Indices end lower; IT, realty, and metal drag the market

Market update at 3.30 PM: Nifty closed just above 17,200 while Sensex ended down by 300 points. In the end, Nifty tanked 0.6 per cent to close at 17,221. Volatility was reflected in the market as India VIX inched higher by 1.59 per cent.  

Among the sectoral indices, Nifty IT, Nifty Realty, and Nifty Metal dragged the market while Nifty Auto was the only sector that ended in green. Bajaj twins were the top losers of the day while Sun Pharma & Kotak Mahindra Bank turned out to be the top gainers.   

Now that Nifty is near 17,200 once again, it would be interesting to see how Nifty performs on the expiry day i.e. Thursday. 

Market update at 1.15 PM: Halfway through the mark and Nifty is hovering around 17,200. Sensex plunged about 300 points. Moreover, India VIX climbed almost 1.71 per cent.  

Nifty is dragged majorly by Bajaj Finance and Bajaj Finserv while the ones supporting the market are Kotak Mahindra Bank & UPL.   

Nifty tested 17,200 once and now again, it’s trading near it. Nifty’s closing price will be significant to observe as a closing below 17,200 indicate that sluggishness will continue.  

Market update at 10.15 AM: Nifty is back again to test the level of 17,200. Sensex is down by about 300 points while the broader markets are facing selling pressure. Moreover, India VIX is up by 2 per cent. 

IT stocks have dragged the market as the IT index is down by 1.5 per cent. Only Nifty Metal is marginally up while Nifty Auto is trading flat.  

Eyes would be on 17,200 because if the level is breached, we might see Nifty falling towards 17,000 levels. 

Pre-market update: Asian markets are trading mixed with SGX Nifty indicating opening about 10 points lower for Nifty. Last night, NASDAQ closed over a per cent lower while Dow Jones closed marginally lower. However, the US and European Futures are trading positively early in the morning today.  

On Tuesday Nifty and Sensex closed marginally lower. FIIs have sold about Rs 763 crore while DIIs bought Rs 425 crore worth of equity. This FII figure has been the lowest in many days. 

Crude oil and natural gas are trading deeply in negative. The precious metals are about a per cent down. Also, the USDINR pair is currently trading marginally higher at 75.86. 

The 17,400 happens to be the key resistance for Nifty. Closing above this resistance will mean a limited downside and hence, one can trade accordingly.