Bears rule in the end as Nifty falls 350 points from intraday high and ends below 17,000; VIX goes higher for third straight day!

Market update at 4 pm: Bears tightened their grip as Nifty gave up its gains in the last hour. It ended at 16,983.20, down by 0.4 per cent. Sensex closed at 57,064 while the broader indices continued to show weakness.  

Bank Nifty is down by 0.8 per cent. Nifty Metal is the worst hit as it is down by almost 2 per cent. The top loser’s list includes Tata Steel as it lost almost 4 per cent. Kotak Mahindra stands second on the list, down by over 2 per cent.  India VIX goes up by 1.63 per cent to close at 21.17. It is yet another unsuccessful attempt at recovery as Nifty continues to struggle for upside momentum.

Market update at 1.15 pm:  Tuesday’s trading day is no different from the past few days as we observed huge volatility in the first half of the day itself. Nifty shot up by nearly 1.5 per cent in the initial hour of the trade and lost all its gains in the subsequent hours. It took support at 17,000 crucial mark and currently, it’s trading at 17,110. India VIX, which had crashed almost 9 per cent, is now down by just 1 per cent.   

Among the sectoral indices, all other indices except Nifty Metal are trading in green. Pharma stocks bounced back from the lower levels and are up by half a per cent. Nifty Midcap & Nifty Smallcap are going strong and are up by more than a per cent.  

Stay tuned for more such updates! 

Market Update at 10:00 AM: It's turning out to be a terrific Tuesday for the bulls as Nifty and Sensex advanced over 1 per cent each. Infosys, HDFC Bank and Reliance Industries have combinedly contributed nearly 44 points to Nifty’s kitty.  

Among the sectoral indices, Nifty Realty emerged as the top gainer as it jumped nearly 4 per cent, followed by Nifty IT, which added 1.94 per cent. On the other hand, Nifty Pharma was the lone loser. 

After being under the selling pressure in the initial hour of trade, the Indian benchmark indices bounced back sharply from the lower levels and ended Monday’s session with modest gains.   

Nifty ended up by 27.50 points or 0.16 per cent i.e. just above the 17,050 mark. However, the broader markets were under tremendous selling pressure. Besides, Nifty Midcap 100 and Smallcap 100 unperformed the headline indices.  

Nifty formed a Doji-like candlestick pattern with a long lower shadow on the daily timeframe, which indicates buying interest at lower levels; however, it has been making lower lows for the last three sessions.  

Going ahead, the low of Monday is going to be a very important level to watch out for in the near to medium term. A decisive break below Monday’s low of 17,053.95 could trigger another round of sharp sell-off. While on the other hand, the level of 17,250 is likely to act as an immediate resistance on the upside.