Nifty closes below 17,900 level; Sensex tanks over 300 points as Banks plunge

Divis Laboratories, UltraTech Cements and Tech Mahindra emerged as the top gainer from the Nifty 50 stocks

Market update at 3.30 PM: Sharp selloff in the banking and NBFC stocks put downward pressure on the indices towards the end of the session. NSE Nifty 50 index slipped half a per cent to close below 17,900 level while S&P BSE Sensex tanked over 300 points. Nifty Midcap and Nifty Smallcap ended on a mixed note.   

IT and auto traded higher throughout the day while the banking stocks witnessed strong selling pressure towards the end of the day. Nifty Bank and Nifty PSU Bank slipped over 1 per cent each. 

Divis Laboratories, UltraTech Cements and Tech Mahindra emerged as the top gainer from the Nifty 50 stocks while Cipla, Adani Enterprises and Britannia were the top losers.   

Nifty formed a bearish candle and formed a lower low on the technical chart and signals weakness at higher levels. It has slipped back into 17,700-18,000 range and is expected to remain volatile for upcoming days. Meanwhile, global cues shall be in focus.  

Market update at 1 PM: Indices have been experiencing weakness at higher levels as Nifty slips nearly 100 points from day’s high. NSE Nifty 50 index is down quarter per cent to trade at 17,900 level while Sensex has lost over 150 points. Broader market has also witnessed weakness.   

Banks have seen selloff along with pharma stocks. India VIX has jumped nearly 2 per cent. 

Market update at 11.15 AM: Indices are trading on a mixed note amid volatility. NSE Nifty 50 index is marginally higher by 0.15 per cent while S&P BSE Sensex has gained 150 points. Nifty Midcap and Nifty Smallcap have jumped 0.33 per cent and 0.22 per cent respectively.   

IT and auto stocks have seen strong buying interest among the sectors. Metals and pharma have experienced weakness today.   

Tech Mahindra and HCL Technologies, along with Bharti Airtel and Powergrid Corporation have emerged as the top gainers from the Nifty 50 stocks while Cipla, Adani Enterprises and BPCL are weak today.   

About 961 stocks are advancing as against 1003 stocks that are declining, thus indicating slight weakness in the broader market. 

Market update at 10AM: Indices have been trading on a mixed note amid volatility, with strong buying interest seen across IT stocks while weakness persists in metal and pharma. NSE Nifty 50 index currently trades at 18,000 level and has climbed quarter per cent while S&P BSE Sensex has surged 250 points. The broader market remains mixed and stock specific action is in focus. 

India VIX has soared nearly a per cent amidst volatility. 

Pre-market update: The Wall Street indices ended the week on a mixed note after investors remained sceptical about rising interest rate and headline inflation. Dow Jones gained 129 points but the tech-heavy Nasdaq slipped 0.58 per cent led by weakness in Microsoft and Nvidia. With this, the Asian markets have opened on a mixed note and trends on SGX Nifty indicate a slightly positive opening of about 20 points in Nifty.

The FIIs have shifted focus back to India as the foreigners invested over Rs 7500 crore last week, which hasn't been the case since past many weeks. Meanwhile, the DIIs have offloaded shares worth Rs 85 crore on Friday.

Oil slipped nearly 4 per cent amid rising concern of interest rates by major Central banks. Brent crude currently trades at USD 83 per barrel.