Markets traded volatile for the day; Pharma, Media and FMCG sector traded strong

Sun Pharma, Dr Reddy’s and ITC were the top gainers while Shree Cement, Adani Ports and Tata Motors were the top losers amongst Nifty 50 stocks

Market update at 3.30 PM:    

Nifty witnessed a roller coaster ride throughout the day as it rallied higher after the gap down opening. Somehow, it lost all gains in the afternoon session to close around the opening levels. It dropped 62.60 points to close at 18,285.40 level. 

S&P BSE Sensex also witnessed same move and dropped 208 points and closed at 61,773.78 level. Nifty Midcap 100 outperformed the benchmark index as it rallied 0.21 per cent and Nifty Small cap 100 closed nearly flat around 0.01 per cent higher. 

Pharma, Media and FMCG sector traded strong while Banks and Financial services remained weak for the day.    

Sun Pharma, Dr Reddy’s and ITC were the top gainers while Shree Cement, Adani Ports and Tata Motors were the top losers amongst Nifty 50 stocks.      

Nifty dropped almost 100 points from day’s high, now today’s high will act as a strong resistance for upcoming sessions. 

Market update at 2.10 PM: Indices trade mixed amidst strong volatility as Nifty has slipped nearly 100 points from day’s high to trade at 18,300 levels. Sensex has lost 120 points while broader market trades on a mixed note.  

Adani Enterprises shares have plunged 5 per cent after a strong rally of 30 per cent in the last 2 days. Adani Ports and HDFC twins are also among the top losers. India VIX has surged 5 per cent amidst the volatility.  

Market update at 11 AM: Indices have witnessed fresh buying interest as the day progressed, with strong support from energy and pharma stocks. NSE Nifty 50 index has jumped 0.20 per cent to trade above 18,350 levels while S&P BSE Sensex has recovered about 300 points from day’s low. Nifty Midcap and Nifty Smallcap have gained 0.45 per cent each.   

Media stocks have seen fresh buying interest, along with energy and pharma. Meanwhile, metals have witnessed slight profit booking after a decent rally in the past few days.   

About 1,259 stocks are advancing as against 697 stocks that are declining, thus showing positive market sentiment.   

Power Grid Corporation, Dr Reddy’s Laboratories and Maruti Suzuki are the top gainers from the Nifty 50 stocks while Adani Enterprises, Adani Ports and Hindalco are weak today.  

Market update at 9.30 AM: Indices have been trading on a lower note amid poor global cues. NSE Nifty 50 index has slipped 0.18 per cent to trade at 18,300 levels while S&P BSE Sensex has lost 150 points so far. Stock specific action continues in the broader market. 

Energy and pharma stocks are trading higher while slight weakness is seen across the banking stocks. India VIX has slipped nearly 1 per cent.  

Pre- Market Update: Dow Jones Industrial Average dropped yet another day around 231 points and closed at 33,055-level, Nasdaq 100 Index also ended lower at 13,672 level, 1.28 per cent. 

Precious metals like Gold and Silver recovered from day's low and closed 0.28 per cent in green and 0.8 per cent in red respectively. Meanwhile Brent crude futures closed at the higher range of last 10 day’s consolidation and is ready to register a breakout.

On Tuesday, both participants Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) supported the rally as they bought 182.51 crore and 397.29 crore in equity segment. 

In Derivative segment as compared to last trading session, FIIs added longs while PROs and Clients increased short position. There is no major change in DII's position. Now FIIs index long position came to 50.04 per cent from 48.13 per cent.

Now, according to SGX Nifty, Nifty is expected to open gap down more than 70 points. 

Important earnings to watch out for the day include Aptech Limited, Ashoka Buildcon Limited, Avanti Feeds Limited, BOROSIL RENEWABLES LIMITED, Brigade Enterprises Limited, Caplin Point Laboratories Limited, Gujarat Pipavav Port Limited, Garden Reach Shipbuilders & Engineers Limited, Hindalco Industries Limited, The India Cements Limited, India Glycols Limited, Indian Railway Finance Corporation Limited, Life Insurance Corporation Of India, Oil India Limited, The Phoenix Mills Limited, Wonderla Holidays Limited, Titagarh Wagons Limited