Indices recovered towards the end! Kotak Mahindra Bank, Tata Consumer, Larsen and Toubro emerge as star performers

Realty & metals traded higher throughout the day while pharma and IT were weak. 

Market update at 3.30 PM: Indices witnessed a sharp recovery towards the end as Nifty closed 12 points higher at 17,956. Sensex jumped 37 points while the broader indices such as Nifty Midcap and Nifty Smallcap also inched higher by 0.19 per cent & 0.16 per cent, respectively.  

Realty & metals traded higher throughout the day while pharma and IT were weak. Kotak Mahindra Bank, L&T and Tata Consumer Products emerged as the top gainers amongst Nifty stocks while ONGC, Dr Reddy’s Laboratories, and UPL turned out to be the top losers.   

Nifty recovered about 100 points from its intraday low, which is a positive sign. Strong supports are placed at lower levels while the trend remains strong.   

Market update at 11.30 AM: Indices are trading lower amid volatility. Nifty tumbled 0.37 per cent and with this, it slipped below the 17,900 mark. Sensex has lost 220 points and hovers at the 60,000 level. Nifty 500 index tanked 0.23 per cent while the mid-cap & small-cap sectors are trading on a mixed note.   

Meanwhile, some stocks like ABB India, Adani Enterprises, Adani Power, Bank of Baroda, Eicher Motors, and HAL hit their respective 52-week highs today.  

Tata Consumer Products, SBI Life Insurance, and Kotak Mahindra Bank have emerged as the top gainers while Dr Reddy’s Laboratories, ONGC & Cipla turned out to be weak today.   

The advance-decline ratio stands at 1,092:809, meaning that 1,092 stocks are advancing while 809 stocks are declining.   

The major support for Nifty lies at 17,800 and the index is likely to test this level soon.

Market update at 9.30 AM: Indices have opened lower as Nifty plunged 0.33 per cent. Sensex lost over 225 points while Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Realty and FMCG are trading higher while the rest of the indices have witnessed selling pressure.  

Nifty Pharma tumbled 1.30 per cent. Meanwhile, India VIX has surged nearly a per cent.

Pre-market update: FOMC Minutes were released late Wednesday night, which suggested that Fed officials witnessed a slowdown in the housing market, consumer spending, and business expansion. The US markets remained under pressure as investors chose to book profits. Nasdaq slipped 1.25 per cent while Dow Jones lost 171 points.With this, most of the Asian markets have opened lower and SGX Nifty indicates a loss of 25 points for Nifty. 

Meanwhile, Blackstone is likely to sell Sona BLW shares of about Rs 4,000 crore in a block deal. Thus, the stock is likely to be under pressure.

Besides, in the last trading session, the FIIs bought to the tune of Rs 2,347 crore while the DIIs sold for about Rs 510 crore worth of equity. 

Immediate resistance for Nifty lies at the level of 18,000 while 17,800 can act as strong support for the upcoming days.