Sensex and Nifty show positive trend; IT stocks lead gains
Sensex is up by 0.27 per cent, hovering around 79,740, and Nifty is up by 0.23 per cent, trading near 24,250.
Market Update at 9:45 AM: On Friday, markets opened on a positive note, with both Nifty and Sensex showing positive movement. Nifty IT led the gains and Nifty Media was the biggest laggard.
As of now, the Sensex is up by 0.27 per cent, hovering around 79,740, and Nifty is up by 0.23 per cent, trading near 24,250. However, in the broader market, the Nifty Midcap rose about 0.14 per cent to about 57,190, and the Nifty Smallcap is up by 0.03 per cent, trading near 18,770.
India VIX up by 0.33 per cent and is trading at 14.99, indicating a slight rise in market volatility.
Within the sectoral landscape Nifty IT, Nifty Metal, and Nifty Pharma sector is among the Top Gainers while Nifty Media, Nifty Energy and Nifty PSU Bank is underperforming.
WIPRO, INFY, and TECHM are among the top gainers within the Nifty 50 while TRENT, BPCL, and TATAMOTORS are among the Top Losers.
About 1,040 stocks are advancing as against to 1,209 stocks that are declining, thus indicating a negative sentiment in the broader market.
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Pre-Market Update at 7:45 AM: US stocks rose on Thursday following a 25 basis point interest rate cut by the Federal Reserve, continuing a rally triggered by Donald Trump's return as president. The Fed cut rates by 0.25 per cent, noting a slightly weaker job market and ongoing progress toward its 2 per cent inflation goal.
The Dow Jones Industrial Average ended almost unchanged, down 0.59 points at 43,729.34. The S&P 500 increased by 44.06 points, or 0.74 per cent, to 5,973.10, while the Nasdaq Composite climbed 285.99 points, or 1.51 per cent, to 19,269.46.
The GIFT Nifty is trading flat, indicating a positive to flat start for the day. Nifty futures were trading at 24,283.35.
The U.S. 10-year Treasury yield stands at 4.334 per cent, while the 2-year bond yield at 4.202 per cent.
Brent crude reached $75.5 and WTI $72.1 per barrel on Friday, poised for weekly gains. Prices rose after the Fed's 0.25 per cent rate cut and potential U.S. sanctions on oil producers. Hurricane Rafael also disrupted Gulf of Mexico production.
On November 7 2024, foreign institutional investors (FII) sold shares worth Rs 4,888 crore, while domestic institutional investors (DII) bought shares worth Rs 1,786 crore.
Stocks that are banned for trading in the F&O segment on November 8, 2024, are ABFRL and GRANULES.
Disclaimer: The article is for informational purposes only and not investment advice.