SENSEX and NIFTY50 open flat, dragged lower by Infosys and ICICI Bank

Indian markets began the trading session on a flat note. However, markets erased their early gains to trade with modest losses. The NIFTY50 and SENSEX were down by 0.05% and 0.07%, respectively. The broader markets opened positively. Nifty Realty and Nifty Pharma were the top gainers, while Nifty IT and Nifty Financial Services were among the top losers. The India VIX has declined by 1.65%, trading around the 13.8 mark.

Indian markets opened on a tepid note as market participants tracked sluggish US stock futures. Investors will now brace for the August US jobs report which is set be released on Friday, September 6.

FII and DII Activity

On Monday, September 02, 2024, foreign institutional investors (FIIs) bought shares worth ₹1,735.46 crore, while domestic institutional investors (DIIs) purchased shares worth ₹356.37 crore.

Market Indices

At 9:30 AM, the SENSEX was trading marginally lower by 0.07% trading below the 82,550 level. The NIFTY50 also slightly declined by 0.07%, trading below the 25,300 mark. Similarly, Nifty Bank experienced a slight decline of 0.01%, trading below the 51,450 level.

Broader Indices

Looking at the broader indices, the Nifty Midcap 100 index was trading up by 0.39%, above the 59,350 level, while the Nifty Smallcap 100 gained by 0.54%, trading above the 19,300 level. Market breadth was skewed in favour of advances.

Sectoral Performance

Within the sectoral landscape, Nifty Realty (+0.74%), Nifty Pharma (+0.41%) and Nifty Metal (+0.18%) are among the top gainers while Nifty IT (-0.2%), Nifty PSU Bank (-0.09%) and Nifty Bank (-0.04%) are among the top losers.

Top Gainers and Losers

In the NIFTY50 space, Hindalco Industries (+2.2%), Shriram Finance (+1.62%), and ONGC (+0.8%) were among the top gainers. On the other hand, Bajaj Finance (-1.23%), LTIMindtree (-0.64%), and Bajaj Auto (-0.79%) were among the top losers.

U.S. Markets

The U.S. markets were closed on Monday on account of Labor Day.

Commodities

U.S. crude oil futures opened slightly higher after three straight weeks of losses. Recent pressure on oil prices stems from concerns about a potential slowdown in demand from China, a major importer, along with the prospect of increased supply from top producers.

Crude oil futures rose 0.2% to $73.70, while Brent increased 0.32% to $77.26.

Stocks in F&O Ban

Stocks that are banned for trading in the F&O segment on September 03, 2024, are Balrampur Chini Mills and Hindustan Copper.