Black Friday: Nifty closes at 17,600 level; Sensex tanks nearly 900 points, Adani stocks and banks tumble

Tata Motors, Bajaj Auto and Dr Reddy’s Laboratories emerged as the top gainers from the Nifty 50 stocks despite weakness persisting in the market

Market update at 3.30 PM: Indices closed lower in a volatile session as investors fled risky stocks amid Hindenburg allegations on Adani group. Adani stocks witnessed strong sell off for second consecutive day as most of the stocks hit 20 per cent lower circuits. Banking stocks came under severe selling pressure as well.   

NSE Nifty 50 index managed to recover about 100 points from day’s low and closed at 17,600 levels. S&P BSE Sensex tanked nearly 900 points while Nifty Midcap and Nifty smallcap slipped 1.47 per cent and 1.89 per cent respectively.   

Apart from auto and pharma indices, all other sectoral indices closed in red. Nifty PSU Bank plunged over 5 per cent, along with private sector banks and metals.   

Tata Motors, Bajaj Auto and Dr Reddy’s Laboratories emerged as the top gainers from the Nifty 50 stocks despite weakness persisting in the market, while Adani Enterprises, Adani Ports and SBI were the top losers.   

Nifty formed a strong red candle with a lower wick on the technical chart and indicates strong short term bearishness. Meanwhile, a close watch shall be kept on the development in the Adani-Hindenburg saga along with the global cues. 

Market update at 2.30 PM: Indices have been trading lower amid strong sell-off in the banking stock. NSE Nifty 50 index has slipped 2.15 per cent to trade at 17,500 levels while S&P BSE Sensex has tanked over 1100 points.   

Banking stocks are experiencing strong sell-off along with metal and energy stocks. India VIX has surged nearly 20 per cent. 

Market update at 11.30 AM: Indices have witnessed severe sell-off on Friday as investors chose to book profit from banking and energy stocks. NSE Nifty 50 index has slipped 1.22 per cent to trade below 17,700 levels while S&P BSE Sensex has tanked over 750 points. Nifty Midcap and Nifty Smallcap have plunged over 1 per cent each.  

Except for Pharma and Auto stocks, all other sectors have seen strong sell-off. All the banking indices have seen strong profit booking. ICICI Bank (-3.54 per cent) and SBI (-2.85 per cent) are among the top losers from Nifty 50 stocks.  

Adani stocks have cracked following Hindenburg allegations. Adani Enterprises (-5.56 per cent), Adani Ports (-9.55 per cent), Adani Green Energy (-14.81 per cent), Adani Transmission (-18.78 per cent), all have seen major sell-off as saga takes an ugly turn.  

India VIX has surged over 12 per cent to trade above 16.50 levels. 

About 376 stocks are advancing as against 1,601 stocks that are declining, thus indicating bearish market breadth.  

Market update at 9.30 AM: Indices have witnessed strong bearish sentiment upon opening. NSE Nifty 50 index has plunged 1 per cent to trade below 17,800 levels while S&P BSE Sensex has tanked over 600 points. Strong weakness is seen across midcap and Smallcap stocks.

Tata Motors has zoomed over 7 per cent amid strong quarterly earnings, along with Bajaj Auto and TVS Motors. Meanwhile, Adani Stocks have witnessed severe sell-off to continue post the Hindenburg allegations!

Pre-market update: Wall Street closed in green on Thursday after GDP data eased recession worries, while investors also eyed the upcoming US Fed meeting. The tech-heavy Nasdaq climbed 1.76 per cent while Dow Jones Industrial Average rose 205 points to end the session on a higher note. With this, the Asian markets have also opened higher and SGX Nifty indicates a gap-up of about 80 points for Nifty.

Oil prices jump over 1 per cent after positive US economic data and reopening of Chinese lockdown. Brent crude oil currently trades at USD 87 per barrel.

Tata Motors jump to profitability: The major car manufacturer reported a net profit of Rs 2957 crore as against Rs 1516 crore loss in the same quarter of previous financial year. Sales rose 14.5 per cent YoY to Rs 82718 crore.

Bajaj Finance and Vedanta are some of the key companies set to declare results today.

In the last trading session, the FIIs sold to the tune of Rs 2393 crore while the DIIs bought shares worth Rs 1378 crore.

Nifty is expected to open around 18,000 levels and first hour of price action shall be keenly watched to anticipate further trend in the market.