Nifty closes at 17,900 level; Sensex tanks over 600 points as Banks and IT take a hit

Tata Motors emerged as the top gainer after strong JLR sales.

Market update at 3.30 PM: Most of Monday’s gains were wiped during Tuesday’s trading session as mixed sentiment in the market induced a sell-off in the risky assets. NSE Nifty 50 index plunged 1 per cent to close at 17,900 levels while S&P BSE Sensex tanked over 600 points. Nifty Midcap and Nifty Smallcap plunged half a per cent each.   

Except for auto sector that remained positive, all other sectors ended in red. Nifty PSU Bank (-2.67 per cent) emerged as the top loser amongst the major sectoral indices.   

Tata Motors emerged as the top gainer after strong JLR sales. Hindalco Industries and Apollo Hospitals were also among the top gainers of Nifty 50 stocks. Adani Eneterprises, Bharti Airtel and Eicher Motors were the top losers for the day.   

Nifty formed a strong bearish candle with open nearly equal to the high and marked a lower low. The indication is short term bearishness, however, the level of 17,800 is intact and can act as strong support level in near term. Meanwhile, the global trend shall continue to be in focus.

Market update at 12.50 PM: Indices have slipped to their day’s low as strong weakness at higher levels erases Monday’s gains. NSE nifty 50 index has plunged 1.15 per cent to 17,900 levels, while Sensex has tanked nearly 700 points. Nifty Bank has breached its crucial support level of 42,000 level as sentiments take a U-turn.  

All the sectors are trading in red while India VIX has shot up over 7 per cent.

Market update at 10.50 AM: Indices have been trading lower amid weak sentiment in the market. NSE Nifty 50 index has slipped 0.75 per cent to trade below 18,000 level while BSE Sensex has tanked over 500 points. Nifty Midcap and Nifty Smallcap have lost 0.32 per cent each.   

Banks and IT are the prominent sectors dragging the market. Meanwhile, auto stocks continue to support the market. India VIX has surged over 4 per cent.   

Tata Motors, Tata Steel, Powergrid Corp and ONGC are the top gainers from the Nifty 50 stocks while TCS, Bharti Airtel and Eicher Motors are weak today.   

About 820 stocks are advancing while 1,105 stocks are declining, thus indicating weak market breadth.   

Market update at 9.30 AM: Indices have turned negative following weak global cues. NSE Nifty 50 index has plunged 0.40 per cent to trade at 18,000 levels while S&P BSE Sensex has tanked nearly 300 points. Midcap and Smallcap indices also trade on a mixed note.  

Metals and auto sector trade higher while IT has slipped over 1 per cent. TCS has cracked over 2 per cent after its results missed analysts’ expectations. India VIX has surged over 2 per cent.  

Pre-market update: The Wall Street witnessed strongly volatile session on Monday as major indices erased early gains to end on a mixed note. The tech-heavy Nasdaq surged two thirds of a per cent while Dow Jones Industrial Average slipped 112 points. With this, the Asian markets have opened on a cautious note and trends on SGX Nifty indicate a minor loss of 15 points.

TCS Q3 result: Net profit rose 11 per cent to Rs 10,846 crore and revenue jumped 19 per cent YoY but misses analysts' estimates. The company declared a total dividend of Rs 75 per share for FY23.

In the last trading session, the FIIs sold to the tune of Rs 203 crore while the DIIs bought shares worth Rs 1723 crore.

Nifty is expected to open flat around 18,100 levels and the first hour of price action shall be keenly watched to understand the trend of the market.