Market WRAP: Indices close lower ahead of RBI meet; PSU Banks and FMCG outperform

Adani Enterprises, HUL and Nestle India emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: The benchmark Indices closed on a weaker note ahead of RBI meet. NSE Nifty 50 index slipped 0.31 per cent while BSE Sensex 30 lost 208 points. Nifty Midcap and Nifty Smallcap plunged 0.46 per cent and 0.18 per cent respectively. 

Apart from PSU Banks and FMCG, all other sectors closed negatively. 

Adani Enterprises, HUL and Nestle India emerged as the top gainers from the Nifty 50 stocks while BPCL, Hindalco and Tata Steel were the top losers.  

Nifty once again held the strong support of 18,600 which is quite positive. Meanwhile, the global cues shall be in focus along with RBI meet which is scheduled on Wednesday.

Market update at 11.15 AM: Indices have been trading lower amid volatility on Tuesday. NSE Nifty 50 index has slipped half a per cent to trade at 18,600 level while BSE Sensex 30 has tanked 300 points so far. Unlike previous trading sessions, the broader market has seen weakness as Nifty Midcap and Nifty Smallcap have plunged 0.35 per cent and 0.50 per cent respectively. 

Apart from PSU Banks, all other sectors are under pressure. Metals and IT exhibit weakness.  

Despite the weakness, some stocks like AB Capital, Bank of Baroda, Bank of India, Britannia, Cummins India, HAL, IDBI Bank, PNB and Union Bank of India have hit their fresh 52-week high level. 

18,600 holds a strong support for Nifty and any fall below this level can trigger fresh short positions.   

Market update at 9.30 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 index has slipped 0.53 per cent while BSE Sensex has lost over 300 points. Midcap and Smallcap indices are trading on a mixed note.  

PSU banks continue to see strong buying interest while IT and metals are weak today.  Meanwhile, India VIX has surged over 2 per cent

Pre-market update: The Wall Street indices lost ground as investors remained concerned over US Fed rate hike in upcoming meeting after the services data came out to be better than expected. Nasdaq plunged 1.93 per cent while Dow Jones tanked 482 points. The Asian markets have thus opened lower and trends on SGX Nifty indicate a loss of 80 points.

Crude oil plunged over 3 per cent in a volatile trading session after concerns of aggressive US fed rate rike gripped investors'sentiment. Brent crude currently trades at USD 83 per barrel.

In the last trading session, the FIIs sold to the tune of Rs 1,139 crore while the DIIs bought shares worth Rs 2,607 crore.

Nifty is expected to open negatively and it remains to be seen whether the immediate support of 18,600 holds good for the index.