Market WRAP: Nifty closed at days low; financials and metals worst hit
Asian Paints, Sun Pharma, and Dr Reddy’s Lab emerged as the top gainers while Hindalco, JSW Steel & Axis Bank were the top losers.
Market update at 3.30 PM: Indices saw a sharp sell-off in the last hour of the trading session as Nifty closed at the day’s low. Nifty plunged 0.87 per cent while Sensex dipped over 500 points. Nifty Midcap and Nifty Smallcap lost 0.31 per cent & 0.54 per cent, respectively.
Apart from pharma and auto, all other sectors witnessed a free fall. Financials and metals were the worst hit.
Asian Paints, Sun Pharma, and Dr Reddy’s Lab emerged as the top gainers while Hindalco, JSW Steel & Axis Bank were the top losers.
Nifty closed near the 17,800 level and the global markets appear weak. Meanwhile, the maximum open interest on the call side is at the 17,000 level.
Market update at 1.05 PM: The broader Indices are trading on a mixed note amid volatility. Nifty is hovering around the 17,000 level while Nifty Midcap and Nifty Smallcap are trading marginally higher.
Pharma and IT stocks are trading higher while financials are weak.
Market update at 11.30 AM: Indices have revered from their day’s lows as Nifty is currently down by 35 points. It has recovered over 150 points while Nifty Midcap and Nifty Smallcap also witnessed recovery.
IT, auto, and pharma are the top performing sectors while financials remain weak.
Sun Pharma, Dr Reddy’s Labs & Asian Paints are the top gainers from Nifty 50 stocks while ITC, ONGC, and Hero MotoCorp are the top losers for now.
The rupee hit a fresh all-time low of Rs 81.67 per dollar during Wednesday’s trading session.
The advance-decline ratio stands at 921:990, which indicates indecisiveness.
Market update at 9.30 AM: Indices have opened lower amid bad global cues. Nifty has slipped 0.75 per cent and currently, trades at the 17,850 level. Sensex has dipped 500 points while the mid-cap and small-cap stocks appear weak.
All the sectors are trading in red while India VIX has jumped over 2 per cent.
Pre-market update: The US indices were hugely volatile on Tuesday and closed on a mixed note. Nasdaq gained 0.25 per cent whereas Dow Jones lost 125 points. S&P 500 index closed lower by 0.21 per cent.
Most of the Asian markets have opened lower and SGX Nifty indicates a gap-down opening of about 110 points for Nifty.
Brent crude has fallen further and currently trades near the 84 level.
The two-day RBI MPC meet is set to commence on Wednesday while the decision on the interest rate hike shall be announced on Friday.
In the last trading session, the FIIs sold to the tune of Rs 2,823 crore while the DIIs bought shares worth Rs 3,504 crore.
Nifty is expected to open around the 16,900 level, and intraday volatility is likely to persist.