Nifty and Sensex end marginally lower; PSU Banks shine, realty take a hit
Hindalco, Axis Bank and Coal India emerged as the top gainers from the Nifty 50 stocks
Market update at 3.30 PM: Indices closed marginally lower on a volatile monthly expiry day. NSE Nifty 50 index slipped 0.18 per cent to close just above 17,500 level while S&P BSE Sensex lost 140 points. Nifty Midcap and Nifty Smallcap closed a flat note.
PSU Banks and metals emerged as the top performers from the Nifty 50 stocks while real estate stocks witnessed strong profit booking.
Hindalco, Axis Bank and Coal India emerged as the top gainers from the Nifty 50 stocks while Asian Paints, L&T and Divis Laboratories were the top losers.
Nifty formed a bearish candle for the sixth consecutive day, which indicates muted sentiment in the market. Meanwhile, global cues shall continue to be in focus.
Market update at 10.45 AM: Extreme volatility has been witnessed on the expiry day as Nifty recovers over 120 points in just 20 minutes. Currently, the benchmark index trades marginally higher at 17,600 level while S&P BSE Sensex is up 120 points. Nifty Midcap and Nifty Smallcap are marginally lower.
Metal index has shot up nearly 2 per cent and is the top performer amongst the sectors. PSU Banks have also soared following strong buying sentiment.
About 997 stocks are advancing as against 903 stocks that are declining, thus indicating mixed market sentiment.
The level of 17,500 has emerged as a strong support for Nifty while 17,700 level shall act as immediate resistance.
Market update at 9.30 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 index has slipped 0.33 per cent to trade at 17,500 level while S&P BSE Sensex has dipped 200 points. Nifty Midcap and Nifty Smallcap are also trading on a weaker note.
Except for metal which is trading flat, all other sectors are experiencing weakness. India VIX has jumped nearly 1 per cent.
Pre-market update: The US markets ended on a flat note post the US Fed minutes release. In the release, all Fed officials agreed to slow down the pace of rate hikes. Dow Jones lost 84 points while Nasdaq rose 0.13 per cent. With this, the Asian markets have opened on a mixed note and trends on SGX Nifty indicate a gain of over 60 points.
The oil prices dropped further by 3 per cent amid high inflation worry and rising interest rates. Brent crude settled just above USD 80 per barrel.
In the last trading session, the FIIs sold to the tune of Rs 579 crore while the DIIs bought shares worth Rs 371 crore.
Nifty is expected to open around 17,600 levels and with today being monthly expiry, the volatility is likely to persist throughout the day.