Nifty closes near 16,000; IT, realty, media and metals drag

NTPC, HDFC Life, and SBI Life emerged as the top gainers among Nifty stocks while Asian Paints, Adani Ports, and TCS were the top losers today.   

Market update at 3.30 PM: Indices lost points for the third consecutive day as Nifty fell about 0.62 per cent to close at 16,025.80. Sensex lost about 300 points while Nifty Midcap and Nifty Smallcap slipped about 2.45 per cent & 3.46 per cent, respectively.  

Apart from financials, all other sectors witnessed profit booking. Nifty IT closed lower by over 3 per cent.  

NTPC, HDFC Life, and SBI Life emerged as the top gainers among Nifty stocks while Asian Paints, Adani Ports, and TCS were the top losers today.   

Crucial support for Nifty lies near 16,000 and any fall below this level can see further downside towards the 15,700-level.

Market update at 2.10 PM: Indices are trading lower while Nifty is below the 16,100-level. The benchmark index is down by 0.36 per cent while Sensex has lost about 150 points. Meanwhile, strong selling pressure is seen in mid-cap as well as small-cap spaces.  

Nifty IT & Nifty Realty have fallen over 3 per cent each and are the main contributors to the weakness in the market. However, financials are trading higher.  

As many as 1,709 stocks are declining while 241 stocks are advancing. 

Market update at 11.35 AM: Indices have been trading flat amid volatility. Nifty has lost all its opening gains and trades near 16,100. Meanwhile, Nifty Midcap and Nifty Smallcap are down by a per cent each.  

Among the sectors, only banks are strong and Nifty Bank is nearly a per cent higher. However, Nifty IT and Nifty Media have fallen over 2 per cent each.  

SBI Life, HDFC Life, Kotak Mahindra Bank, and IndusInd Bank are the top gainers among Nifty stocks while Asian Paints, Adani Ports, Tech Mahindra & TCS are weak today.  

Market update at 9.30 AM: Indices are trading higher in the initial minutes of the session. Nifty is up by half a per cent while Sensex has gained over 275 points. Nifty Midcap and Nifty Smallcap are, however, marginally down.  

Banks, energy and FMCG stocks are trading higher while IT & auto stocks are weak. India VIX has slipped over 3 per cent.

Pre-market update: Last night, the US markets closed mixed amid volatility. Nasdaq slipped about 2.35 per cent whereas Dow Jones recovered towards the end to close about 50 points higher. Moreover, the dollar index and 10-year bond yield have receded a little.

Thus, most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 50 points for Nifty.

Aether Industries IPO has been subscribed 33 per cent on Day 1. The retail quota is filled at 42 per cent.

In the last trading session, the FIIs have sold for about Rs 2,393 crore while the DIIs bought about Rs 1,948 crore worth of equity.

Nifty is likely to open above the level of 16,150 and intraday volatility is expected.