Market WRAP: Nifty and Sensex close in red; financials drag

Titan Company, HUL, and Asian Paints emerged as the top gainers while Power Grid Corp, Axis Bank & HDFC Bank were the top losers.   

Market update at 3.30 PM: Indices traded with huge volatility on Thursday’s weekly expiry. Nifty plunged 0.50 per cent while Sensex dipped 350 points. Nifty Midcap and Nifty Smallcap rose 0.34 per cent & 0.60 per cent, respectively.   

Financials contributed the most to the market fall. Media, FMCG & auto traded strongly and emerged as the top performers.   

Titan Company, HUL, and Asian Paints emerged as the top gainers while Power Grid Corp, Axis Bank & HDFC Bank were the top losers.   

Nifty formed a Doji candle on the daily technical chart, which indicates indecisiveness.  

Meanwhile, all eyes shall turn towards the global markets to anticipate further trends.   

Market update at 2.20 PM: Indices made a fantastic recovery from the day’s low as the broader indices have recovered all pre-opening losses. Nifty has recovered over 180 points and trades at 17,700. Nifty Midcap and Nifty Smallcap are also up by half a per cent each.   

Media, FMCG, and auto are the top performers while financials remained weak.   

India VIX has plunged over 3 per cent amidst such positivity.

Market update at 11.15 AM: Indices have been trading lower amid volatility as Nifty slipped half a per cent to trade at the 17,600 level. Sensex has dipped 300 points while Nifty Midcap lost 0.40 per cent. Meanwhile, Nifty Smallcap is trading on a flat note.   

Media and FMCG are the top performers among the sectors while financials are weak.   

Eicher Motors, HUL, and ITC are the top gainers from Nifty 50 stocks while Bajaj Finserv, Power Grid Corp, and SBI Life Insurance are the top losers for now.   

Meanwhile, stocks like ITC, Page Industries, Patanjali Foods, and Varun Beverages Ltd have hit their respective fresh 52-week high levels.   

Only buyers were seen in Lakshmi Finance, Remsons Industries, Orient Press, and Dish TV.  

Market update at 9.30 AM: Indices have opened lower amid bad global cues. Nifty has slipped 0.20 per cent while Sensex plunged 200 points. The mid-cap, as well as the small-cap stocks, are trading on a mixed note.   

Meanwhile, India VIX has jumped nearly 1 per cent.  

Pre-market update: The US FOMC, unanimously, raised the interest rates by 75 basis points for the third consecutive time last night. US Fed Chairman Jerome Powell reiterated that Fed is highly attentive to the inflation risks and is strongly committed to returning inflation to its 2 per cent objective. Furthermore, the decision takes the target range of the interest rates from 3 per cent to 3.25 per cent, which is the highest level since 2008 after starting from nearly 0 at the beginning of this year. Meanwhile, the officials expect the benchmark rates to climb further to 4.40 per cent by year-end and 4.60 per cent by 2023.  

Post the announcement, Nasdaq tumbled 1.79 per cent while Dow Jones lost 522 points. Thus, the Asian markets have opened lower, and SGX Nifty indicates a gap-down opening of about 130 points for Nifty.  

Oil slipped after US Fed announced rate hike. Brent futures currently trade at 89.74 level.  

In the last trading session, the FIIs sold to the tune of Rs 461 crore while the DIIs bought shares worth Rs 538 crore.  

Nifty is likely to open below 17,600, and Thursday being the weekly expiry day, volatility is expected to persist throughout the day.