SENSEX, NIFTY50 open lower; HDFC Bank, Titan among the top losers

On Friday, Indian equity benchmark indices began the trading session on a negative note, with both the NIFTY50 and SENSEX trading lower. On the other hand, in the broader markets, the Nifty Midcap 100 and Smallcap 100 index made record highs. Additionally, Nifty Pharma emerged as the top gainer, while Nifty Financial Services was the top loser in the early trading session.

At 10:15 AM - The SENSEX was trading lower by 0.39% below the 79,700 level, while the NIFTY50 was down by 0.25% trading below the 24,300 level. Furthermore, Bank Nifty declined by 1.2% trading below the 52,500 level. India VIX has slightly gained by 0.19% and is trading around the 13-mark, indicating a marginal increase in market volatility.

Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading higher by 0.1% making a new record high at 56,727.55 level, while the Nifty Smallcap 100 gained by 0.34% and reached its all-time high level of 18,878.30.

Sectoral Performance - Within the sectoral landscape, Nifty Pharma (+0.76%), Nifty Energy (+0.55%) and Nifty FMCG (+0.33%) are among the top gainers, while Nifty Financial Services (-1.35%), Nifty Bank (-1.28%) and Nifty Realty (-0.37%) are among the major sectors which are trading negatively.

Top Gainers and Losers - In the NIFTY50 space, Cipla (+1.7%), Divi’s Laboratories (+1.6%) and Bajaj Auto (+1.3%) are among the top gainers. On the other hand, HDFC Bank (-3.4%), M&M (-1.8%) and Tata Steel (-1.5%) were the major losers.

US Markets - U.S. markets were closed on Thursday for Independence Day.

On Friday, the 10-year Treasury yield was up 27 basis points at 4.37%, and the 2-year yield rose by 4 basis points to 4.70%.

Commodities - Oil prices edged up in Asian trading on Friday, reaching a two-month high, driven by optimism over increased summer demand and potential supply disruptions.

Brent crude futures for September delivery increased by 0.1% to $87.55 per barrel, while West Texas Intermediate crude futures also rose by 0.1% to $83.14 per barrel.

Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on July 05, 2024, are Aditya Birla Fashion and Retail, Bandhan Bank, Hindustan Copper, India Cements and Piramal Enterprises.