighed demand worries.
Brent crude futures rose by 39 cents, or 0.6 per cent, reaching $69.58 a barrel, while U.S. crude futures increased by 44 cents, or 0.7 per cent, to $66.19 a barrel.
On September 10, 2024, foreign institutional investors (FII) bought shares worth Rs 2,208 crore, while domestic institutional investors (DII) sold shares worth Rs 275 crore.
Stocks that are banned for trading in the F&O segment on September 11, 2024, are ABFRL, BALRAMCHIN, BANDHANBNK, BIOCON, CHAMBLFERT, HINDCOPPER, and RBLBANK
Disclaimer: The article is for informational purposes only and not investment advice.