Indices closed in red amidst strong profit booking; PSU banks and Realty dragged the markets

Hindalco, Maruti and Nestle India are the top gainers while SBI, Bajaj-Auto and Kotak bank were the top losers amongst Nifty 50 stocks.        

Market update at 3.30 PM:     

After gap down opening indices showed strength and touched yesterday’s day high in the first half of the session. However, Bears came in action which resulted Indices to give up all gains and closed below their opening levels in the latter half of the session.   

NSE Nifty 50 dropped 75 points or 0.44 per cent to close at 17,076 level while S&P BSE Sensex also closed below the opening levels around the drop of 289 points. Nifty Midcap 100 and Nifty Smallcap 100 dropped 0.41 per cent and 0.43 per cent respectively.          

Nifty weekly PCR (0.85) still remains in oversold zone.        

FMCG and Consumption showed relative strength in today’s session. Meanwhile, PSU Bank, Realty and Bank Nifty remained weak for the day.           

Hindalco, Maruti and Nestle India are the top gainers while SBI, Bajaj-Auto and Kotak bank were the top losers amongst Nifty 50 stocks.        

Bulls again failed to surpass the important resistance zone around 17,200 protected by bears from last 8 trading sessions. Meanwhile, global cues shall continue to remain in focus.  

Market update at 2.40 PM: The indices have once again witnessed severe profit booking as NSE Nifty 50 index plunges over 120 points from day’s high on the weekly expiry day. The benchmark index has slipped 0.35 per cent to trade below 17,100 level while Sensex has lost over 250 points. Nifty Midcap and Nifty Smallcap have plunged quarter per cent each.

FMCG and metal index are trading higher while PSU Bank index has plummeted over a per cent.

Market update at 10.20 AM: Indices are off their day’s low and currently trading on a flat note. Strong volatility has been witnessed on D-street as Nifty recovers about 100 points from day’s low while Sensex is currently down by just 20 points. Stock specific action is seen aross the broader market.  

Media, auto and pharma indices are the top performers while IT and PSU banks are weak today. India VIX has slipped over 3 per cent.    

Market update at 9.30 AM: Indices have opened on a weaker note amid poor global cues. NSE Nifty 50 index has slipped half a per cent to trade below 17,100 level while S&P Sensex has tanked over 350 points at the start of the session. The broader market remains under pressure too.  

Except for Pharma and metals, all other sectors are trading in red.  

Pre-market update: Another rate hike 0.25 per cent with hawkish comments from FED chairman Jerome Powell and Treasury Secretary Janet Yellen triggered heavy sell off. Dow Jones Industrial Average plunged 530 points or 1.63 per cent and closed around day’s low 32,030 level. Nasdaq 100 closed at 12,567, dropped 174 points on the day. Meanwhile, CBOE VIX closed in green around 4 per cent after sharp recovery of 10 per cent from day’s low. 

In the global commodities market, Gold and Silver also rallied because of this event, around 1.55 per cent and 2.74 per cent respectively. 

BRENT Crude also closed in green around 0.72 per cent. 

On Wednesday's trading session, Indian markets witnessed a range bound session for the day. NSE Nifty 50 rose 44.40 points or 0.26 per cent to close at 17,152 level while S&P BSE Sensex closed around the opening levels with gains of more than 150 points. Nifty Midcap 100 and Nifty Smallcap 100 rose 0.28 per cent and 0.54 per cent respectively.          

Nifty weekly PCR (0.92) still remains in oversold zone.  

FIIs bought 61.72 crore and DIIs bought 383.51 crore in domestic market.  

As per the OI Data, surprisingly all participants unwinded their longs as compared to previous sessions before FOMC meeting. 

PROs also covered their existing shorts in index future which indicates PROs decreased their participation in index. 

Now FIIs index longs came to 7.75 per cent. 

Yesterday, Nifty has closed below important resistance zone (17,120 to 17,160) protected by bears from last 5 trading sessions.   

Now, SGX Nifty indicates negative opening around 45 points. It would be interesting to watch if bulls can hold these levels or not.