Nifty snaps its three-day winning streak; Bank Nifty continues to outperform!
Among the sectoral indices, barring Nifty IT, all other sectors ended in green, led by Nifty Energy and Nifty Metal.
Market Update at 3:30 PM: The Indian benchmark indices ended the first trading session of the week with modest losses with Sensex and Nifty dipping 0.16 per cent & 0.03 per cent, respectively. However, both the indices staged a smart recovery from lower levels.
Among the sectoral indices, barring Nifty IT, all other sectors ended in green, led by Nifty Energy and Nifty Metal.
The broader market indices outperformed the frontline gauge by a wide margin with Nifty Midcap and Smallcap 100 adding 0.94 per cent & 0.95 per cent, respectively.
Talking about stock-specific action, HCL Technologies plunged almost 4.33 per cent and logged a fresh 52-week low, ahead of its Q1FY23 earnings.
Market update at 2.25 PM: Indices are off their day’s low amid strong buying at lower levels. Nifty has recovered its pre-opening losses while Sensex is now trading 60 points lower. Nifty Midcap and Nifty Smallcap are already trading higher by 0.86 per cent & 0.62 per cent, respectively.
Among the sectors, energy, metals, and financials are supporting the market while IT remains weak.
Market update at 11.30 AM: Indices traded lower amid volatility and Nifty plunged about 0.43 per cent. Sensex has lost about 265 points while Nifty Midcap and Nifty Smallcap are marginally higher by 0.32 per cent & 0.10 per cent, respectively.
Among the sectors, Nifty Energy has soared over a per cent. Financials are also doing well. However, Nifty IT has tumbled by over 3 per cent.
ONGC, Dr Reddy’s Labs, and M&M are the Top Gainers while Bharti Airtel, TCS & HCL Tech are the Top Losers.
The advance-decline ratio stands at 1,188:722, indicating that the broader market is positive despite the sell-off in Large-Cap stocks.
Market update at 9.30 AM: Indices have opened lower and Nifty has fallen nearly half a per cent. Sensex has shredded 265 points while the Mid-Cap & Small-Cap indices also remained flat.
Among the sectors, Nifty IT plunged more than 3 per cent after experiencing a huge sell-off. TCS has been hammered by over 4 per cent due to lower-than-expected results.
Meanwhile, energy and banks are performing well.
India VIX has surged over 4 per cent!
Pre-market update: Last Friday, the US markets closed mixed amid volatility. Nasdaq climbed 14 points whereas Dow Jones lost about 46 points. While the Asian markets have opened cautiously, SGX Nifty indicates a gap-down opening of about 100 points for Nifty.
US June payrolls rose more than expected, suggesting an aggressive rate hike for Fed in the next meeting.
TCS came out with its results last Friday. Q1 net profit gained 5.2 per cent YoY while revenue rose by 16.2 per cent YoY. The company has also declared an interim dividend of Rs 8 per share.