A Volatile End: Nifty closes below 18,200 amid volatility; Realty, Pharma and metals take a hit
Nifty PSU Bank (+3.93 per cent) emerged as the top performers amongst the sectoral indices.
Market update at 3.30 PM: Indices have closed lower on a strongly volatile day. NSE Nifty 50 index plunged 0.25 per cent to close below 18,200 level while Sensex slipped 150 points. Nifty Midcap and Nifty Smallcap closed lower by 0.74 per cent and 0.56 per cent respectively. The broader indices turned strongly volatile in the last hour of the trading session.
Realty, Pharma and metals were the prominent sectors dragging the market, whereas Nifty PSU Bank (+3.93 per cent) emerged as the top performers amongst the sectoral indices.
Adani Ports, Coal India and ITC were the top gainers from the Nifty 50 stocks while Hindalco, Divi’s Labs and Tech Mahindra emerged as the top losers.
Meanwhile, focus shall turn towards the global cues to anticipate further trend in the market.
Market update at 11.15 AM: Indices have erased pre-opening gains amid selling pressure at higher levels. Nifty has shredded over 100 points from its day’s high and Sensex is currently trading flat. Nifty Midcap and Nifty Smallcap also trade under pressure.
Prominent sectors showing weakness are metals and pharma. PSU Banks are currently holding on to their gains and have seen some buying lately.
Strong buying is seen across the power stocks. Adani Power (+3.71 per cent) and Tata Power (+2.10 per cent) have witnessed huge trading activity.
Adani Ports, Coal India, and Britannia Industries are the top gainers from the Nifty 50 stocks, while Hindalco, Divi's Labs, and Tech Mahindra are weak today,
Amidst such volatility, stock that have hit fresh 52-week high include Adani Enterprises, Coal India, Bank of Baroda, Bharat Forge, Britannia Industries, and Pi Industries.
Market update at 9.30 AM: Indices have opened higher amid positive global cues. Nifty has jumped 0.25 per cent while Sensex soared 150 points. Nifty Midcap and Nifty Smallcap trade on the mixed note.
Realty and FMCG have witnessed strong buying sentiment while metals are weak at the start of the session. Meanwhile, India VIX has surged nearly a per cent.
Pre-market update: The US indices closed positively amid volatility on Tuesday during the midterm elections that will determine control of the US Congress. Nasdaq climbed half a per cent while Dow Jones jumped 333 points. The Asian markets have opened on a mixed note as investors await the voting results of the elections. SGX Nifty indicates a higher opening of about 50 points.
Oil slipped amid economic slowdown in China and US midterm elections. Brent crude is currently trading just above USD 95 per barrel.
Stock specific is likely to continue as key companies like Tata motors, Lupin, Balrampur Chini Mills and Pidilite industries are set to declare their quarterly numbers.
In the last trading session, the FIIs have bought shares worth Rs 1,948 crore while the DIIs sold to the tune of Rs 844 crore.
After a 1-day break, the indices are expected to refer with volatility ahead of US midterm results and US inflation data on cards.