Nifty closes above 17,000; Bajaj twins emerge as top losers

Hero MotoCorp, Tata Steel, and Asian Paints emerged as the top gainers

Market update at 3.30 PM: Indices traded lower amid volatility. Nifty took the support of 17,000 and closed above it. It closed lower by 0.97 per cent and Sensex lost about 537 points. Nifty Midcap and Nifty Smallcap also closed lower by 0.86 per cent & 0.61 per cent, respectively.  

Among the sectors, financials and energy underperformed while media closed flat. Hero MotoCorp, Tata Steel, and Asian Paints emerged as the top gainers while Bajaj Finserv, Bajaj Finance, and Tata Consumer Products were the top losers.   

With this, India VIX closed higher by over 7 per cent.  

In the past few days, Nifty is trading in a consolidating range of 16,800 to 17,400. All eyes would be on the global market to anticipate further trends.  

Market update at 11.45 AM: Weakness continues to persist in the market as Nifty falls towards the 17,000-level. It is currently down by 1.03 per cent and Sensex has lost over 550 points. Nifty Midcap and Nifty Smallcap have shredded over a per cent each.  

All the sectors are trading in the red. Reliance, Hero MotoCorp, and Bajaj Auto are the only ones that are trading positively from Nifty stocks. Bajaj twins and Hindalco are the top losers. Bajaj Finance, despite good results, has slipped over 5 per cent.  

With this, India VIX has climbed about 8 per cent and the trend remains bearish.   

Market update at 9.30 am: Indices have opened lower amid weak global cues. Nifty is currently at the 17,100-level and is down by 0.61 per cent while Sensex has lost over 356 points. The mid-cap and small-cap indices have also lost about half a per cent each.  

IT and financials are weak today while the energy & media are trading higher. With this, India VIX has surged about 6 per cent.  

Pre-market: Last night, the US markets closed significantly lower. NASDAQ slipped nearly 4 per cent and witnessed the worst loss since September 2020. The index has plunged to a lower low and the outlook is largely bearish. Dow Jones, too, tanked about 809 points.
Tesla shares collapsed about 12 per cent on the investors' concern that Musk might offload the shares to fund the Twitter buyout.
With this, Asian markets have opened lower, and SGX Nifty indicates a gap-down opening of about 200 points.
IMF highlights the need for tightening of monetary policy and indicates rising crude oil prices as the main factor behind India's rising inflation.
LIC sets an IPO price band of Rs 902 to Rs 949. It is likely to offer a Rs 60 discount to its policyholders.

In the last trading session, the FIIs have sold to the tune of Rs 1,174 crore while DIIs bought to the tune of Rs 1,643 crore.
Bajaj Finance clocked the highest-ever net profit of Rs 2,420 crore. It is up by 80 per cent YoY and thus, the stock shall be in focus today.
Nifty is likely to open around 17,000 and after such a huge gap-down, the first hour remains a crucial one in understanding the trend of the market.