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Below the Quote Post Market Comment by Hardik Matalia, Research Analyst, Choice Broking

On September 04, the Indian benchmark indices were slightly volatile and ended in negative territory. The Sensex closed down by 202.80 points or 0.25 percent at 82352.64, while the Nifty was down by 81.15 points or 0.32 percent at 25198.70.

On the daily chart, the Nifty Index opened with a gap down and ended lower, breaking a streak of 14 consecutive days of gains. However, the Index rebounded from lower levels, indicating that the buyers are aggressive near key support zones. A close above the 25,350 level could drive the market higher towards the short-term target of 25,500. This strong buying interest near support zones suggests the potential for further upside momentum in the near term.

On the sectoral front, Pharma, Realty, and FMCG gained 0.4-0.75 percent, supporting buying interest. However, major declines in the PSU Bank, IT, and Metal sectors, which were down by 0.75-1.70 percent, dragged the market lower. The broader indices, including the BSE Midcap and Smallcap, faced buying pressure at lower levels, ultimately ending slightly positive.

The India VIX surged by 3.86 percent to 14.3775, indicating an increase in market volatility and increased uncertainty among investors. Open Interest (OI) data revealed the highest OI on the call side at the 25,300 and 25,500 strike prices, while on the put side, it was concentrated at the 25,000 strike price.

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