Indices close in red; FMCG, energy, financials, and auto sectors drag the market

With negativity emerging towards the end, India VIX surged nearly 9 per cent.   

Market update at 3.30 PM: Indices fell towards the end and closed nearly at the day’s low. Nifty closed lower by nearly a per cent at 17,117.60 while the mid-cap, as well as the small-cap indices, closed on a mixed note.  

All the sectoral indices lost points towards the end. Nifty Metal outperformed the other indices and closed higher by 1.5 per cent. However, most of the sectors like FMCG, banks, and auto witnessed strong selling pressure. With negativity emerging towards the end, India VIX surged nearly 9 per cent.  Coal India, Hindalco, UPL, and ONGC emerged as top gainers among the Nifty stocks.

Nifty has formed a bearish engulfing pattern on the technical chart while the level of 17,000 shall act as a strong support level for the index.  

Market update at 12.30 PM: Nifty is currently marginally down by 75 points whereas Nifty Midcap and Nifty Smallcap indices are trading higher by 0.8 per cent & 0.2 per cent, respectively.  

Among then sectoral indices, Nifty Metal has outperformed the other indices and is up by 2.4 per cent. Nifty Media and Nifty Pharma have also surged about 1 per cent each. However, Nifty FMCG, Nifty PSU Bank, and Nifty Bank are trading lower. 

Hindalco, Coal India, Maruti, and Titan are the top gainers among Nifty stocks while SBI Life, Britannia, Eicher Motors & Power Grid are trading lower.  

Nifty is currently trading in a tight range and a strong move on either side can be expected.  

Market update at 9.45 AM: Nifty has opened higher by 42.45 points at 17,329. The benchmark index is currently trading flat while Nifty Smallcap and Nifty Midcap are trading higher by over half a per cent each.   

Metal stocks are trading higher and thus, Nifty Metal is up by over 1.5 per cent. However, the energy and FMCG stocks are trading lower. With this, India VIX has surged over 5 per cent.  

Pre-market update: On Friday, the US markets closed significantly higher with NASDAQ surging about 2.05 per cent while Dow Jones Industrial Average gained 274.17 points. With this, most of the Asian markets have opened higher while SGX Nifty indicates a gap-up opening of about 100 points for Nifty.

Japan and India are likely to discuss Rs 3.2 lakh crore investment plans on clean energy, EVs, and battery storage.

Crude oil has risen nearly 3 per cent and is above the 105-mark

Meanwhile, in the last trading session, the FIIs turned out to be net buyers for the second consecutive day and bought equity for Rs 2,800 crore. On the other hand, the DIIs booked profit and sold about Rs 678 crore worth of equity.

Nifty is likely to open around the level of 17,500 and volatility is expected to remain for some more time.