SENSEX and NIFTY50 open higher, ahead of the Union Budget 2024

Today, Indian equity benchmark indices began the trading session on a positive note, with the NIFTY50 and SENSEX trading in the green. Meanwhile, the broader markets traded mixed. Additionally, Nifty Auto was the top gainer, while Nifty Metal was the top loser in the early trading session. The India VIX has declined by 1.67%, trading above the 15 mark.

FM Nirmala Sitharaman will be presenting the Union Budget at 11 AM IST.

Talking about the sectors and themes, infrastructure and consumption could be on the key sectors and themes to watch out for. Along with Public sector companies and Defence. There is consensus among the market experts that new programs could be announced with respect to consumption to address the issue of consumption at the lower end of the economic pyramid.

On Friday, July 22, 2024, foreign institutional investors (FII) bought shares worth ₹3,444.06 crore, while domestic institutional investors (DII) offloaded shares worth ₹1,652.34 crore.

At 09:25 am, the SENSEX was trading higher by 0.04% above the 80,500 level, while the NIFTY50 was up by 0.07%, trading below the 24,500 level. Furthermore, Nifty Bank gained by 0.06%, trading above the 52,300 mark.

Broader indices

Looking at the broader indices, the Nifty Midcap 100 index was trading in green up by 0.04% above the 56,600 level, while the Nifty Smallcap 100 declined by 0.39% and is trading below the 18,500 mark.

Sectoral Performance

Within the sectoral landscape, Nifty Auto (+0.35%), Nifty FMCG (+0.26%) and Nifty PSU Bank (+0.13%) are major sectors that is trading positively, while Nifty Metal (-0.84%), Nifty IT (-0.46%) and Nifty Media (-0.38%) are the sectors trading negatively.

Top Gainers and Losers

In the NIFTY50 space, Eicher Motors (+1.9%), Ultratech Cement (+1.2%) and L&T (+0.97%) are among the top gainers. On the other hand, Shriram Finance (-1.9%), BPCL (-0.94%) and Wipro (-0.85%) are among the top losers.

U.S. Markets

Wall Street's three major indexes closed higher on Monday as investors gravitate back to mega cap growth stocks. This shift helped both the S&P 500 and Nasdaq Composite rebound from their worst weekly performance since April.

The US 10 year Treasury yields fell by 18 basis points to 4.24%, while the 2-year bond yield decreased by 14 basis points to 4.51%.

Commodities

Oil prices fell for Tuesday's third consecutive trading session as investors concentrated on the potential for increasing oil supplies and weak demand.

Brent crude futures for September dropped 9 cents to $82.31 a barrel. U.S. West Texas Intermediate crude for September decreased by 10 cents to $78.30 per barrel.

Stocks in F&O Ban

Stocks that are banned for trading in the F&O segment on July 23, 2024, are Bandhan Bank, Chambal Fertilizers and Chemicals, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Aeronautics, India Cements, Piramal Enterprises and Steel Authority of India.