Indices slipped towards the end; IT and pharma drag the market

Adani Ports, Bajaj Finance & Cipla were the top losers while Shree Cement, Hindalco, and Divi’s Labs were the top gainers amongst Nifty 50 stocks.

Market update at 3.30 PM: Indices were on a free fall in the last half an hour as Nifty collapsed over 200 points to close at 17,505. It has slipped 0.56 per cent while Sensex tanked 310 points. Nifty Midcap closed flat whereas Nifty Smallcap climbed 0.45 per cent.   

PSU banks held onto their gains till the end whereas profit-booking was seen across IT and pharma stocks. Adani Ports, Bajaj Finance & Cipla were the top losers while Shree Cement, Hindalco, and Divi’s Labs were the top gainers amongst Nifty 50 stocks.   

Nifty closed on a weaker note as investors chose to book profits at higher levels. The global markets shall continue to be in focus as Jackson Hole meeting approaches.   

Market update at 3 PM: Indices have witnessed a severe fall as the monthly expiry approaches.  

Nifty has fallen nearly 200 points from its day’s high and is below the 17,600 level. It has slipped 0.30 per cent while Sensex is down by 150 points.   

Market update at 11.05 AM: Indices are trading stronger on the monthly expiry day. Nifty hovers around 17,700 and climbed half a per cent. Sensex surged 280 points while Nifty Midcap and Nifty Smallcap rose 0.70 per cent & 1 per cent, respectively  

Nifty PSU Bank has rallied over 2 per cent and outperformed the other sectoral indices. All of the sectors are strong today while India VIX has also surged nearly a per cent.   

UPL, SBI Life Insurance, ONGC & Hindalco are currently the top gainers amongst Nifty stocks while Cipla, Adani Ports, and TCS are weak.   

The advance-decline ratio displays strong positive sentiment and currently stands at 1,465:461. 

The highest open interest on the call side lies at 17,800 strikes while aggressive put writing is done at 17,600. Thus, Nifty is widely expected to end August series in the range of 17,600-17,800.   

Market update at 9.40 AM: Indices are trading higher amid positive global cues. Nifty has surged 0.55 per cent while Sensex climbed 350 points. Meanwhile, the broader market witnessed strong buying as Nifty Midcap and Nifty Smallcap rose 0.52 per cent & 0.95 per cent, respectively. 

Banks, realty, and energy are trading higher. Meanwhile, India VIX has fallen over 5 per cent.  

Pre-market update: The American indices inched higher on Wednesday night. Nasdaq climbed 0.41 per cent while Dow Jones gained nearly 60 points. The Asian markets have also opened slightly higher while SGX Nifty indicates a gap-up opening of about 80 points for Nifty.  

The dollar appreciated against other currencies and yields have also risen as investors await US Fed Chairman Jerome Powell's speech, in which, analysts anticipate a hawkish tone. 

In the last trading session, the FIIs bought to the tune of Rs 22 crore while the DIIs sold equity worth Rs 322 crore.  

Crude oil has risen further on the possibility of OPEC cutting the supply chain. Meanwhile, Brent crude currently trades at USD 102 per barrel.  

Nifty is likely to open near 17,700, and volatility is expected to be at its peak today, considering the expiry of August monthly contracts.