Markets recovered from day’s low before the important event of FED decision; FMCG, Realty sector supported the markets
Hindustan Unilever, Tata motors and Asian Paints are the top gainers while ONGC, Adani port and UPL were the top losers amongst Nifty 50 stocks
Market update at 3.30 PM:
Nifty witnessed a volatile session, after gap down opening panic selling pressure has been seen. However, it recovered more than 50 points from day's low in closing session to close 0.32 per cent lower at 18,089.85 level.
S&P BSE Sensex also dropped 161 points and closed at 61,193 level. Nifty Midcap 100 and Nifty Small cap 100 traded strong and outperformed the benchmark indices for the day to close around 0.26 per cent higher and 0.07 per cent nearly flat respectively.
FMCG, Realty and Media sector traded strong while IT, PSU Bank and Metal sector remained weak for the day.
Hindustan Unilever, Tata motors and Asian Paints are the top gainers while ONGC, Adani port and UPL were the top losers amongst Nifty 50 stocks.
Important global event of FED interest rate decision is due tonight which may affect tomorrow's opening price action. Somehow, Nifty recovered more than 50 points from day’s low before this event, now nearest important technical and psychological support level will be 18,000.
Market update at 2 PM: Indices have been trading mixed amid strong volatility. The benchmark indices Nifty and Sensex have slipped towards their day’s low. NSE Nifty 50 has plunged below 18,100 level and next support lies at 18,000 level. Meanwhile, Sensex has lost 250 points. Nifty Midcap and Nifty Smallcap have also shredded gains and are now trading flat.
Prime draggers remain metals, IT and PSU Bank stocks, while FMCG and realty stocks are supporting the market. India VIX is up over a per cent on a negative market day.
Market update at 11 AM: Indices have been trading on a weaker note amid strong volatility. NSE Nifty 50 index has dipped a quarter per cent to trade at 18,100 level. Interestingly, the index has also recovered about 50 points from day’s low. Meanwhile, S&P BSE Sensex has lost 135 points while Nifty Midcap and Nifty Smallcap are trading higher by 0.40 per cent each.
Nifty Realty has jumped 0.80 per cent and is the top performer amongst the sectoral indices. Meanwhile, IT and PSU Bank index are weak today.
About 1258 stocks are advancing as against 698 stocks that are declining, thus showing positivity in the broader market.
Asian Paints, HUL and UltraTech Cement are the top gainers from the Nifty 50 stocks while Hindalco, ONGC and Bajaj Finance are weak today.
Market update at 9.30 AM: Domestic market has witnessed strong selling pressure amid poor global cues. NSE Nifty 50 index has slipped half a per cent to trade below 18,100 levels while S&P BSE Sensex has lost 300 points. Nifty Midcap and NiFTY Smallcap are trading on a mixed note.
PSU Banks and IT stocks are under strong selling pressure while realty stocks are slightly positive. Meanwhile, India VIX has surged 2 per cent.
Pre- Market Update:
Global markets witnessed strong selling pressure; Crude tumbled more than 5 per cent, Indian markets likely to open gap down.
Dow Jones Industrial Average tumbled more than 350-points to close around the 33,684-level due to yet another banking crisis. Meanwhile, the Nasdaq 100 Index closed red at 13,113 level, 0.89 per cent lower in the last trading session.
Gold and Silver rallied within their previous range around 1.7 per cent and 1.5 per cent respectively, while Brent crude futures cracked more than 5 per cent.
On Tuesday, Foreign Institutional Investors (FIIs) bought 1997.35 crore and Domestic Institutional Investors (DIIs) sold 394.05 crore.
According to SGX Nifty, Nifty is expected to open with a gap down of more than 70 points. Nearest psychological and technical support zone will be 17,900 – 18,000 level.
Important earnings to watch out for on the domestic front for the day include Bajaj consumer care limited, Godrej properties limited, Havells India limited, MRF, Petronet, Rpower, Titan, KEC and KPR Mill Limited.