Nifty and Sensex end marginally lower amid volatility; metals and PSU Banks gain, FMCG slips

Hindalco Industries, BPCL and Sun Pharma were the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: The major indices ended marginally lower on a volatile trading session. NSE Nifty 50 index slipped 0.10 per cent to close below 17,900 level while S&P BSE Sensex lost mere 10 points. Nifty Midcap slipped 0.30 per cent while Nifty Smallcap ended on a flat note.  

PSU Banks witnessed strong recovery after initial slippage and were the top performers along with the metal stocks. Meanwhile, FMCG and energy stocks remained weak throughout the day.  

Hindalco Industries, BPCL and Sun Pharma were the top gainers from the Nifty 50 stocks while Bharti Airtel, Cipla and Divis Laboratories were the top losers.  

Nifty formed a bearish bar with shadows at both ends, indicating volatility in the market. It closed below its 100-DMA and short term sentiment continues to remain bearish. Meanwhile, global markets shall be in focus to anticipate further trend.  

Market update at 11 AM: Indices have been trading on a flat note amid volatility. NSE Nifty 50 and S&P BSE Sensex are flat while Midcap index is slightly down. Nifty Smallcap has risen 0.30 per cent.   

Nifty IT has jumped over 1 per cent and is the top performer amongst sectoral indices. FMCG, Auto and energy indices are weak today.   

Sugar and Fertilizer stocks have witnessed fresh buying interest from the market participants despite the volatility in the market.   

About 1367 stocks are advancing as against 564 stocks that are declining, thus indicating positive sentiment in the broader market.   

Immediate resistance lies at 18,000 level for Nifty while 17,800 shall act as crucial support level.   

Market update at 9.25 AM: Indices have witnessed weakness upon opening. NSE Nifty 50 index has plunged half a per cent to trade below 17,900 level while Sensex has lost nearly 300 points. Midcap and Smallcap stocks trade on a mixed note.  

Metals and IT are supporting the market whereas Banks witness severe selling pressure. India VIX has jumped nearly 5 per cent and is above 16-mark. 

Pre-market update: The major indices on Wall Street moved higher on the relief that US Fed chairman Jerome Powell refrained from commenting on aggressive rate hike decisions. The Dow Jones Industrial Average rose 186 points while Nasdaq climbed 1 per cent. With this, most of the Asian markets have opened higher and trends on SGX Nifty indicate a small gap-up of 20 points for Nifty.

Oil surges higher amid postive outlook for 2023. Brent crude oil crossed above USD 80 per barrel.

In the commodities market, Gold has hit fresh 8-month high and trades at Rs 57,845 per 10 grams.

In the last trading session, the FIIs sold to the tune of Rs 2,109 crore while the DIIs bought shares worth Rs 1,806 crore.

Nifty is expected to open above 17,900 level and price action at support levels shall be keenly watched.