Market WRAP: Nifty closes below 17,000; Sensex tanks nearly 850 points amid a severe sell-off in the last hour

Only three stocks namely, Axis Bank, Adani Enterprises, and Asian Paints emerged as the top gainers from Nifty 50 stocks.

Market Update at 3.30 PM: Indices closed on a weaker note as a sharp sell-off towards the end hurt investors’ sentiment. Nifty plunged 1.49 per cent to close below 17,000 while Sensex tanked 843 points. Nifty Midcap and Nifty Smallcap slipped 1.74 per cent each. 

All the sectors closed in red with realty, metal & media being the worst affected sectors.   

Only three stocks namely, Axis Bank, Adani Enterprises, and Asian Paints emerged as the top gainers from Nifty 50 stocks. Divi’s Labs, JSW Steel, and IndusInd Bank were the top losers.   

Nifty formed a strong bearish candle and closed below its 200-DMA, which is largely negative. A short-term outlook has become bearish and with Fed Minutes coming up, the global markets are expected to be volatile in near future.   

Market update at 12.45 PM: Indices have extended losses as Nifty fell towards 17,100 level. The benchmark index has slipped 0.74 per cent while Sensex tanked 400 points. The small-cap and mid-cap indices also witnessed weakness.   

Realty and IT stocks are worst affected. India VIX has surged nearly 2 per cent amid such weakness.

Market update at 11 AM: Indices are trading lower amid volatility. Nifty has tumbled below 17,200 level and is down by 0.44 per cent. Sensex has plunged 225 points while Nifty Midcap and Nifty Smallcap have slipped 0.39 per cent & 0.15 per cent, respectively.   

All the sectors are trading in red with realty, pharma, and auto being the worst affected sectors.   

TCS has slipped over 1 per cent post its results. Meanwhile, Infosys is also trading weak and is down by a per cent.   

The advance-decline ratio is in the favour of bears and currently, stands at 840:1056 levels.   

The top gainers from Nifty 50 stocks include Asian Paints, Adani Enterprises, and Axis Bank while Divi’s Labs, ONGC & Eicher Motors are weak.   

Market update at 9.35 AM: Indices are trading lower amid volatility at the beginning of the session. Nifty has dipped 0.30 per cent while Sensex slipped 150 points. Meanwhile, Nifty Midcap and Nifty Smallcap are trading on a mixed note.   

Media and IT are trading higher while banks & auto are weak. 

Pre-market update: The US indices closed negatively as aggressive rate hikes and refining showdown weighed investors' sentiment. Nasdaq slipped 1 per cent while Dow Jones lost 93 points. However, the Asian markets have opened mixed, and SGX Nifty indicates a flat opening for Nifty.
TCS posted its Q2FY22-23 results on Monday wherein, its net profit grew 8 per cent YoY to Rs 10,465 crore and revenue jumped 18 per cent YoY. Thus, IT stocks will be in focus today.
In the last trading session, the FIIs sold to the tune of Rs 2,139 crore while the DIIs bought shares worth Rs 2,137 crore.
Nifty is likely to open flat around 17,250 level while the first hour of price action shall be keenly watched to understand further trends in the market.