Nifty closes at days low, dragged by auto and financials

Divi’s Labs, Dr, Reddy’s Laboratories, and Hindalco emerged as the top gainers

Market update at 3.30 PM: In the last one hour, the major indices traded lower amid volatility. The benchmark index Nifty closed at the day’s low and fell about 0.40 per cent. However, the mid-cap and small-cap indices closed on a mixed note. 

Among the sectoral indices, Nifty Metal, Nifty Energy as well as Nifty Pharma closed in the green while Nifty Auto & Nifty Bank witnessed strong selling pressure and closed in the red.

Divi’s Labs, Dr, Reddy’s Laboratories, and Hindalco emerged as the top gainers while Kotak Mahindra Bank, HDFC & Britannia were the top losers in today’s weak market. 

Nifty has formed a bearish candle with a long body, indicating selling pressure at higher levels. Analysing the past few performances, Nifty is likely to consolidate in a broad range for some more time.

Market update at 12.45 PM: Indices have witnessed selling pressure and are at their respective day’s low. Nifty is currently down by half a per cent i.e. below 17,250. Sensex has lost about 300 points while the broader market is slightly negative.  

Airtel, HDFC, and Hero MotoCorp are the top stocks that are dragging the market whereas Dr Reddy’s Laboratories, Divi’s Labs & Hindalco turned out to be the top gainers.

Market update at 11.30 AM: Indices have lost opening gains and are trading flat amid volatility. Nifty is currently up by 20 points and trades near 17,350 while Nifty Midcap & Nifty Smallcap are higher by about half a per cent each.  

Among the sectors, pharma, energy, and IT are trading higher while the auto is weak. India VIX has surged over a per cent due to slight weakness in the market.   

Market update at 9.30 AM: Nifty has opened above 17,400 and gained about 90 points. The mid-cap and small-cap indices are also trading higher by nearly a per cent each.  

Meanwhile, all the sectors are trading in green. With such good sentiment, India VIX has fallen over 2 per cent. 

Pre-market update: Last night, the US market closed significantly higher, with NASDAQ gaining around 0.46 per cent and Dow Jones Industrial Average surging about 254 points. With this, the Asian markets have opened higher and SGX Nifty indicates a gain of 80 points.

Petrol and diesel prices have been hiked by Rs 0.80 for the second straight day, giving a rise to inflation fears.

Crude oil trades higher i.e. around USD 110 per barrel.

In the last trading session, the FIIs have bought equity for about Rs 354 crore while the DIIs sold about Rs 602 worth of equity.

Nifty is likely to open around 17,400 while the level of 17,500 shall act as a strong resistance.