Indices close lower; energy, pharma and auto drag, metals shine

From Nifty 50 stocks, Tata Steel, IndusInd Bank & Coal India emerged as the top gainers while M&M, Reliance, and Maruti Suzuki were the top losers.

Market update at 3.30 PM: Indices closed lower on Monday as Nifty fell 0.53 per cent while Sensex lost over 400 points. Nifty Midcap and Nifty Smallcap slipped 0.09 per cent & 0.58 per cent, respectively.  

Sectors that dragged the market were energy, pharma, and auto while metals shined. From Nifty 50 stocks, Tata Steel, IndusInd Bank & Coal India emerged as the Top Gainers while M&M, Reliance, and Maruti Suzuki were the Top Losers.  

Nifty saw huge volatility in the last hour as it lost about 80 points from its high. However, 16,600 acted as good support and shall be a crucial level to watch with Fed events on cards.  

Market update at 2.20 PM: Indices recovered from their day’s low while Nifty is trading above the 16,600-level. The benchmark indices have recovered about 100 points from their intraday low. Sensex is currently down by about 160 points while Nifty Midcap & Nifty Smallcap are trading on a mixed note.   

Metals and IT are supporting the market and trading positively. Meanwhile, the auto sector has seen profit booking. India VIX surged nearly 5 per cent.   

Market update at 11.15 AM: Indices witnessed profit booking at higher levels after a good run past week. Nifty is currently down by 0.86 per cent while Sensex has plunged nearly 500 points. Nifty Midcap and Nifty Smallcap have fallen 0.34 per cent and 0.81 per cent, respectively.   

Among the sectors, only metals are holdings on to its gains while all other indices have seen profit booking. Nifty Energy tanked 1.50 per cent and is the top underperformer among the sectoral indices.   

The top contributors to Nifty’s fall include Reliance, ONGC, and Grasim while Apollo Hospitals, Tata Steel & Britannia are strong today. 

The advance-decline ratio stands in the favour of bears and is at 708:1,218. 

Market update at 9.30 AM: Indices have opened lower and Nifty plunged about 30 points. Sensex has lost nearly 100 points while Nifty Midcap & Nifty Smallcap are trading on a flat note.  

Financials, metals and IT are trading higher while Energy & pharma are witnessing profit-booking. Surprisingly, India VIX has surged over 4 per cent.   

Reliance Industries has tumbled over 3 per cent after its results missed market expectations.   

Pre-market update: Last Friday, the US markets closed slightly lower due to some weak corporate earnings. Nasdaq slipped 1.87 per cent while Dow Jones lost about 140 points. Thus, most of the Asian markets opened lower, and SGX Nifty indicates a gap-down opening of about 40 points for Nifty.
Reliance Industries posted its results last week wherein, its net profit rose nearly 40 per cent YoY for its oil-to-chemical business. For Reliance Jio, the average revenue per user (ARPU) grew 5.8 per cent to Rs 175.70.
Axis Bank and Tech Mahindra are some of the key companies that are set to declare their results on Monday.
Meanwhile, in the last trading session, the FIIs sold to the tune of Rs 675 crore while the DIIs bought about Rs 739 crore worth of equity.
Crude oil continues to trade lower amid recession fears.
Nifty is likely to open near the level of 16,700 while the first hour of price action shall be keenly watched.