Nifty closes above 16200; Auto and IT shares gain, metal stocks drag the market
M&M, Maruti Suzuki and HUL emerged as top gainers while JSW Steel, Tata Steel, and Divis Labs were the top losers among Nifty Stocks.
Market update at 3.30 PM: Nifty managed to close above 16200 after a sharp sell-off in the last one hour. In the end, the benchmark index closed lower by 0.32 per cent while Sensex lost about 37 points. Meanwhile, Nifty Midcap and Nifty Smallcap closed lower by 0.35 per cent and 0.80 per cent, respectively.
Among the sectoral indices, Nifty Auto and Nifty IT closed higher by over a per cent each. However, the talk of the town was Nifty Metal, which plunged over 8 per cent after government imposed export duties on steel.
M&M, Maruti Suzuki and HUL emerged as top gainers while JSW Steel, Tata Steel, and Divis Labs were the top losers among Nifty Stocks. With this, India VIX surged about 3 per cent.
Nifty closed weak and formed a bearish candle on the technical chart. The index, yet again, felt a selling pressure at the 16400 level, and thus this level is a strong resistance to pass through.
Market update at 2.10 PM: Indices have witnessed selling pressure at higher levels and the Nifty has erased all its morning gains. The benchmark index currently trades in a negative zone and Sensex has been almost flat. Nifty Midcap and Nifty Smallcap are mixed.
With this, India VIX has surged over 2 per cent.
Market update at 11.20 AM: Indices are trading at day’s high, and Nifty is up by 0.54 per cent. Sensex has gained over 400 points, with Nifty Midcap and Nifty Smallcap are also trading higher.
Auto, realty and banks lead the rally while the energy and media, along with metals are weak today. Maruti, M&M and L&T are the top gainers among the Nifty stocks while JSW Steel, Tata Steel, and Hindalco are top losers.
1101 stocks are advancing while 814 stocks are declining
Market update at 9.35 AM: Indices are trading flat amid volatility in the initial minutes of the trade. Nifty Midcap is flat while Nifty Smallcap is down over half a per cent.
Among the sectors, Nifty Metal has slipped over 8 per cent. Most of the metal stocks are significantly down. However, Nifty Auto and Nifty Realty are trading higher by over a per cent.
India VIX has surged over 2 per cent.
Pre-market update: Last Friday, the US markets closed mixed amid volatility. Dow Jones closed marginally higher while NASDAQ slipped about 0.30 per cent. However, most of the Asian markets have opened lower today, and SGX Nifty indicates a slight loss of 10 points.
During the weekend, the Centre cut the excise duty on petrol by Rs 8 per litre and Rs 6 per litre on Diesel. The government has also waived off import duty on some raw materials for iron and steel industry. Thus, the steel stocks would be in focus.
Last trading session, the FIIs have sold to the tune of Rs 1265 crore, while the DIIs have bought about Rs 2148 crore worth of equity.
Zomato, Divis Laboratories, and BEL are some of the companies set to declare results today.
Nifty is likely to open near 16250 and volatility is expected to persist.