SENSEX and NIFTY50 open lower amid declines in Reliance and Hindustan Unilever

Today, Indian equity benchmark indices began the trading session negatively, with the NIFTY50 and SENSEX trading in the red. Meanwhile, the broader markets traded higher. Additionally, Nifty Media was the top gainer, while Nifty Realty was the top loser in the early trading session. The India VIX has slightly gained by 0.29%, trading around the 12.6 mark, after declining over 17% on the previous day post the Union Budget announcement.

On Tuesday, July 24, 2024, foreign institutional investors (FII) offloaded shares worth ₹2,975.31 crore, while domestic institutional investors (DII) bought shares worth ₹1,418.82 crore. FIIs turned net sellers on Tuesday, following six consecutive days of buying.

At 09:25 am, the SENSEX was trading slightly lower by 0.04% below the 80,400 level, while the NIFTY50 was trading down by 0.07%, trading below the 24,500 level. Furthermore, Nifty Bank marginally gained by 0.02%, hovering above the 51,750 mark.

Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading in the green, up by 0.27% above the 56,400 level, while the Nifty Smallcap 100 gained by 0.45% and is trading above the 18,400 mark.

Sectoral Performance- Within the sectoral landscape, Nifty Media (+0.5%), Nifty PSU Bank (+0.12%) and Nifty FMCG (+0.11%) are significant sectors that are trading positively, while Nifty Realty (-0.43%), Nifty Pharma (-0.25%) and Nifty Metal (-0.25%) are the sectors trading negatively.

Top Gainers and Losers - In the NIFTY50 space, ITC (+2.7%), HDFC Life (+1.24%) and Titan (+1.2%) are among the top gainers. On the other hand, Bajaj Finance (-1.4%), Tata Consumer Product (-1.4%) and Britannia Industries (-1.35%) are among the top losers.

U.S. Markets- Wall Street's main indexes closed slightly lower on Tuesday, surrendering modest intraday gains in the final minutes of trading as investors turned their attention to the latest earnings reports from Alphabet and Tesla.

The US 10-year Treasury yield rose by nine basis points to 4.25%, while the U.S. 2-year bond yield decreased by one basis point to 4.45%.

Commodities - Oil prices rebounded on Wednesday after several days of decline due to falling U.S. crude inventories. However, expectations for an imminent ceasefire deal in the Middle East capped further gains.

Brent crude futures for September rose 46 cents to $81.47 a barrel, while U.S. West Texas Intermediate crude for September increased 42 cents to $77.38 per barrel.

Stocks in F&O Ban - Stocks banned for trading in the F&O segment on July 24, 2024, are Gujarat Narmada Valley Fertilizers & Chemicals, India Cements, and Steel Authority of India.