Indices close lower amid volatility; banks, media, and metal drag the market

Sectors of banks, media, metal, auto & IT were majorly dragged during the sell-off and ended lower.  

Market update at 3.30 PM: It was a disappointing second half of the session as Nifty lost nearly 200 points from its day’s high to close at 17,322. The benchmark index witnessed an aggravated selling pressure towards the end and slipped about 0.17 per cent. Meanwhile, Sensex lost about 145 points. Even the broader market experienced the sell-off.

Sectors of banks, media, metal, auto & IT were majorly dragged during the sell-off and ended lower.  

The top gainers among Nifty stocks were Divi’s Labs, ONGC, and Adani Ports while the ones that were weak today include Power Grid Corp, SBI & NTPC. 

Interestingly, the 17,300 level has not been breached, which is a good sign. However, the afternoon selling remains a worry for the bulls. 

For tomorrow's weekly expiry, the 17,500 strike at the call side has the highest open interest, followed by 17,600. On the put side, 17,000 holds the maximum number of open contracts. Thus, Nifty is likely to close in a broad range of 17,000-17,500 on Thursday.

Market update at 12.45 PM: Nifty has soared about 50 points and is above 17,400 while Sensex gained around 138 points and is above 58,200. Even Nifty Midcap as well as Nifty Smallcap are showing positivity and are trading higher by 0.6 per cent & 1.39 per cent, respectively.  

All the sectoral indices are trading in green. Meanwhile, India VIX has slipped over 2 per cent.  

The top gainers among Nifty stocks are M&M, IOC & Adani Ports while the stocks that are weak today include Power Grid Corp, Eicher Motors, and NTPC.  

Market update at 10.15 AM: Indices have been trading flat amid volatility in the first hour of the trade. Nifty oscillates in the range of 17,450 and 17,315 while Nifty Midcap, as well as Nifty Smallcap, are trading higher by about 0.5 per cent & 1.43 per cent, respectively. With this, India VIX has slipped over 1 per cent. 

Vedant Fashions has made a decent debut on the exchanges and is listed with an 8 per cent premium over its issue price. 

The top gainers in the first hour are HDFC Life, M&M, and Adani Ports. On the other hand, the top losers include Power Grid, LT, and Tata Stee

Pre-market update: Tuesday was a fantastic day for global markets as geopolitical tension in Eastern Europe was seen cooling off slightly. Last night, the US markets closed significantly higher with NASDAQ surging over 2.53 per cent while Dow Jones gained about 422 points. 

With such positivity, Asian markets have opened higher and SGX Nifty indicates a 50-point opening for Nifty. 

Crude Oil has slipped over 3 per cent and moreover, the gold & silver prices also slipped by a per cent each on Wednesday morning. 

Foreign institutional investors sold about Rs 2,298 crore while the domestic Institutional investors bought about Rs 4,411 crore worth of equity in the last trading session. 

Vedant Fashions (Manyavar) is likely to debut today. However, a flat GMP indicates a muted listing.

Nifty is likely to test 17,400, and price action would be keenly watched on this level to anticipate further trend during the day.