Nifty closes at 15,800; IT, FMCG and financials disappoint

ONGC, NTPC, and Reliance were the top gainers while HDFC Life, HUL & Apollo Hospitals were the top losers. 

Market update at 3.30 PM: Nifty experienced selling pressure in the last hour and closed at 15,800. It slipped about 0.32 per cent while Sensex dropped about 150 points. Nifty Midcap and Nifty Smallcap plunged about 0.56 per cent & 0.28 per cent, respectively.   

IT, FMCG, and financials were the top draggers while energy closed positively. ONGC, NTPC, and Reliance were the Top Gainers while HDFC Life, HUL & Apollo Hospitals were the Top Losers. 
Besides, US GDP is slated to release later in the evening today, which is likely to induce volatility in the global markets. Thus, all eyes would be set on the US market tonight.

Market update at 2.10 PM: Indices have been witnessing a strong recovery and Nifty is trading in the positive territory. Sensex has climbed over 50 points while the Mid-Cap, as well as the Small-Cap indices, are marginally down.   

Reliance has soared nearly 4 per cent and is the top gainer amongst Nifty stocks. Meanwhile, NTPC, Power Grid Corp, Shree Cement, and UltraTech Cement are also trading higher.

Market update at 11.50 AM: Indices have recovered from their day’s low and Nifty is hovering around the 15,800 level. It is currently down by 0.34 per cent while Sensex has slipped about 170 points. Meanwhile, Nifty Midcap and Nifty Smallcap tanked 0.61 per cent & 0.24 per cent, respectively.   

Realty and metals are flat while the financials sector is weak. Reliance, UltraTech Cement, and Grasim are the top gainers amongst Nifty stocks while HDFC Life, HUL & IndusInd Bank are weak.   

The advance-decline ratio is nearly balanced at 918:960, meaning to say that one stock is advancing to every single stock that’s declining.   

The level of 15,700 has emerged as good support for Nifty while 15,850 shall act as a resistance.

Market update at 9.30 AM: Indices have opened lower amid bad global cues. Nifty slipped nearly a per cent while Sensex has tanked over 500 points. Nifty Midcap and Nifty Smallcap have also plunged nearly a per cent each. 

All the sectors are in red whereas India VIX has surged over 2 per cent.

Pre-market update: Despite a positive opening, the US markets fell drastically. Nasdaq plunged nearly 3 per cent while Dow Jones lost about 491 points. With this, the Asian markets have opened lower and SGX Nifty indicates a gap-down opening of about 160 points. 

Wall Street faced a severe sell-off as investors chose to book profit ahead of crucial US GDP data, which is set to release on Wednesday. A contracting GDP shall officially put the US economy into recession. 

Crude oil remains elevated while Brent crude oil is above the 115-mark. 

Meanwhile, Mukesh Ambani has stepped down as the Chairman of Reliance Jio, and paved the way for his son Akash Ambani, to be the newly-appointed Chairman. 

In the last trading session, the FIIs sold to the tune of Rs 1,244 crore while the DIIs bought about Rs 1,205 crore worth of equity. 

Nifty is likely to open near its crucial support level of 15,700 and the first hour of price action shall be keenly watched.