Nifty closes below 17,600 level; Sensex tanks over 900 points ahead of US Fed minutes release

India VIX surged over 11 per cent on a negative market day. 

Market update at 3.30 PM: Indices witnessed severe selloff in the latter part of the session as NSE Nifty 50 index slipped 1.53 per cent to close below 17,600 levels while S&P BSE Sensex tanked over 900 points. The selling was broad based as Nifty Midcap and Nifty Smallcap plunged 1.13 per cent each.  

All the sectors closed in red, with metal and realty witnessing severe sell-off. India VIX surged over 11 per cent on a negative market day. 

Only 3 stocks, i.e., ITC, Bajaj Auto and Divi’s Laboratories emerged as the top gainer from the Nifty 50 stocks while Adani Enterprises, Adani Ports and Grasim Industries were the top losers.  

Nifty formed a strong bearish candle on the chart and bears have once again arrived on the D-street. All eyes shall be on the US markets with the upcoming US Fed minutes scheduled to be released later in the evening.  

Market update at 11.30 AM: Indices continue to trade lower amid strong sell off in metal and real estate stocks. NSE Nifty 50 index has slipped 1 per cent to trade below 17,700 level while S&P BSE Sensex has tanked over 550 points. Nifty Midcap and Nifty Smallcap have also plunged over a per cent each.  

Apart from Pharma, all other sectors have experienced strong sell off. Nifty Metal and Nifty realty have plummeted over 2 per cent each. India VIX has surged over 6 per cent amidst such volatility.  

About 447 stocks are advancing as against 1527 stock that are declining, thus indicating weak sentiment in the market.  

The level of 17,600 shall act as immediate support for Nifty and any slippage below this level can trigger fresh sell-off.  

Market update at 9.30 AM: Indices have opened lower amid poor global cues. NSE Nifty 50 index has dipped half a per cent to trade below 17,800 levels while S&P BSE Sensex has tanked over 300 points. Nifty Midcap and Nifty Smallcap are marginally lower. 
All the sectors are in red while India VIX is flat.   

Pre-market update: The Wall Street indices witnessed the worst fall in 2023 so far after a long holiday, as investors indicated their worry of prolonged highest interest rates ahead of US Fed minutes release. Dow Jones tanked 697 points while the tech-heavy Nasdaq plunged 2.50 per cent. With this, the Asian markets have reacted negatively and trends on SGX Nifty indicate a gap-down opening of 70 points in Nifty.

NSE is set to extend trading hours for interest rate derivatives till 5 pm from today, as per the latest circular.

Oil prices slip over a per cent after higher interest rate is expected to keep demand at bay. Brent crude oil price currently trades at USD 83 per barrel.

In the last trading session, the FIIs bought shares worth Rs 525 crore while the DIIs sold to the tune of Rs 235 crore.

Nifty is expected to open around 17,800 and volatility is expected to persist throughout the day.