Nifty ends in red for sixth consecutive day; Nifty Metals slips 3 per cent, energy stocks jump

Divis Laboratories, Adani Ports and Asian Paints emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: It was quite a volatile and dreadful week for Nifty as it slipped over 500 points during this week and closed below 17,500 level. On Friday, the benchmark index dropped quarter per cent while S&P BSE Sensex lost nearly 150 points. Nifty Midcap and Nifty Smallcap, too, ended on a marginally lower note.   

Nifty Metal witnessed a strong sell-off as it plunged over 3 per cent. Auto and PSU Bank stocks also remained weak throughout the day. Energy stocks saw good buying interest towards the end of the day.  

Divis Laboratories, Adani Ports and Asian Paints emerged as the top gainers from the Nifty 50 stocks while Hindalco, Adani Enterprises and M&M were the top losers.   

Nifty formed a bearish candle for the seventh straight day and thus, looks extremely weak for short term. The zone of 17,000-17,300 shall be an important support zone for Nifty for next week. Meanwhile, global cues shall continue to be in focus.   

Market update at 1 PM: NSE Nifty 50 index has slipped nearly half a per cent to trade below 17,500 level while S&P BSE Sensex has tanked nearly 250 points amid weakness in metals, auto and FMCG stocks. Nifty Midcap and Nifty Smallcap are trading on a flat note.

Media and realty stocks have seen buying emerging at lower levels and India VIX has crashed over 4 per cent.  

Market update at 11 AM: Volatility continues to rule on D-street as strong sell-off in metal and auto dented investor sentiment. NSE Nifty 50 index has slipped 100 points from day’s high to trade flat at 17,500 levels. Nifty Midcap and Nifty Smallcap are marginally higher.  

Realty and pharma stocks remain resilient against the market fluctuations and are the top performers amongst the sectors. Meanwhile, metals and auto stocks continue to see weakness.   

About 1137 stocks are advancing as against 816 stocks that are declining, thus showing relatively good strength in the broader market than the benchmark indices.   

17,500 happens to be a strong support for Nifty and any fall below this level can trigger fresh short positions.   

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has jumped 0.30 per cent while S&P BSE Sensex has soared 200 points. Good buying interest is seen across the broader market.  

IT and pharma stocks are the top perfomers while metals are weak. India VIX has crashed over 4 per cent at the start of the session.  

Pre-market update: The Wall Street indices closed on a higher note in a volatile trading session. Dow Jones jumped 108 points while Nasdaq climbed three quarters of a per cent. With this, the Asian markets have rebounded at the opening and trends on SGX Nifty indicate a gain of 60 points.

Oil prices ended on a higher note amid strong volatility as good outlook from China offsets interest rate fears. Brent crude settled over USD 82 per barrel.

In the last trading session, the FIIs turned net sellers and offloaded shares worth Rs 1417 crore while the DIIs bought shares worth Rs 1586 crore.

Nifty is expected to open above 17500 level and first hour of price action shall be keenly watched to anticipate further trend.