Market WRAP: Indices end marginally lower; Auto and pharma drag the market, PSU Banks shine

HCL Technologies, HUL and Asian Paints were the top gainers from the Nifty 50 stocks while M&M, Bajaj Auto and Cipla were the top losers.

Market update at 3.30 PM: Indices witnessed a good recovery in the last hour of the session just ahead of the weekend. NSE Nifty 50 index recovered about 80 points to close at 18,300 level. It slipped 0.20 per cent while BSE Sensex lost 87 points. Nifty Midcap and Nifty Smallcap exhibited more weakness as they fell 0.50 per cent each.  

Auto and pharma witnessed strong profit booking while PSU Banks continued to show strength.   

HCL Technologies, HUL and Asian Paints were the top gainers from the Nifty 50 stocks while M&M, Bajaj Auto and Cipla were the top losers.   

Global cues shall remain in focus along with the crypto world, which is likely to dictate the course of action as we head into the final week of November expiry.   

Market update at 11.15 AM: Broader indices have witnessed strong profit booking during Friday’s trading session. NSE Nifty 50 index has slipped 0.62 per cent to trade at 18,200 levels while Sensex has tanked 400 points. Nifty Midcap and Nifty Smallcap have plunged 0.75 per cent each.   

Apart from PSU Banks, all other sectors are trading negatively. Auto, IT and realty have exhibited strong weakness.  

The market breadth remains negative as 1,231 stocks are declining as against 686 stocks rising.   

Despite the weakness, stocks like Kotak Mahindra Bank, Axis Bank, Tata Motors have seen strong buying interest and are the top performers from Nifty 50 stocks.  

Market update at 9.30 AM: Indices are trading weak at the start of the session. NSE Nifty 50 index has slipped marginally by 0.15 per cent while Sensex has lost 50 points. Midcap and Smallcap indices also trade on a mixed note.

Media stocks have seen strong strength today, while auto and pharma continue to fall. Meanwhile, India VIX has slipped over 2 per cent.  

Pre-market update: Wall Street closed on a mixed note in a volatile trading session after US Fed official expressed hawkish commentary which raised concerns of aggressive rate hikes in upcoming meetings. Nasdaq slipped 0.35 per cent while Dow Jones ended flat.

Despite this, most of the Asian markets have opened higher and trends on SGX Nifty indicate a gap-up opening of about 50 points for Nifty. 

Oil prices tumbled further as COVID curbs in China pose a threat of demand drop, while aggressive interest rate hikes shall also put oil under pressure. 

Citi is likely to sell Nykaa shares worth Rs 1,000 crore via block deal. The stock is expected to remain under pressure. 

In the last trading session, both the FIIs and DIIs turned net buyers and bought shares worth Rs 618 crore and Rs 449 crore respectively.

Nifty is expected to remain volatile ahead of the weekend, while stock specific action shall continue in the broader market.