Indices close at day’s low; Nifty slips below 17,400 level as IT and auto tumble

Nifty realty emerged as the sole performer amongst the sectoral indices

Market update at 3.30 PM: Indices closed at day’s low in a volatile weekly expiry. NSE Nifty 50 index slipped 0.74 per cent to close below 17,400 level while S&P BSE Sensex lost 500 points. Nifty Midcap and Nifty Smallcap ended marginally lower by 0.32 per cent and 0.17 per cent respectively.   

Nifty realty emerged as the sole performer amongst the sectoral indices. IT and auto stocks remained under pressure throughout the day.   

Adani Ports, Adain Enterprises and Coal India were the top gainers from the Nifty 50 stocks as while Maruti Suzuki, Axis Bank and TCS were the top losers.   

Nifty formed a bearish bar after a slight technical bounce in previous trading session. The sentiment remains bearish for now and focus shall turn towards the global cues to anticipate further trend.  

Market update at 11.15 AM: Indices have been trading lower amid volatility on the weekly expiry day. NSE Nifty 50 index has slipped half a per cent to trade below 17,400 level while S&P BSE Sensex has lost nearly 300 points. Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Supreme court has directed SEBI to investigate Adani group within 2 months and submit a status report amidst the Hindenburg allegations.   

Good buying interest is seen across realty and PSU Bank stocks, while IT and Auto are dragging the market.   

About 1027 stocks are advancing as against 932 stocks that are declining, thus showing relatively good strength in the broader market.   

Market update at 9.30 AM: Indices have opened lower amid poor global cues. NSE Nifty 50 index has slipped 0.41 per cent to trade below 17,400 levels while S&P BSE Sensex has lost over 250 points. Stocks specific action is seen across the broader market. 

Energy and realty stocks are trading on a flat note while IT and auto are top draggers amongst the sectors. India VIX has risen half a per cent.

Pre-market update: The Wall Street indices slipped for second consecutive session as bond yields jumped after manufacturing data suggested that inflation is likely to remain higher despite increasing interest rates. Dow Jones ended flat while Nasdaq slipped two thirds of a per cent. With this, the Asian markets have reacted negatively and SGX Nifty indicates a loss of 60 points in Nifty.

Oil prices rose after manufacturing activity in China picked up pace. Brent crude settled above  USD 84 per barrel.

GST collection for February stood at Rs 1.50 lakh crore, which is the second highest collection ever and dropped slightly from Rs 1.58 lakh crore recorded in January.

In the last trading session, the FIIs sold shares worth Rs 424 crore while the DIIs bought equity worth Rs 1498 crore.

Nifty is expected to remain volatile given the weekly expiry.