Volatile weekly expiry: Nifty closes below 18,400; Sensex plunges 230 points as auto, media and IT drag the market

From the Nifty 50 stocks, Tata Consumer Products, Adani enterprises and LT merged as the top gainers

Market update at 3.30 PM: It was a volatile final hour of the weekly expiry that dragged the benchmark indices to their day’s low. Nifty slipped over 80 points in the last 30 minutes to close at 18,350 levels while Sensex plunged 230 points. Nifty Midcap and Nifty Smallcap remained under pressure throughout the day and slipped 0.40 per cent and 0.34 per cent respectively.   

PSU Banks emerged as the top performers among the sectors. Auto, media and IT witnessed severe profit booking.   

From the Nifty 50 stocks, Tata Consumer Products, Adani enterprises and LT merged as the top gainers while Titan Company, M&M and Tata Motors were the top losers.  

Top trending stocks were Timken India, Engineers India, Union Bank of India and NBCC. Stock-specific action continues on D-street and these stocks are likely to be in focus for the next trading session as well. 

Market update at 2.20 PM: Indices have witnessed recovery from lower levels and NSE Nifty 50 index has jumped over 60 points from its day’s low. Nifty and Sensex, both trade on a flat note, while midcap and Smallcap indices continue to experience weakness.   

PSU and Private bank continue to dominate and strong buying sentiment is seen across the stocks. Meanwhile, Auto index has plunged over a per cent.   

Market update at 11.20 AM: Indices have witnessed profit booking at higher levels and are currently trading near day’s low. NSE Nifty 50 index has slipped 0.30 per cent to trade below 18,400 level while Sensex has dropped nearly 180 points. Nifty Midcap and Nifty Smallcap have plunged 0.65 per cent and 0.34 per cent respectively.   

All the sectors experience weakness and strong profit booking is seen across IT, Auto and metal stocks.   

The stock of One 97 Communications (NSE code: PAYTM) has tanked over 10 per cent, as institutions fled the stock as lock-in period expired.   

Meanwhile, stocks that have shown strength are LT, Tata Consumer Products and HDFC Life, while the top losers from the Nifty 50 stocks are Hindalco, Titan Company and Tata Motors. 

Market update at 9.40 AM: Indices opened lower amid bad global cues. NSE Nifty 50 index slipped 0.20 per cent while Sensex lost 80 points. Nifty Midcap and Nifty Smallcap indices are trading on a flat note.   

PSU Banks have witnessed good buying interest today while IT, metals and auto are weak. Meanwhile, India VIX has surged nearly 1 per cent.   

Pre-market update: Wall Street indices tumbled in the last trading session, as muted outlook from Target spurred concerns regarding retail sales. Nasdaq slipped 1.54 per cent while Dow Jones lost 40 points. The Asian markets have followed the global cues, and SGX Nifty indicates a loss of 50 points.

US retail sales data showed that consumer confidence remains strong in October, which could help revive the economy.

In the last trading session, the FIIs sold shares to the tune of Rs 386 crore, while the DIIs turned out to be net buyers and bought equity worth Rs 1,437 crore.

Crude oil slumped amid COVID concerns in China. Brent crude oil currently is trading below 93 levels.
Nifty is expected to remain Volatile amid weekly expiry, and price action at higher levels shall be watched with caution.