Nifty snaps eight-day winning streak; financials and realty worst affected

Adani Ports, L&T, and Infosys emerged as the top gainers amongst Nifty 50 stocks.

Market update at 3.30 PM: Indices faced a severe sell-off before the weekend as Nifty tumbled 1.10 per cent to close below the 17,800 level. Sensex plunged over 650 points while the broader indices also faced similar havoc. Nifty Midcap and Nifty Smallcap slipped 1.45 per cent & 1.21 per cent, respectively  

All the sectors closed in red while financials and realty were the worst affected by Friday’s sell off. Nifty PSU Bank plunged 2.66 per cent. Meanwhile, the volatility index - India VIX surged 5.39 per cent.   

Despite the weakness in the market, Adani Ports, L&T, and Infosys emerged as the top gainers amongst Nifty 50 stocks. IndusInd Bank, Bajaj Finserv, and Apollo Hospitals were the top losers. 

The level of 18,000 acted as strong resistance, which Nifty was unable to break. It shall continue to be a crucial resistance for the next week.

Market update at 12.50 PM: Indices are trading under pressure as Nifty plunged below the 17,800 level and is down by nearly a per cent.  Sensex has lost over 500 points while Nifty Midcap and Nifty Smallcap plunged 0.75 per cent & 0.95 per cent, respectively.   

Financials are under severe sell-off. Nifty Bank dipped 1.62 per cent while Nifty PSU Bank slipped 2.50 per cent. Moreover, India VIX has surged over 4 per cent.  

Market update at 11.25 AM: Indices have witnessed selling pressure at higher levels as Nifty slipped 0.68 per cent while Sensex lost over 400 points. Nifty Midcap and Nifty Smallcap are trading lower by 0.25 per cent & 0.74 per cent, respectively. 

IT and media are trading stronger amidst volatility whereas financials & pharma are weak.  

Adani Ports, Tech Mahindra, and L&T are the top gainers from Nifty 50 stocks while IndusInd Bank, BPCL & Coal India are weak. 

The advance-decline ratio stands at 932:982, which favours the bears.   

Despite the weakness, some stocks like Adani Enterprises, Adani Power, Adani Transmission, Eicher Motors, Page Industries, and SBI Life Insurance Company have hit a fresh 52-week high today. 

The immediate support lies at 17,800 for Nifty, and if breached, it can witness a sharp fall thereafter.  

Market update at 9.30 AM: Indices have opened marginally higher and are trading with volatility. Nifty has jumped 18 points while Sensex climbed 70 points. Nifty Midcap and Nifty Smallcap have climbed 0.48 per cent & 0.18 per cent, respectively. 

IT, metals, and energy are trading higher while PSU banks & realty are weak. 

Meanwhile, India VIX has surged nearly 2 per cent. 

Pre-market update: The US indices recovered smartly from their lows and Nasdaq ended higher by 0.21 per cent while Dow Jones climbed about 18 points to close at 34,000 in the last trading session. 

However, most of the Asian markets have opened lower and SGX Nifty indicates a loss of 30 points.  

After buying for nearly 13 trading sessions, the FIIs sold to the tune of Rs 1,706 crore while the DIIs bought shares worth Rs 470 crore.  

In a recent report by RBI, the central bank expects inflation to cool down to 5 per cent in Q1 FY23-24. 

Meanwhile, Government of India has cut the cess on crude oil while the export duty was hiked on aviation turbine fuel.  

Nifty is likely to open near 17,950 and immediate resistance is placed at 18,000.