Benchmark indices continue to trade range-bound on May 8, a day after Operation Sindoor and last night's US Federal Reserve's FOMC meet outcome. Both Sensex and Nifty opened flat and were trading merely 0.079% above and 0.032% lower, respectively, at mid-day. Mid and smallcap indices outperformed the benchmarks.
On the sectoral front, selling was seen in the auto, FMCG, metal, oil & gas, pharma sectors, while buying was seen in the IT, consumer durables, bank, media.
Top Nifty gainers at midday were HCL Tech, Titan, Kotak Mahindra, Trent and Tata Motors, rising by about 1-1.7%. Meanwhile, top losers were Eternal, M&M, Maruti Suzuki, Tata Steel and IndusInd bank with a fall of 2-3.50%.
India VIX was down by 3% today. The volatility index is near its highest in three weeks, reflecting the market adjusting to uncertainties.
Coforge, CG Power and Indus Towers were among the top midcap gainers, rising about 2 to 3%. On the other hand, a marginal rise on smallcap indices was led by Intellect Design, Welspun Living and Transpek Industry as they rose about 7-20%.
Key earnings performance to look forward to have put stocks of L&T, Titan, Britannia, Pidilite, Biocon, Union Bank, Bharat Forge, Canara Bank in focus today.
Wall Street closed higher overnight as the U.S. Federal Reserve held interest rates steady, opting to stay the course despite renewed calls from former President Donald Trump to cut rates. The Fed flagged rising risks to both inflation and employment, signaling a cautious stance as macroeconomic uncertainties persist.
Investor focus now turns to the upcoming Fed policy outlook, which could have significant implications for capital flows into emerging markets like India.
Back home, market participants describe the current trend as broadly indecisive, with the indices trading within a narrow range. Traders appear to be awaiting a clear catalyst for a breakout in either direction.
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