Benchmark indices decline while Broader indices make new record highs!
On Monday, Indian markets opened on a negative note while, the Broader indices displayed positive performance, making new highs.
Market Update at 9:40 AM: On Monday, Indian markets opened on a negative note while, the Broader indices displayed positive performance, making new highs. Nifty Auto emerged as the top gainer, while Nifty PSU Bank experienced the largest losses.
The Sensex is trading down by 0.04 per cent trading below the 80,000 mark while the Nifty has also declined by 0.03 per cent and is trading around the 24,300 level. Whereas, in the broader, the Nifty Midcap gained by 0.28 per cent after making an all-time high at 57,339.90 level while the Nifty Smallcap surged by 0.62 per cent and made a record high at 19,107.45 mark.
India VIX has slightly gained by 4.96 per cent and is trading above the mark of 13, indicating increase in market volatility.
Within the sectoral landscape Nifty Auto, Nifty FMCG and Nifty IT were among the top gainers while Nifty PSU bank, and Nifty Metal are the sectors which are underperforming.
Tata Motors, Hero Motocorp and Wipro are among the top gainers within the Nifty 50 while Titan, Divi’s Laboratories and Shriram Finance are among the top losers.
About 1021 stocks are advancing as against to 1102 stocks that are declining, thus indicating a negative sentiment in the broader market.
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Pre-Market Update at 8:20 AM: Wall Street closed higher on Friday, with the Nasdaq and S&P 500 hitting record highs, as weak U.S. labour market data fuelled hopes for interest rate cuts in September.
The Dow Jones gained 67.87 points (0.17 per cent) to 39,375.87, the S&P 500 rose 30.17 points (0.54 per cent) to 5,567.19, and the Nasdaq increased by 164.46 points (0.90 per cent) to 18,352.76.
The US 10-year yield climbed 60 basis points to 4.30, while the 2-year yield was up 36 basis points to 4.62 early Friday.
The GIFT Nifty indicates a negative start for the Indian Benchmark indices, with a slight decline of 0.06 per cent or 14 points. Nifty futures are currently trading near the 24,386 mark.
On Monday, Oil prices remained steady as investors monitored potential energy supply disruptions with major Texas ports closing ahead of Tropical Storm Beryl, which is expected to strengthen into a hurricane and make landfall.
Brent crude futures edged up 11 cents (0.1 per cent) to USD 86.65 a barrel, following a drop of 89 cents on Friday. U.S. West Texas Intermediate crude stood at USD 83.08 a barrel, down 8 cents, after a previous decline of 72 cents.
On July 05, 2024, foreign institutional investors (FII) bought shares worth Rs 1,241.33 crore, while domestic institutional investors (DII) offloaded shares worth Rs 1,651.36 crore.
Stocks that are banned for trading in the F&O segment on July 08, 2024, are ABFRL, BANDHANBNK, GNFC, HINDCOPPER, INDIACEM and PEL.