Market WRAP: Nifty closes at 17,250; IT soars, FMCG and media tumble

TCS jumped 1.75 per cent ahead of its Q2 FY22-23 results. Axis Bank, HDFC Life, and Maruti Suzuki also joined the top gainers’ list.

Market update at 3.30 PM: The broader indices witnessed a good recovery from their day’s low on a volatile trading day. Nifty slipped 0.43 per cent but managed to close at 17,250 while Sensex plummeted 200 points. Nifty Midcap and Nifty Smallcap lost 0.95 per cent & 0.46 per cent, respectively.   

Apart from IT, all other sectors saw profit booking.   

TCS jumped 1.75 per cent ahead of its Q2 FY22-23 results. Axis Bank, HDFC Life, and Maruti Suzuki also joined the top gainers’ list. Meanwhile, Tata Motors, Tata Consumer Products, and Hero MotoCorp were the top losers.   

All eyes would be on the global market to understand the trend of the market. 

Market update at 12.15 PM: Indices are off their day’s low as Nifty recovered over 150 points from its lowest point. Currently, the benchmark index is down by half a per cent while Sensex plunged 250 points. Recovery is also seen across mid-cap and small-cap stocks.   

IT and banks have seen a strong recovery and are trading positively. Meanwhile, India VIX has cooled off slightly and is currently, up by 4.50 per cent.   

Market update at 11.10 AM: Indices are trading lower amid volatility. Nifty currently trades at 17,100 level and has slipped 1.16 per cent while Sensex lost over 650 points. Nifty Midcap and Nifty Smallcap have plunged 1 per cent & 0.65 per cent, respectively   

All the sectors are in red while FMCG and auto are the worst affected.   

IDBI Bank has soared over 9 per cent amid positive privatisation news. Government of India and LIC of India are expected to sell a 60 per cent stake in the banking company.   

The advance-decline ratio stands at 577:1380, which indicates a broader-based sell-off.   

Meanwhile, stocks like Axis Bank, Power Grid Corp, and TCS are the top gainers from Nifty 50 stocks while Tata Motors, Hero MotoCorp & Tata Consumer Products are the top losers.  

Market update at 9.30 AM: Indices have opened sharply lower amid bad global cues. Nifty currently trades at 17,100 level and is down by 1.16 per cent while Sensex has lost over 660 points. Meanwhile, the mid-cap, as well as the small-cap indices, also witnessed selling pressure.   

All the sectors are in red while FMCG, auto, and metals are the top sectors dragging the market. Besides, India VIX has jumped over 6 per cent.    

Pre-market update: The US markets tumbled in the last trading session after US non-farm payroll data stood stronger than expected. The US added 2,65,000 jobs last month, which was higher than the market expectation of 2,50,000. A strong service sector, aided by rising wages is likely to boost inflation. Consequently, an aggressive rate hike by Fed is on the cards! Nasdaq crashed 3.80 per cent while Dow Jones tanked 630 points to close at the day's low.  

Thus, the Asian markets have opened sharply lower, and SGX Nifty indicates a gap-down opening of about 275 points.  

Brent crude oil remains elevated and currently, trades above USD 97 per barrel.  

Tracxn Technologies IPO is set to open today. The price band has been fixed at Rs 75-80 per share.  

In the last trading session, the FIIs sold to the tune of Rs 2,250 crore while the DIIs bought equity worth Rs 545 crore.  

Nifty is likely to open at 17,000 level. Besides, keep an eye on India VIX to track further trends during the day.