Market WRAP: Nifty closes at 18,200 level; Sensex tanks 635 points, Pharma outshines

Divi’s Laboratories, Apollo Hospitals and Cipla emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded lower despite a positive start and strong sell off towards the end pulled Nifty at 18,200 level. The benchmark index plunged 1 per cent while Sensex tanked 635 points. Nifty Midcap and Nifty Smallcap witnessed a sharp fall towards the end as they slipped 1.58 per cent and 2.24 per cent respectively.  

Apart from Nifty Pharma, which soared 2.39 per cent, all other sectoral indices ended negatively. Media, PSU Bank and Metals indices witnessed severe profit booking.  

Divi’s Laboratories, Apollo Hospitals and Cipla emerged as the top gainers from the Nifty 50 stocks while Adani Enterprises, Adani Ports and IndusInd Bank were the top losers.  

Nifty formed a big bearish candle and closed below its prior swing low which is a negative sign. Focus shall turn towards the global markets now to anticipate further trend in the market

Market update at 2 PM: India VIX has shot up 13 per cent as severe sell off hits D-street. Bears have a total grip over the broader market as Sensex tanks over 700 points. Nifty has slipped over 1 per cent to trade below 18,200 level.  

Apart from the Pharma index, all other sectors are trading in deep red. Media, PSU Banks and metal indices have plunged over 3 per cent each.  

Market update at 12.15 PM: Indices have been trading on a weaker note amid volatility. The benchmark indices NSE Nifty 50 index and S&P BSE Sensex are trading at day's low. Nifty trades at 18,300 level while Sensex has slipped 300 points. The broader market has shown relatively good strength and midcap and smallcap indices are trading flat.   

PSU Banks and Pharma are the top performers amongst the sectors while FMCG and private banks are weak today. India VIX has surged over 7 per cent amidst such volatility.

About 982 stocks are advancing as against 960 stocks that are declining.  

Despite the weakness, some stocks that have hit a fresh 52-week high are Abbott India, Axis Bank, Esab India, GE Shipping, JK paper and Jindal Stainless Limited.   

18,300 level holds strong support for Nifty while 18,400 zone shall act as immediate resistance. 

Market update at 10.30 AM: Indices have witnessed profit booking at higher levels. NSE Nifty 50 index has plunged below 18,400 levels while Sensex has dropped over 400 points from day’s high. Nifty Midcap and Nifty Smallcap are trading marginally higher.  

FMCG, media and energy stocks have seen selling pressure at higher levels while PSU Banks are the top performers.

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has jumped 0.38 per cent while S&P BSE Sensex has soared 250 points. Midcap and Smallcap stocks have also witnessed strong buying interest.  

All sectors are trading in green and India VIX has plunged over 1 per cent.  

Pre-market update: The Wall Street indices snapped 4-day losing streak despite the dent in investors' sentiment after a surprise tweak in monetary policy by BoJ. Nasdaq closed flat while Dow Jones gained 100 points on a volatile trading session. Most of the Asian markets have opened higher and SGX Nifty indicates a gap-up opening of about 80 points for Nifty.

Crude oil prices ended flat amid weakening of dollar and poor global demand. Brent crude price hovers around USD 80 per barrel.

In the last trading session, both the FIIs and DIIs turned net buyers and bought shares worth Rs 455 crore and Rs 494 crore.

Nifty is expected to open above 18,400 levels and price action shall be keenly watched at higher levels.