Sensex and Nifty inch up despite negative opening; Metal sector leads!
Sensex is up by 0.07 per cent, hovering around 81,860, and Nifty is up by 0.06 per cent, trading near 25,070.
Market Update at 9:30 AM: On Wednesday, Indian markets opened on a negative note, with both Nifty and Sensex showing negative movement. Nifty Metal led the gains and Nifty Auto was the biggest laggard.
As of now, the Sensex is up by 0.07 per cent, hovering around 81,860, and Nifty is up by 0.06 per cent, trading near 25,070. Similarly, in the broader market, the Nifty Midcap gained about 0.12 per cent to about 59,660, and the Nifty Smallcap is up by 0.15 per cent, trading near 19,320.
India VIX rose by 0.62 per cent and is trading at 13.09, indicating a slight rise in market volatility.
Within the sectoral landscape Nifty Metal, Nifty PSU Bank, and Nifty Fin Service are among the Top Gainers while Nifty Auto, Nifty IT and Nifty Media are underperforming.
HDFCLIFE, HINDALCO, and SBILIFE are among the top gainers within the Nifty 50 while TRENT, NESTLEIND, and M&M are among the Top Losers.
About 1,402 stocks are advancing as against to 845 stocks that are declining, thus indicating a positive sentiment in the broader market.
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Pre-Market Update at 8:20 AM: U.S. stocks dropped on Tuesday, mirroring global markets, as a weak sales forecast from chipmaker ASML hit tech shares, while crude oil prices declined due to easing supply concerns and weaker demand.
The Dow fell 324.60 points (0.75 per cent) to 42,740.62, the S&P 500 dropped 44.54 points (0.76 per cent) to 5,815.31, and the Nasdaq lost 187.10 points (1.01 per cent) to 18,315.59.
The GIFT Nifty is trading lower, indicating a weak start for the day. Nifty futures were trading at 25,133.00.
The U.S. 10-year Treasury yield stands at 4.032 per cent, while the 2-year bond yield is slightly lower at 3.946 per cent.
Oil prices edged up in Asian trade on Wednesday after a week of sharp losses, as easing tensions in the Middle East and weak demand concerns continued to weigh.
Prices dropped over 4 per cent in the prior session after reports suggested Israel would not target Iran’s oil and nuclear sites, calming fears of major conflict. Weaker Chinese economic data and reduced demand forecasts by major oil organizations also added pressure.
Brent futures for December rose 0.4 per cent to $74.55 per barrel, while WTI crude increased 0.4 per cent to $70.31 per barrel.
On October 15 2024, foreign institutional investors (FII) sold shares worth Rs 1,748 crore, while domestic institutional investors (DII) bought shares worth Rs 1,654 crore.
Stocks that are banned for trading in the F&O segment on October 16, 2024, are BANDHANBNK, CHAMBLFERT, GNFC, GRANULES, HINDCOPPER, IDFCFIRSTB, IEX, LTF, MANAPPURAM, NATIONALUM, PNB, RBLBANK, SAIL, TATACHEM.
Disclaimer: The article is for informational purposes only and not investment advice.