Nifty closes at 17,700 level; Sensex loses over 200 points, Tata Steel, Hindalco and ITC become top losers

Adani Enterprises, Dr Reddy’s Laboratories and Kotak Mahindra Bank were the top gainers

Market update at 3.30 PM: Indices closed lower in a strongly volatile day ahead of RBI meet, primarily dragged by FMCG and auto stocks. NSE Nifty 50 index has slipped quarter per cent to close near 17,700 level while S&P BSE Sensex has lost over 200 points. Nifty Midcap ended flat but Nifty Smallcap plunged 0.71 per cent.   

Nifty Realty was the star performer among the sectoral indices and rose close to 1 per cent.   

Adani Enterprises, Dr Reddy’s Laboratories and Kotak Mahindra Bank were the top gainers while Tata Steel, Hindalco Industries and ITC were the top losers.   

Nifty formed a bearish bar and indicated consolidation phase ahead of RBI meet scheduled on Wednesday. The central bank is widely expected to increase interest rates by 25 basis points. Meanwhile, global cues shall continue to be in focus.   

Market update at 2.35 PM: Indices have recovered from their day’s low, with gains in private banks and realty stocks. NSE Nifty 50 trades above 17,700 level and has recovered about 200 points from day’s low. Sensex is now down by 150 points but weakness still persists across the broader market.   

Banks and realty are the top supporters while FMCG and auto stocks are weak. Dr Reddy’s Laboratories, Kotak Mahindra Bank and Bajaj Auto are the top gainers.  

Market update at 1.05 PM: Indices have plunged to day’s low amid strong profit booking across FMCG and auto stocks. NSE Nifty 50 index has slipped 0.58 per cent to trade below 17,700 level whereas S&P BSE Sensex has tanked over 400 points. Nifty Midcap and Nifty Smallcap have plunged 0.65 per cent and 0.86 per cent respectively.   

Except for Realty, all other sectors have experienced weakness.   

Market update at 11 AM: Indices have been trading on a mixed note amid volatility. NSE Nifty 50 index and S&P BSE Sensex trade on a flat note. Nifty Midcap and Nifty Smallcap have slipped 0.25 per cent and 0.65 per cent respectively.   

Meanwhile, Banks have witnessed good relative strength whereas strong profit booking is seen across FMCG stocks.   

About 907 stocks are advancing as against 1,052 stocks that are declining, thus indicating negative market breath.   

Stock specific action continues on D-street as stocks like Triveni Turbine, Varun Beverages Limited, Engineers India and CG Power have witnessed strong buying interest.   

The level of 17,700 holds a strong support for Nifty while 17,800 level shall act as immediate resistance

Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index has surged 0.18 per cent to trade at 17,800 levels while S&P BSE Sensex has gained about 200 points. The broader market is trading on a mixed note.  

Energy and PSU banks see fresh buying interest whereas metals and FMCG are weak. India VIX has slipped over a per cent.  

Pre-market update: The Wall Street indices slipped for second consecutive session as investors chose to book profit amid rising bond yields and spiking dollar post the US jobs data. The tech-heavy Nasdaq plunged 1 per cent while Dow Jones Industrial Average closed marginally lower by 35 points. Despite this, the Asian markets have opened slightly higher and SGX Nifty indicates a gain of 30 points.

Oil prices have slipped over 3 per cent post the US jobs data. Brent crude oil currently trades at 81 USD per barrel.

Tata Steel reported a surprise net loss of Rs 2224 crore in Q3FY23. Along with Tata Steel, Bharti Airtel, Hero Motocorp and Ambuja Cement are likely to be in focus ahead of their results.

In the last trading session, the FIIs sold to the tune of Rs 1218 crore while the DIIs bought shares worth Rs 1203 crore.

Nifty is expected to open around 17,800 level and volatility is expected to persist throughout the day.