Nifty closed below 18,200 level; Realty, PSU banks and Pharma became draggers of the day

Bajaj Finance, Kotak Mahindra bank and Bharti Airtel were the top gainers while Adani ports, Divis Lab and ITC were the top losers amongst Nifty 50 stocks

Market update at 3.30 PM:    

Nifty traded weak throughout the day after gap up opening. It slipped below yesterday’s low and closed around day’s low. It closed 104 points below the closing level of last trading session at 18,181 level. 

S&P BSE Sensex also dropped more than 370 points lower at 62,560 level. Nifty Midcap 100 and Nifty Small cap 100 lost all outperformance of last trading session and closed 0.09 per cent and 0.5 per cent lower respectively. 

Private Banks and Financial service sector showed relative strength for the day while Realty and PSU Banks and Pharma sector stocks remained weak.          

Bajaj Finance, Kotak Mahindra bank and Bharti Airtel were the top gainers while Adani ports, Divis Lab and ITC were the top losers amongst Nifty 50 stocks.      

Nifty closed below 18,200 level for yet another trading session which indicates weakness and may increase more till its trading below this level.

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Market update at 2.20 PM: Indices have witnessed strong weakness as the day progressed. Nifty has now slipped over 120 points from the day’s high to trade below 18,200 levels. S&P BSE Sensex has shredded all its early gains and now trades marginally lower. Nifty Midcap and Nifty Smallcap also trade on a muted note.  

Divi’s Laboratories and ITC, along with Adani Ports are the top losers from the Nifty 50 stocks.   

Except for the banks, all other sectors are trading negatively.   

It remains to be seen whether Nifty recovers in the last one hour or tests 18,100 support level.    

Market update at 10.45 AM: Indices have been trading on a higher note amid strong volatility. Nifty has dropped around 70 points from day’s high but still trades above 18,200 levels while Sensex is up 170 points. Nifty Midcap and Nifty Smallcap have seen 0.27 per cent and 0.37 per cent respectively.   

Metals have seen fresh buying interest, along with financials, while Pharma stocks are weak today.   

About 1,313 stocks are advancing as against 617 stocks that are declining, thus showing positive market sentiment.   

Axis Bank, Bajaj Finance and HDFC Life Insurance are the top gainers from the Nifty 50 stocks while Divis Laboratories, Adani Ports and Eicher Motors are weak today.   

Market update at 9.35AM: Indices have been trading on a higher note amid positive global cues. NSE Nifty 50 index has jumped 0.40 per cent to trade at 18,250 levels while S&P BSE Sensex has risen over 300 points upon opening. Stock specific news continues in the broader market. 

Metals and banks see fresh buying interest while pharma stocks are weak. India VIX has plunged over 3 per cent. 

Pre- Market Update: Dow Jones Industrial Average rebounded from lower level and engulfed previous sessions candle as it closed 408.6 points higher around 33,420-level. Meanwhile, the Nasdaq 100 Index also showed decent strength and closed around day’s high at 13,589 level, 1.22 per cent. 

Precious metals like Gold and Silver closed nearly flat with negative bias around 0.35 per cent lower and 0.12 per cent higher, respectively, while Brent crude futures also closed strong above the last 3 days range, around 3 per cent higher.

On Wednesday, Foreign Institutional Investors (FIIs) bought 149.33 crore and Domestic Institutional Investors (DIIs) sold 203.87 crore in equity segment. 

In Derivative segment as compared to last trading session, Clients and DIIs covered their shorts while FIIs and PROs increased shorts position with unwinding their existing longs in index. Now FIIs index long position came to 47.46 per cent from 48.94 per cent.

According to SGX Nifty, Nifty is expected to open gap up more than 50 points. 

Important earnings to watch out for the day include Bata India Limited, Century Enka Limited, Container Corporation of India Limited, LT Foods Limited, GAIL (India) Limited, Gujarat Narmada Valley Fertilizers and Chemicals Limited, Inter Globe Aviation Limited, ITC Limited, United Spirits Limited, The Ramco Cements Limited, RITES Limited, State Bank of India, Tata Elxsi Limited and Zydus Lifesciences Limited.