Nifty closes at 18,100 level; Sensex slips 185 points; PSU Banks gain, FMCG dips

Coal India, UPL and ONGC were the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded on a weaker note amid bad global cues. The intraday volatility was through the roof. In the end, NSE Nifty 50 index slipped 0.32 per cent to close at 18,100 level while S&P BSE Sensex dipped 185 points. Nifty Midcap closed marginally lower while Nifty Smallcap fell half a per cent.   

PSU Banks gained towards the end while Media and FMCG stocks remained under pressure throughout the day.   

Coal India, UPL and ONGC were the top gainers, whereas Adani Enterprises, Asian Paints and Tata Motors closed as the top losers.   

Nifty formed a Doji candle on the technical timeframe and indicates indecisiveness for short term. Meanwhile, corporate earnings and macro-economic data shall continue to be the theme for upcoming days. 

Market update at 11 AM: Indices have been trading lower amid volatility. NSE Nifty 590 and S&P BSE Sensex are trading marginally lower while similar scenes are witnessed in the broader market. The sectoral indices are marginally lower but strong profit booking is seen across Nifty Media and Nifty Realty.  

Stock specific action rules on D-street as stocks like Persistent Systems, Mahindra CIE Automotive and Schneider Electric Infrastructure have seen strong buying activity despite weakness in the market.  

About 880 stocks are advancing as against 1,048 stocks that are declining, thus indicating weak market breadth.  

Market update at 9.35 AM: Indices have been trading lower amid weak global cues. Nifty 50 index has slipped 0.40 per cent to trade at 18,100 level. Sensex has plunged 250 points and weakness is also felt across the broader market.  

All the sectors are in red and India VIX has surged nearly 2 per cent.  

Pre-market update: The major Wall Street indices witnessed the biggest daily drop in a month as weak earnings by major corporates along with hawkish Fed tone dented investors' sentiment. Dow Jones Industrial Average plunged 614 points while the tech-heavy Nasdaq slipped 1.25 per cent. With this, the Asian markets have open lower, following the weak global cues and trends on SGX Nifty indicate a loss of 90 points.

US retail sales data suggested losing consumer confidence after biggest monthly drop in the last 12 months as a result of aggressive rate hikes of the Fed.

IndusInd Bank results: The lender reported a massive jump of 58 per cent YoY in net profit to Rs 1963 crore along with strong growth in Loan book.

HUL, Asian Paints, LTTS, Mphasis and PVR are some of the key companies set to declare results today.