Nifty closed on a weaker note, dragged by IT, media, pharma and FMCG

Dr Reddy’s Labs, HDFC, and Kotak Mahindra Bank emerged as the top gainers while Divi’s Labs, Tech Mahindra & Grasim closed weak.   

Market update at 3.30 PM: Nifty witnessed selling pressure towards the end as it tumbled below the 16,150-mark to close at 16,125.15. The benchmark index is down by 0.55 per cent while Sensex lost about 236 points. Nifty Midcap and Nifty Smallcap slipped about 0.65 per cent & 1.26 per cent, respectively.  

Among the sectors, banks traded higher while the rest lost momentum towards the end. IT, media, pharma, and FMCG ended sharply lower. Dr Reddy’s Labs, HDFC, and Kotak Mahindra Bank emerged as the top gainers while Divi’s Labs, Tech Mahindra & Grasim closed weak.   

Nifty closed negatively for the second day while the outlook remains bearish.

Market update at 11.50 AM: Indices are trading flat amid volatility. Nifty is up by 0.15 per cent whereas Nifty Midcap and Nifty Smallcap are slightly lower.   

Banks and auto continue to dominate whereas IT, media & pharma are trading lower. HDFC and Kotak Mahindra Bank are the top gainers of Nifty stocks while Divi’s Labs, Grasim & ONGC are weak today.   

Around 621 stocks are advancing while 1,259 stocks are declining.   

With this, India VIX has surged 5 per cent.

Market update at 9.25 AM: Indices have opened flat and are trading with volatility during the initial minutes of the session. Nifty is up by 12 points while Nifty Midcap and Nifty Smallcap are also marginally higher.  

Among the sectors, metals, banks, and auto are trading higher while IT & realty are weak. With this, India VIX has surged over 8 per cent.  

Pre-market update: Last night, the US markets closed significantly higher. NASDAQ jumped over 1.59 per cent while Dow Jones gained about 618 points. However, the US Futures are down early Tuesday morning, and thus, Asian markets have opened mixed. SGX Nifty is slightly higher by 30 points.

Aether Industries IPO is set to open between May 24 and May 26. The company is set to raise about Rs 808 crore via IPO.

In the last trading session, the FIIs have sold for about Rs 1,951 crore while the DIIs bought about Rs 1,445 crore worth of equity.

Crude oil hovers around USD 110 per barrel and is likely to remain elevated.

Meanwhile, Nifty is expected to open near 16,250 and volatility shall persist.