All eyes on US Inflation data: Nifty closes just above 18,000; Tata Motors, Axis Bank emerge as top losers

Tata Motors, Axis Bank and M&M were the top losers from the Nifty 50 stocks while Hero MotoCorp, HDFC Bank and Kotak Mahindra Bank were the top gainers.   

Market update at 3.30 PM: Indices end lower, ahead of US inflation data. The broader indices were subjected to strong volatility amid weekly expiry. NSE Nifty 50 index slipped 0.71 per cent to close just above 18,000 level while Sensex lost 420 points. Nifty Midcap and Nifty Smallcap plunged 1.15 per cent each.

All the sectors closed in red, with auto and PSU banks being worst affected. Interestingly, India VIX plunged over 2 per cent towards the end as Nifty recovered 80 points in the last hour.   

Tata Motors, Axis Bank and M&M were the top losers from the Nifty 50 stocks while Hero MotoCorp, HDFC Bank and Kotak Mahindra Bank were the top gainers.   

All eyes would be on US inflation data set to be released later in the evening, which is likely to set the next course of action in the global market. 

Market update at 12.15 PM: The broader indices are currently trading at their day’s low amid strong profit booking at higher levels. NSE Nifty 50 index is hovering around 18,000 level and has slipped 0.78 per cent. Sensex has tanked 480 points so far, while Nifty Midcap and Nifty Smallcap have plunged over 1.25 per cent each.   

Auto and Banks have come under strong profit booking. Nifty Auto has slipped over 2 per cent while PSU Banks are also facing the heat at higher levels.   

Tata Motors is currently the top loser from the Nifty 50 stocks, after disappointing Q2 results. M&M and Axis Bank are also included in the top losers list. Meanwhile, Hero MotoCorp, Bharti Airtel and Dr Reddy’s Laboratories are performing well on the bourses.   

The advance decline ratio is in the favor of bears and stands at 598:1336.   

Any fall below 18,000 for Nifty can trigger fresh short positions. Avoid heavy bets.   

Market update at 9.45 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 index has slipped 0.773 per cent, owing to bad global cues while Sensex has tanked 480 points so far. Nifty Midcap and Nifty Smallcap are trading on a mixed note.   

Except for pharma, all other sectors are trading in red.  Meanwhile, India VIX has surged over 2 per cent.

Pre-market update: Wall Street witnessed a major profit booking day on Wednesday as Republicans gains appeared more modest in the midterm elections, while inflation worries also denied investors sentiment. Nasdaq plunged 2.48 per cent while Dow Jones tanked 646 points to close at Day's low. The negative sentiment is seen in the Asian markets during the early Thursday trade and SGX Nifty indicates a loss of 60 points.

The highlight in the global market today will be the US Inflation data, which is set to be released later in the evening. This would further influence the Fed's next course of action regarding interest rates hike.

Some of the key companies set to declare results today are Eicher Motors, Zomato, Apollo Hospitals and Adani Green Energy.

Oil fell over 3 per cent amid rise in US crude oil inventory and restrictive lockdown policy in China.

In the last trading session, the FIIs have bought shares worth Rs 386 crore while the DIIs have sold to the tune of Rs 1,060 crore.

The weekly expiry and US inflation data is expected to keep broader indices volatile and keep an eye on India VIX.