Nifty closes below 17,600 level; Sensex tanks over 500 points as auto and PSU Banks plunge

Auto, PSU Bank, Realty, FMCG and IT indices lost over a per cent and were the primary contributors towards the fall.

Market update at 3.30 PM: It was a disappointing day as the benchmark indices showed no sign of recovery whatsoever. NSE Nifty 50 index closed at day’s low below 17,600 level. It slipped 0.93 per cent while S&P BSE Sensex tanked 541 points. Nifty Midcap and Nifty Smallcap plunged half a per cent each.   

Auto, PSU Bank, Realty, FMCG and IT indices lost over a per cent and were the primary contributors towards the fall. Nifty Metal, which traded higher by over 1.50 per cent at the start of the session, ended on a flat note.   

Despite the weakness, some stocks like Tata Steel, Larsen and Toubro and Apollo Hospitals emerged as the top gainers from the Nifty 50 stocks while Adani Enterprises, M&M and Reliance Industries were the top losers.   

Nifty formed a bearish engulfing candle on the daily chart, which indicates strong weakness persisting in the market. The level of 17,500 is likely to be tested given the poor relative strength and bearish charting pattern. Meanwhile, global cues shall continue to be in focus.

Market update at 2 PM: Indices witnessed strong selling pressure amid volatility on the weekly expiry day. NSE Nifty 50 index has slipped 0.70 per cent to trade below 17.700 levels while S&P BSE Sensex has tanked over 400 points. Nifty Midcap and Nifty Smallcap have also plunged quarter per cent.   

Auto, IT and FMCG are the top dragging sectors while metal index is marginally higher. India VIX has jumped over 2 per cent amidst such volatility.   

Market update at 11.15 AM: Indices have been trading on a mixed note amid strong volatility. NSE Nifty 50 index has slipped quarter per cent to trade at 17,700 levels while S&P BSE Sensex has lost over 150 points Nifty Midcap and Nifty Smallcap have gained 0.30 per cent and 0.18 per cent respectively.   

Metals are the top performers on Thursday while FMCG and auto have seen profit booking. Nifty Auto is down nearly a per cent.   

About 1156 stocks are advancing as against 800 stocks that are declining, indicating stock specific action across the broader market.   

Meanwhile, Cipla, Tata Steel, and Apollo Hospitals are the top gainers from the Nifty 50 stocks while Adani Enterprises, M&M and Adani Ports are weak today.   

Market update at 9.30 AM: Indices have been trading on a mixed note at the start of the session. NSE Nifty 50 index is trading marginally lower by 0.10 per cent at 17,700 levels while S&P BSE Sensex has lost 125 points. Stock specific acton is seen across midcap and Smallcap stocks.  

Nifty Metal has surged 1.50 per cent while IT and FMCG are weak early on. India VIX is up nearly a per cent. 

Pre-market update: The US indices closed on a mixed note after investors digested Fed's comments regarding prolonged higher interest rates and relatively good economy. Dow Jones closed slightly lower by 58 points while Nasdaq rose 0.40 per cent. With this, the Asian markets have opened almost flat and trends on SGX Nifty indicate an opening around 17,800 levels.

Oil slips further amid rate hike concerns. Brent crude settled below USD 83 per barrel.

In the last trading session, the FIIs bought shares worth Rs 3671 crore while the DIIs offloaded equity worth Rs 937 crore.

With today being weekly expiry day, Nifty is expected to remain volatile.