Nifty and Sensex ended marginally lower; L&T and Dr. Reddy’s cracked post results

Consumption and Realty sector traded strong for the day while Pharma and Infra sector stocks remained weak

Market update at 3.30 PM:     

Today markets opened gap up and lost all strength to close around the day’s low. Nifty closed 18 points lower below the closing level of last trading session at 18,297 level.  

S&P BSE Sensex also closed nearly flat, 35 points lower at 61,904 level. Nifty Midcap 100 and Nifty Small cap 100 witnessed profit booking on higher levels but somehow it managed to close 0.3 per cent and 0.5 per cent higher.   

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Consumption and Realty sector traded strong for the day while Pharma and Infra sector stocks remained weak.           

Asian paints, Hindustan Unilever and Adani Ports were the top gainers while L&T, Hindalco and Dr Reddy’s Lab were the top losers amongst Nifty 50 stocks.       

Today, Nifty recovered exactly from the trendline supports of last 2 trading sessions’ days high. Decisive move below this trendline may fresh sell off.

Market update at 11 AM: Indices have been trading higher amid strong weekly expiry volatility. NSE Nifty 50 index has jumped 0.18 per cent to trade above 18,300 levels while S&P BSE Sensex has risen 125 points. Nifty Midcap and Nifty Smallcap have surged 0.57 per cent and 0.82 per cent respectively.   

PSU Banks have seen fresh buying interest after 2 days of weakness. Meanwhile, NBFC stocks and private banks are also trading higher along with energy stocks. However, pharma is the only sector trading in negative. India VIX has surged over 3 per cent to trade at 13.50 levels.   

About 1,456 stocks are advancing as against 499 stocks that are declining, thus showing positive market sentiment.   

Adani Enterprises, IndusInd Bank and Adani Ports are the top gainers from the Nifty 50 stocks while Dr Reddy’s Laboratories, L&T and Hindalco Industries are weak today.  

For this weekly expiry, maximum OI lies at 18400 CE while on the put side, 18300 holds maximum contracts outstanding, thus indicating a range of 18,300-18,400 for the day.   

Market update at 9.30 AM: Indices have been trading on a mixed note amid volatility at the start of the session. NSE Nifty 50 index and S&P BSE Sensex are marginally lower while stock specific action continues in the broader market.  

IT stocks are trading higher while pharma and realty are weak today. India VIX has surged over a per cent.   

Pre- Market Update: After the gap up opening, Dow Jones Industrial Average tanked more than 500 points but later it recovered in second half and closed near to closing level of last trading session. It closed 30-points lower around 33,531-level. Meanwhile, the Nasdaq 100 Index closed in green at 13,347 level, 1.11 per cent higher above the consolidating range in the last trading session.  

Gold and Silver closed nearly flat with negative bias, while Brent crude futures witnessed breathing move after the strong recovery of last 4 consecutive sessions from previous swing lows. 

On Wednesday, Foreign Institutional Investors (FIIs) bought 1833.13 crore and Domestic Institutional Investors (DIIs) sold 789.67 crore in equity segment. 

In Derivative segment as compared to last trading session, PROs increased shorts while other participants increased longs position in index. Now FIIs index long position came to 48.86 per cent from 47.83 per cent. 

According to SGX Nifty, Nifty is expected to open with a gap up more than 30 points. 18,200 level will act as nearest technical support.  

Important earnings to watch out for the day include ABCAPITAL, Asian Paints, Balrampur Chini, BSE, Eicher Motors, Lal Path Lab and Siemens.