Market WRAP: Nifty closes negatively for seventh straight day; IT and energy drag the market

ONGC, Hindalco & Apollo Hospitals emerged as the top gainers while Asian Paints, Hero MotoCorp, and Tech Mahindra were the top losers.   

Market update at 3.30 PM:  Despite opening with a gap-up of about a per cent, the broader indices i.e. NSE Nifty 50 and BSE Sensex lost points to close negatively for the seventh consecutive trading session. Nifty plunged 0.24 per cent to close at 16,818 while Sensex dipped 188 points. Nifty Midcap and Nifty Smallcap, however, saw good buying as they soared 0.40 per cent & 0.63 per cent, respectively.  

PSU banks, pharma, and FMCG rose to support the market while IT & energy witnessed profit booking.   

ONGC, Hindalco & Apollo Hospitals emerged as the top gainers while Asian Paints, Hero MotoCorp, and Tech Mahindra were the top losers.   

Continued sell-off on the monthly expiry day shattered the hopes of the bulls for recovery and technically, there are no bullish signals either. Meanwhile, the key event scheduled on Friday is RBI MPC meeting, which is likely to announce its decision on rate hikes. This is likely to cause more volatility and would further decide the trend of the market.   

Market update at 12.50 PM: Indices have erased early gains and are now trading on a flat note. However, the mid-cap and small-cap indices are trading marginally higher.   

IT and financials are the major sectors dragging the market. Meanwhile, pharma and metals are trading higher.   

Market update at 10.45 AM: Indices have been trading higher amid volatility. Nifty has faced selling pressure at the 17,000 level and slipped nearly 80 points from the day’s high. Sensex is currently up by 230 points. Nifty Midcap and Nifty Smallcap rose 0.86 per cent & 1.20 per cent, respectively.  

Metals are pharma are the top performers while the IT index is weak today.   

Hindalco, Sun Pharma, and ONGC are the top gainers from Nifty 50 stocks while Asian Paints, Titan Company, and Hero MotoCorp are the top losers for now.   

The advance-decline ratio is in the favour of bulls and currently, stands at 1592:325  

The maximum open interest is at the 17,000 call option while the 16,800 strike holds the highest OI at the put side.   

Market update at 9.30 AM: Indices have opened higher as Nifty jumped 0.63 per cent. Sensex has soared over 350 points while Nifty Midcap and Nifty Smallcap are up by over a per cent each.   

All the sectors are trading in the green while India VIX has slipped nearly 3 per cent.  

Pre-market update: The American market saw a fantastic short covering as Nasdaq jumped over 2 per cent while Dow Jones surged 548 points. Moreover, these indices closed nearly at the day's high.
With this, the Asian markets have opened sharply higher with Nikkei, Kospi, and Taiwan indices climbing over a per cent each. SGX Nifty indicates a gap-up opening of about 190 points for Nifty.
Oil prices have jumped against the backdrop of supplies and a slight weakening of the dollar.
The FIIs sold to the tune of Rs 2,772 crore in the last trading session while the DIIs bought shares worth Rs 2,544 crore.
Nifty is likely to open above the 17,000 level, and with monthly expiry coming up, it is expected to be a strongly volatile day.