NIFTY50 and SENSEX trade lower amid volatility, Nifty Metal shines with a 1.5% gain

The Indian equity benchmark indices witnessed a cautious start, but buying interest quickly emerged post-opening. This drove the NIFTY50 index momentarily above its important psychological level of 24,000. However, frontline indices failed to sustain at higher levels and, thereafter, fluctuated between gains and losses. The volatility is underscored by anticipation around the upcoming U.S. presidential election, and ahead of the event, polls indicate a closely contested race between Donald Trump and Kamala Harris.

The NIFTY50 index was down by 27 points at 23,967, while the SENSEX dropped 90 points to 78,688. The Nifty Bank index remained nearly flat. Meanwhile, the India VIX, also known as the volatility index, hovered close to the 17 mark.

On the sectoral front, most indices traded in the red, led by Nifty Healthcare (-0.96%) and Nifty Pharma (-0.60%). Conversely, Nifty Metal surged over 1.5%, with all constituents trading in the green except for Hind Copper. Broader markets underperformed the frontline indices, as the Nifty Midcap 100 and Nifty Smallcap 100 indices declined by 0.62% and 0.55%, respectively. Market breadth was in favour of advances, with 1,245 stocks advancing and 1,105 stocks declining.