Market WRAP: Nifty ends below 18,200 level; Sensex tanks over 500 points as IT, energy and realty drag the market

PSU Banks and media stocks witnessed good buying interest while IT, energy and realty saw major profit booking.   

Market update at 3.30 PM: The broader indices remained under pressure throughout the day as investors chose to book profit ahead of the monthly expiry and uncertain global cues. NSE Nifty 50 index plunged 0.82 per cent to close below 18,200 level while Sensex tanked over 500 points. Nifty Midcap and Nifty Smallcap closed on a mixed note.   

PSU Banks and media stocks witnessed good buying interest while IT, energy and realty saw major profit booking.   

BPCL, Bharti Airtel and Axis Bank emerged as the top gainers from the Nifty 50 stocks while ONGC, Adani ports and Hindalco were the top losers.   

Focus shall turn towards the global market to anticipate further trend. 

Market update at 11.15 AM: Indices witness profit booking at higher levels while sentiment remains mixed in the broader market. NSE Nifty 50 has plunged 0.70 per cent to trade below 18,200 levels while BSE Sensex has lost nearly 500 points so far. The broader market is currently trading on a mixed note, with stock specific action being the theme of Monday’s trading session.   

IT stocks have seen strong profit booking while buying sentiment continues in the PSU Banks. UCOBANK (+14.60 per cent) has seen strong buying activity along with Bank of Maharashtra (+8.17 per cent and Central Bank of India (+4.88 per cent).   

Bharti Airtel, Axis Bank and BPCL are the top gainers from the Nifty 50 stocks while ONGC, SBI Life Insurance Company and Bajaj Finance are weak.  

The advance decline ratio is in the favour of bears, with 770 stocks advancing and nearly 1200 stocks declining. 

Market update at 9.30 AM: The broader indices have been trading lower at the start of the session. NSE Nifty 50 index has plunged 0.73 per cent to trade below 18,200 level while BSE Sensex has lost 450 points. Nifty Midcap and Nifty Smallcap are also trading under pressure. 

All the sectors are in red, with IT, realty and Banks witnessing major profit booking. Meanwhile, India VIX has surged over 5 per cent. 

Pre-market update: The Asian markets have opened lower amid fresh concerns of COVID outbreak in China, while hawkish outlook from the Fed officials dented investors' sentiment. Trends on SGX Nifty indicates a loss of 50 points for Nifty.

Oil prices have taken a hard hit with rising restrictive lockdown policies in China. Brent crude has plunged below USD 87 per barrel.

Inflation in Japan hits a 40-year high as Bank of Japan remains firm to stick with easy monetary policy.

In the last trading session, the FIIs bought shares worth Rs 890 crore while the DIIs sold to the tune of Rs 781 crore.

Nifty is expected to trade with volatility and weakened global cues and monthly expiry on cards.