Nifty closes at 18,000 level; Sensex tanked 300 points as banks plunge, FMCG outperforms

Hero MotoCorp, Cipla and NTPC emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded lower throughout the day but managed to recover in the last hour of the trading session. Nifty recovered about 100 points from its day’s low to close at 18,000 levels and slipped 0.25 per cent. S&P BSE Sensex tanked about 300 points while Nifty Midcap and Nifty Smallcap ended on a mixed note.   

Severe profit booking was witnessed across the banking stocks and was the primary sector in dragging the broader market. FMCG and auto outperformed as their indices surged over 1 per cent.   

Hero MotoCorp, Cipla and NTPC emerged as the top gainers from the Nifty 50 stocks while Bajaj Finance, Bajaj Finserv and ICICI Bank were the top losers.   

Nifty slipped below the crucial level of 18,000 and but strong buying sentiment towards the end lifted the sentiment. Meanwhile, the action in the global markets shall continue to be in focus. 

Market update at 12.45 PM: Indices have witnessed profit booking in the heavyweight banking stocks. NSE Nifty 50 index has plunged over half a per cent to trade below 18,000 level while Sensex has tanked nearly 500 points. Nifty Midcap and Nifty Smallcap also experienced weakness at higher levels.  

ICICI Bank has plunged nearly 2 per cent while Axis Bank, IndusInd Bank and HDFC Bank have slipped nearly 1 per cent. Bajaj Finance and Bajaj Finserv have plummeted over 7 per cent and 6 per cent respectively.  

Market update at 11.25 AM: Indices have been trading on a mixed note amid volatility. Nifty 50 index trades flat and near 18,000 levels while Nifty Midcap and Nifty Smallcap trade on a mixed note.   

Banks are the top draggers of the broader market. Meanwhile, fresh buying interest is seen across FCMG and auto stocks.   

About 1,073 stocks are advancing as against 883 stocks that are declining and indicate slight positive sentiment.   

Bajaj Finance and Bajaj Finserv have plunged over 6 per cent and 4 per cent respectively and are the top losers from the Nifty 50 stocks.   

18,000 holds strong support level for Nifty and any fall below this level can trigger fresh short positions. 

Market update at 9.30 AM: Indices have witnessed huge volatility at the start of the session. NSE Nifty 50 index has lost its pre-opening gains and trades flat. The broader market also trades on a mixed note.  

Auto and FMCG stocks have seen good rally early on while banks and media are weak today. Bajaj Finance has tanked nearly 5 per cent at the start of the session. India VIX has slipped over a per cent.  

Pre-market update: The Wall Street indices surged on Wednesday after US FOMC minutes showed that policy makers remain adamant to control the soaring inflation and also felt to ease the pace of rate hikes. Dow Jones Industrial Average rose 133 points while Nasdaq Composite climbed 0.69 per cent. With this, the Asian markets have opened higher on Thursday and trends on SGX Nifty indicate a positive opening of about 40 points for Nifty.

Crude oil prices witnessed a sharp drop off over 5 per cent as market participants remain sceptical on the global economy and rising COVID cases in China, which is the biggest importer of crude oil. Brent crude oil plunged to USD 77 per barrel.

In the last trading session, the FIIs sold to the tune of Rs 2620 crore while the DIIs bought shares worth Rs 773 crore, thus showing negative net institutional figure.

Nifty is expected to open around 18,100 but volatility is expected to persist throughout the trading session given today's weekly expiry day.