Nifty closes below 16,600; realty and metals gain, financials drag
ONGC, NTPC, and M&M emerged as the top gainers while Kotak Mahindra, HDFC & Sun Pharma were the top losers for today.
Market update at 3.30 PM: Indices witnessed strong selling pressure in the last half hour as Nifty lost over 120 points during this period. In the end, Nifty closed lower by 0.46 per cent while Sensex lost about 359 points. Nifty Midcap closed marginally negative whereas Nifty Smallcap surged 11.24 per cent.
Realty and metals closed higher and were the outperformers amongst the sectors. Meanwhile, financials witnessed strong profit booking.
ONGC, NTPC, and M&M emerged as the top gainers while Kotak Mahindra, HDFC & Sun Pharma were the top losers for today.
Nifty faced resistance at the 16,700 level for the second time in the recent past and is expected to remain the same for some more time.
Market update at 12.30 PM: Indices are off their day’s low while Nifty has gained all the lost points from the morning session. It is marginally down by 7 points whereas Nifty Smallcap has dramatically surged above 1.30 per cent.
Media, realty, auto, and metal stocks are trading higher while pharma & financials are marginally weak.
M&M, ONGC, and Power Grid Corp have emerged as the top gainers amongst Nifty stocks while Sun Pharma, Titan Company & HDFC are weak today.
Meanwhile, the advance-decline ratio stands at 1,238: 661.
Market update at 9.50 AM: Indices have been trading lower amid volatility in the first hour of the trade. Nifty is down by 0.63 per cent while Sensex has lost over 415 points. However, the mid-cap and small-cap indices are marginally higher.
Auto and metals are higher while IT, FMCG & financials are dragging the market.
Pre-market update: The US markets were closed on Monday while the other global markets ended on a higher note.
However, most of the Asian markets have opened lower today morning and thus, SGX Nifty indicates a lower opening of about 50 points for Nifty.
LIC reported a drop of 17 per cent in its net profit for the March quarter. Meanwhile, IRCTC has doubled profits to Rs 216 crore in Q4 while its revenue has risen to Rs 690 crore. Hence, stock-specific action is likely to continue.
Crude oil jumps after European nations ban most of the Russian crude imports.
In the last trading session, the FIIs bought to the tune of Rs 502 crore while the DIIs sold equity worth Rs 1,524 crore; thereby, propelling the market higher.
Nifty is likely to open mildly lower while the first hour is crucial to understand the further trend of the market.