Nifty closes below 15,800; Bajaj twins and IndusInd Bank become top losers

Bajaj Finance, Bajaj Finserv, and IndusInd Bank emerged as the top losers while just one stock i.e. Nestle closed higher while Bajaj Auto closed flat.     

Market update at 3.30 PM: Indices recovered to some extent but were unable to repair the damages that took place during the day. Nifty closed below the 15,800-level and plunged nearly 2.64 per cent at the end of the day. Sensex tanked over 1,456 points while Nifty Midcap and Nifty Smallcap slipped over 2.89 per cent & 3.88 per cent, respectively.  

All the sectors closed in the red. Nifty IT plunged over 4 per cent and was the top underperformer among the sectoral indices. Bajaj Finance, Bajaj Finserv, and IndusInd Bank emerged as the top losers while just one stock i.e. Nestle closed higher while Bajaj Auto closed flat.   

India VIX surged over 14 per cent and closed at 22.37.   

An important key event this week is the US Fed meeting outcome, scheduled on Wednesday. The commentary and the ways to tackle inflation shall be in focus.   

Market update at 1.05 PM: Indices witnessed severe profit-booking on Monday and have plunged to their day’s low. Nifty has fallen over 2.75 per cent while Sensex tanked more than 1,530 points. Nifty Midcap and Nifty Smallcap have also tumbled 2.68 per cent & 3.45 per cent, respectively.  

India VIX has surged about 13 per cent while all the sectors are in deep red.   

Market update at 10.55 AM: Indices have been trading lower while Nifty has fallen over 2.51 per cent. Meanwhile, Nifty Midcap and Nifty Smallcap are also seeing a strong sell-off.  

Financials are the worst affected while the indices are down by over 3 per cent. The top losers amongst Nifty stocks include Bajaj Finance, Bajaj Finserv, IndusInd Bank, and ICICI Bank. Meanwhile, only Nestle is the top gainer. 

India VIX has surged over 11 per cent.  

The advance-decline ratio stands at 185:1,748; thus, indicating a bearish sentiment in the market.  

Market update at 9.20 AM: Indices have opened significantly lower and Nifty is trading near the 15,800 level. It is down by nearly 2.32 per cent while Sensex has already tanked over 1,300 points. Nifty Midcap and Nifty Smallcap have lost over 2 per cent each. 

All the sectors are in red, and India VIX has shot up by over 9 per cent.

Pre-market update: Last Friday, the US inflation data was released, which turned out to be poorer. The inflation for May stood at 8.6 per cent as against the expectation of 8.3 per cent. As a result, the US markets tumbled upon opening. Nasdaq plunged over 3.52 per cent while Dow Jones tanked more than 880 points.  

The red-hot inflation is expected to keep the markets at bay. The cryptocurrency market also witnessed severe profit booking.  

The two-day Fed meeting, commencing today, is expected to hike the policy rates aggressively with the hope to bring down inflation. However, investors fear that this shall come at the cost of economic slowdown; thus, putting the economy into a recession phase. 

With such a bad sentiment, the Asian markets have opened significantly lower on Monday, and SGX Nifty indicates a gap-down opening of about 320 points for Nifty.  

Meanwhile, crude oil is trading near USD 120 per barrel and is likely to stay elevated amid the war as well as increasing demand.  

In the last trading session, the FIIs have sold to the tune of Rs 3,973 crore while the DIIs bought about Rs 2,831 crore worth of equity.  

Nifty is likely to open near 15,900. Besides, keep a watch on India VIX.