Nifty holds 17,500; metals shine, PSU banks, realty, and media drag

Nifty Metals is trading firmly in green whereas, the rest of the sectors experienced a severe sell-off.

Market update at 3.30 PM: It was a quiet day for Nifty as it didn’t move in a significant manner in either direction. The trading range was confined by 154 points only. However, the mid-cap and small-cap space experienced an aggravated sell-off than the benchmark index. With no major action during the day, India VIX fell over a per cent. 

Nifty Metals is trading firmly in green whereas, the rest of the sectors experienced a severe sell-off. The sectoral indices of PSU banks, realty, and media fell nearly 2 per cent and were prominent contributors towards Nifty’s weakness. 

The top gainers among Nifty stocks were Hindalco, Sun Pharma, and ONGC while Hero MotoCorp, SBI & NTPC were weak today. 

Nifty successfully held the 17,500-mark after falling below it initially. All eyes would be on the US market tonight with the release of US jobs data to get the clarity for next week. 

Market update at 1 PM: Nifty is trading lower by 50 points and hovering around 17,500. Meanwhile, the broader markets are also trading weaker and Nifty Midcap and Nifty Smallcap have slipped about half a per cent each.   

The top gainers’ list includes Hindalco, Divi’s Lab & Tata Steel whereas, the top losers among Nifty stocks are Hero MotoCorp, Eicher Motors, and M&M.  

The sectors of auto, media, realty, and banks are weak today while the metals sector is supporting the market.  

Nifty is trading in a crucial zone of 17,500, and any significant price action in either way shall attract directional traders. 

Market update at 10.30 AM: The Indian indices opened with a slight positive bias on Friday morning. After an hour, Nifty is unable to find a clear direction as it trades flat amid volatility. Nifty Midcap and Nifty Smallcap are also facing a similar situation.  

The metal & banking indices are trading higher and supporting the market while Nifty IT, as well as Nifty Realty, are trading about half a per cent lower. With no action in the market, India VIX is also flat. 

Pre-market update: Last night, the US markets tumbled ahead of Jobs data. NASDAQ, in particular, fell about 3.71 per cent towards the the end of the session, while Dow Jones fell over 1.5 per cent. Facebook parent company Meta reported a decrease in daily users for the first time, which led to a severe fall of 27 per cent in Meta shares. However, Amazon shares have jumped over 15 per cent in the aftermarket hours. 

This jitteriness is likely to affect the Asian markets as well, as they have opened mixed on Friday morning. SGX Nifty, however, indicates a 50-point higher opening for Nifty. 

Last trading session, both FIIs and DIIs turned out to be net sellers, having sold about Rs 1597 crores and Rs 370 crores worth of shares, respectively. 

After the NASDAQ fall, the IT stocks are likely to feel selling pressure once again.  

US jobs data would be released tonight, and markets are expected to make volatile moves.  

Key companies to declare results today are Tata Steel, Shree Cement, Sun Pharmaceuticals, and Interglobe Aviation 

17500 is a key level for Nifty, and price action at this level will be keenly watched by the market participants.