SENSEX and NIFTY50 open in red as Nifty Bank plummets, India VIX crosses the 14-mark

On Wednesday, Indian equity benchmark indices began the trading session negatively, with the NIFTY50 and SENSEX trading marginally lower. Whereas, the Nifty Midcap 100 and Smallcap 100 index outperformed in the broader markets. Additionally, Nifty Realty emerged as the top gainer, while Nifty Bank was the top loser in the early trading session. The India VIX surged by 1.07%, trading above the 14-mark.

On Tuesday, July 09, 2024, foreign institutional investors (FII) purchased shares worth ₹314.46 crore, while domestic institutional investors (DII) bought shares worth ₹1,416.46 crore.

At 09:25 A.M The SENSEX was trading slightly lower by 0.17% below the 80,300 level, while the NIFTY50 was also down by 0.15%, trading below the 24,400 level. Furthermore, Bank Nifty declined by 0.58%, trading below the 52,300 level.

Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading higher by 0.03% above the 57,100 level, while the Nifty Smallcap 100 gained by 0.03% and is trading above the 18,900 mark.

Sectoral Performance - Within the sectoral landscape, Nifty Realty (+0.87%), Nifty FMCG (+0.17%) and Nifty IT (+0.33%) are among the top gainers, while Nifty Bank (-0.61%), Nifty Auto (-0.51%) and Nifty Financial Services (-0.49%) are the sectors which are trading negatively.

Top Gainers and Losers - In the NIFTY50 space, Maruti (+1.4%), Eicher Motors (+1.09%) and Grasim Industries (+0.98%) are among the top gainers. On the other hand, M&M (-3.9%), Kotak Bank (-1.05%) and Axis Bank (-0.82%) were the major losers.

US Markets - The S&P 500 and Nasdaq closed at record highs on Tuesday, driven by gains in Nvidia. Fed Chairman Jerome Powell insists that a rate cut is not appropriate until the Fed gains greater confidence that inflation is moving sustainably toward 2%. However, recent inflation readings showed some modest further progress and more good data would strengthen the case for a rate.

The US 10-year yield increased by 9 basis points to 4.29, and the 2-year Treasury yield was up 9 basis points at 4.63 in early Wednesday trading.