Market WRAP: Nifty, Sensex end lower amid volatility, led by IT and power stocks

SBI and Titan Company merged as the top gainers, ahead of their results. Tech Mahindra, Hindalco and Power Grid Corp were the top losers.   

Market update at 3.30 PM: NSE Nifty 50 and BSE Sensex closed lower on the weekly expiry day. Nifty plunged 0.20 per cent while Sensex lost 70 points. Nifty Midcap and Nifty Smallcap rose higher by 0.34 per cent and 0.24 per cent respectively.   

Nifty PSU Bank was the star performer as it jumped 2.52 per cent. Meanwhile, IT and power were the losing sectors.   

SBI and Titan Company merged as the top gainers, ahead of their results. Tech Mahindra, Hindalco and Power Grid Corp were the top losers.   

Going ahead, global cues shall dictate the market trend while focus shall also be on the RBI meet to understand the central bank’s approach towards the soaring inflation.

Market update at 12.15 PM: Indices have been trading lower amid volatility as NSE Nifty 50 index has slipped nearly 80 points from its day’s high. Meanwhile, Sensex has plunged 130 points while Nifty Midcap and Smallcap trade marginally higher.  
The advance decline ratio stands at 951:978, which indicates indecisiveness in the market.  
Stocks that have hit fresh 52-week high levels include Bharat Forge, Federal Bank, ITC, Tube Investments of India and Varun Beverages Limited.  
Bajaj Auto, Axis Bank and Bharti Airtel are the top gainers from the Nifty 50 stocks while Tech Mahindra, Hindalco and Power Grid Corporation are weak today.  
18,000 holds a strong support level for Nifty and any fall below this level can trigger fresh short positions.

Market update at 10.20 AM: Indices have erased pre-opening losses as strong recovery from lower levels pushed Nifty towards 18,100 level. Midcap and Smallcap stocks have seen strong buying sentiment and the overall situation appears to be improving.  

Financials are the prominent sector leading the rally. Nifty PSU Bank index has surged nearly 1.50 per cent. PNB (+3.57 per cent), Bank of India (+2.87 per cent) and Union Bank of India (+2.12 per cent) are some of the PSU stocks witnessing strong demand. 

Market update at 9.30 AM: Indices have opened lower amid bad global cues. Nifty is currently trading at the 18000 level and is down by 0.18 per cent while Sensex has lost 150 points. Nifty Midcap and Nifty Smallcap have surged half a per cent each.

PSU Banks and Auto are the top performing sectors while IT has seen profit booking. Meanwhile, India VIX is slightly lower by 0.30 per cent.

Pre-market update: The US indices ended at day's low as US Fed decision regarding interest rate dented investors ‘sentiment. In its recent FOMC meet, the Fed has increased rate by 75 basis points, which was in line with market expectations. However, it was the Fed chairman's statement that grabbed attention, which indicated that smaller rate hikes are due in the future. While the stubborn inflation continues to remain at elevated levels, the Fed is not willing to back-off despite causing a dent in the economy. Nasdaq plunged 3.36 per cent while Dow Jones tanked 505 points.
In the aftermath, the Asian markets have opened lower and SGX Nifty signals a loss of 170 points.
Meanwhile, HDFC, Hero Motocorp and Hindustan Petroleum Corporation are some of the key companies set to declare results.
In the last trading session, the FIIs bought shares worth Rs 1436 crore while the DIIs sold equity worth Rs 1378 crore.
Nifty is expected to open around 18000 level and today being weekly expiry day, volatility is expected to persist throughout the day.