Nifty and Sensex end flat; IT and auto gain, PSU Banks plunge

Divi’s Laboratories, Coal India and IndusInd Bank are the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices have witnessed sell-off in the last hour which led to indices end on a mixed note. NSE Nifty 50 index dipped about 100 points from day’s high to close flat near 18,250 levels while Sensex closed 3 points lower. Nifty Midcap and Nifty Smallcap also ended on flat note.  

IT and auto stocks emerged as the top performers amongst the sectors while PSU Banks witnessed strong selling pressure. Nifty PSU Banks plummeted 2.75 per cent.   

Divi’s Laboratories, Coal India and IndusInd Bank are the top gainers from the Nifty 50 stocks while UPL, ITC and SBI were the top losers for the day.   

Nifty formed a bearish candle with smaller wicks at both ends, indicating uptrend exhaustion. Meanwhile, corporate results and global cues shall continue to guide Nifty for the next course of action.   

Market update at 2.20 PM: Indices have witnessed selling pressure amid strong volatility. Nifty 50 index has lost about 100 points from day’s high and trades near 18,250 level. Meanwhile, Sensex has shredded all the gains and trades lower by 25 points. Nifty Midcap and Nifty Smallcap trade on a flat note.   

PSU Banks and FMCG stocks have seen strong sell-off. Nifty Metal also trades in red.   

Market update at 11 AM: Indices have been trading higher amid positive market sentiment. NSE Nifty 50 has jumped 0.32 per cent to trade above 18,300 levels while S&P BSE Sensex has jumped over 200 points. Nifty Midcap and Nifty Smallcap have risen 0.78 per cent and 0.68 per cent respectively.   

Nifty Metal has surged over a per cent and is the top performer amongst the sectoral indices. Auto and IT stocks have also seen fresh buying interest. Meanwhile, PSU Banks remain weak.  

About 1,401 stocks are advancing as against 545 stocks that are declining, thus showing positive market breadth.   

Coal India, Adani Enterprises and Tata Motors are the top gainers from the Nifty 50 stocks while UPL, Sun Pharma and SBI are weak today

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Market update at 9.30 AM: Indices have opened marginally higher, with strong buying interest emerging in the metals and real estate stocks. NSE Nifty 50 index is up 0.16 per cent to trade at 18,300 levels while S&P BSE Sensex has jumped 100 points so far. Stock specific action continues in the broader market.

PSU Banks continue to remain weak, along with Pharma stocks. India VIX is marginally higher by 0.35 per cent.

Pre-market update: The Wall Street indices ended on a mixed note ahead of key inflation data. The tech-heavy Nasdaq climbed 0.18 per cent while Dow Jones Industrial Average slipped 55.69 points to close near 33,600 mark. With this, the Asian markets have opened mixed and trends on SGX Nifty indicate a loss of 30 points in Nifty.

Brent crude prices slipped marginally in the previous session and currently trading below USD 77 per barrel.

In the last trading session, both the FIIs and the DIIs turned out to be net buyers and bought to the tune of Rs 2123 crore and Rs 245 crore respectively.

Nifty is expected to open with a minor loss near 18,250 levels but the domestic sentiment remains strong. 18,200 is immediate support while next resistance is placed at 18,300 levels. Watch out for these levels for the rest of the day.