Market WRAP: Nifty, Sensex end flat amid volatility; Banks outperform, metals take a hit

Kotak Mahindra Bank, Coal India, Dr Reddy’s Laboratories were the top gainers from the Nifty 50 stocks while Apollo Hospitals, Adani Enterprises and Adani Ports were the top losers.

Market update at 3.30 PM: Benchmark indices closed on a flat note on a volatile Wednesday session. NSE Nifty 50 index closed above 18,400 level while BSE Sensex managed to gain 80 points. Nifty Midcap and Nifty Smallcap slipped 0.65 per cent and 0.83 per cent respectively.  

Banks supported the market and emerged as the top performers, while strong profit booking was witnessed in metal sector. India VIX surged over 3 per cent in this volatile day.  

Kotak Mahindra Bank, Coal India, Dr Reddy’s Laboratories were the top gainers from the Nifty 50 stocks while Apollo Hospitals, Adani Enterprises and Adani Ports were the top losers.  

Global cues shall continue to remain in focus, which are likely to decide the next course of action.

Market update at 2.20 PM: Broader indices have witnessed profit booking at higher levels just ahead of the last trading hour. NSE Nifty 50 index has slipped 0.25 per cent while Sensex has dropped 50 points.  Nifty Midcap and Nifty Smallcap have slipped nearly a per cent.  

Banks and IT are the top performers while metals and realty are trading under pressure. India VIX has surged over 4 per cent.

Market update at 11 AM: Indices have witnessed strong support at lower levels as they recover losses from the initial hour. NSE Nifty 50 index has soared above 18,400 level while BSE Sensex has jumped 150 points. Nifty Midcap and Nifty Smallcap are trading on a mixed note.  

PSU Banks and IT have witnessed strong buying sentiment. However, India VIX has also surged over 3 per cent, indicating that the fear on the D-street is rising at higher levels.  

Kotak Mahindra Bank, Eicher Motors and Dr Reddy’s Laboratories have emerged as the top leaders from the Nifty 50 stocks while Hindalco, Divis Laboratories and JSW Steel are weak today.  

Stocks that have hit fresh 52-week high levels are Adani Enterprises, Ambuja Cements, Cummins India and IRFC. 

The market breadth looks positive and strong buying sentiment is seen across quality midcap and Smallcap stocks.  

Market update at 9.30 AM: Indices have been trading lower amid bad global cues. NSE Nifty 50 has plunged 0.25 per cent while BSE Sensex has slipped 150 points. Nifty Midcap and Nifty Smallcap are trading on a flat note.  

PSU Banks have seen good buying interest while FMCG and realty continue to remain weak. Meanwhile, India VIX has surged nearly a per cent. 

Pre-market update: Wall Street ended with mixed gains on a volatile Tuesday session, after reports of Russian missiles crossing Poland borders shook investors' sentiment. Geopolitical tensions shredded most of the early gains and Nasdaq closed 1.45 per cent higher while Dow Jones jumped mere 50 points.

The Asian markets have also reacted negatively to this news and are trading with a negative bias. SGX Nifty indicates a gap-down opening of about 60 points.

Crude oil and natural gas prices jumped on Tuesday amid supply constraints in Europe. Brent crude oil is currently trading near the 94-level.
In the last trading session, both FIIs and DIIs turned net sellers and have sold shares to the tune of Rs 221 crore and Rs 549 crore respectively.

Gold surges to 3-month high on softening Dollar and expectations of slower rate hikes.

Nifty closed at an all-time high level on Tuesday but negative sentiment persisting in the global markets is expected to create selling pressure at higher levels. Keep a watch on India VIX.