Nifty closes below 17,000 level; Adani group stocks hit lower circuit, IT slips

Before monthly expiry, markets closed around day’s low, just above the important support level

Market update at 3.30 PM:   

After gap up opening, Indices fell sharply to touch yesterday’s low in the first half of the session and consolidated in a smaller range for the rest of the day. Now it closed again just above the important support level protected by the bulls. Small-cap along with Adani group stocks dragged the most to close around days low. NSE Nifty 50 closed down around 34 points or 0.20 per cent at 16,951.70 level, while S&P BSE Sensex closed flat around the opening levels with drop of 40 points. Nifty Midcap 100 and Nifty Small cap 100 dropped 0.35 per cent and 0.91 per cent respectively.         

Nifty weekly PCR (0.796) is in oversold zone.       

Pharma and Financial service sector showed relative strength compared to other sectors in today’s session. Meanwhile, Realty, IT, Auto and Media remained weak for the day.          

ADANIPORTS, Hero MotoCorp and Tech Mahindra are the top losers while IndusInd bank, UPL and Dr Reddy’s Lab were the top gainers amongst Nifty 50 stocks.       

Before monthly expiry, markets closed around day’s low, just above the important support level. 16,900 will be the trend deciding level for tomorrow.

Market update at 2.20 PM: Indices have plunged to their day’s low amid strong profit booking across sectors. NSE Nitty 50 index has slipped 0.40 per cent to trade below 17,000 level while S&P BSE Sensex has lost over 160 points. Nifty Midcap and Nifty Smallcap are down 0.25 per cent and 1.11 per cent respectively.   

Media stocks, Realty and metals have witnessed strong sell off lately.  

Market update at 10.20 AM: Indices have witnessed profit booking at higher levels and have erased pre-opening gains. NSE Nifty 50 index has now slipped below 17,000 level while S&P BSE Sensex trades flat. Nifty Midcap and Nifty Smallcap are down 0.40 per cent each.   

Energy and pharma stocks drag the market while NBFC stocks have seen good buying strength.  

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has jumped 0.15 per cent to trade at 17,000 levels while BSE Sensex has risen about 120 points. Stock specific action is seen in the broader market.

Realty and NBFC stocks are the top performers while energy and pharma stoks have seen slight profit booking. India VIX has plunged nearly a per cent.

Pre-market update: U.S. markets rallied after financial shares gained as concerns over the banking sector continued to ease. First Citizen Bank and Silicon Valley Bank (SVB) deal added  bullishness in the market. Dow Jones Industrial Average rallied 194 points or 0.60 per cent and closed around day’s high at 32,432 level. Nasdaq 100 dropped around 0.74 per cent on the day. Meanwhile, CBOE VIX cooled off around 5.24 per cent. 

Global commodities market closed red, gold dropped around 1.26 per cent and silver rose around 0.75 per cent. 

BRENT Crude rallied more than 4 per cent to close around day’s high. 

On Monday's trading session, after gap up opening, indices showed strength in the first half session and here Bears came in action and dragged the markets down to close around opening levels. NSE Nifty 50 managed to close in green, around 40 points or 0.24 per cent at 16,985.70 level, while S&P BSE Sensex also closed below the opening levels around a drop of 126 points. Nifty Midcap 100 and Nifty Small cap 100 dropped 0.47 per cent and 1.59 per cent, respectively.         

Nifty weekly PCR (0.858) remains in oversold zone.     

FIIs sold 890.64 crore and DIIs bought 1808.94 crore in domestic market.

As per the OI Data, Clients added some shorts, while FIIs and DIIs added longs.

OI data suggests that PROs participation has been increased.

FIIs index longs percentage came to 17.36 per cent.

Now, SGX Nifty indicates gap up opening more than 40 points. Track the nearest important support level 16,917 protected by Bulls from last 2 trading sessions.