Nifty closes at 17,900 level; Sensex dips over 150 points in a volatile trading session

Tech Mahindra, HCL Technologies, Infosys and Wipro emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices closed on a lower note despite a positive opening as strong selling pressure towards the end dented investors’ sentiment. NSE Nifty 50 index plunged 0.34 per cent to close at 17,900 level while S&P BSE Sensex dipped 168 points.  Nifty Midcap and Nifty Smallcap slipped 0.31 per cent and 0.13 per cent respectively.   

Apart from PSU Banks and IT, all other sectors were seen to be under pressure. Nifty Media and Nifty Metal tanked over a per cent each.  

Despite such weakness, stocks like Tech Mahindra, HCL Technologies, Infosys and Wipro emerged as the top gainers from the Nifty 50 stocks while Adani Enterprises, Axis Bank and TCS were the top losers.   

Nifty formed a bearish candle and failed to close above -DMA. While the short-term sentiment remains bearish, stock specific action is likely to rule on D-street amidst corporate earnings season.   

Market update at 1 PM: Indices have erased early gains as selling persists at higher levels. NSE Nifty 50 has dipped around 150 points to trade below 17,900 level while S&P BSE Sensex has lost nearly 200 points. Weakness is also seen across midcap and smallcap stocks.
India VIX has surged over 5 per cent amidst volatility. Metals, media and auto stocks are the top draggers in the broader market. 

Market update at 10.55 AM: Indices have been trading higher amid volatility. Nifty and Sensex are trading marginally higher while good buying interest is seen in the broader market. Nifty Midcap and Nifty Smallcap have surged 0.20 per cent and 0.35 per cent respectively.   

IT and PSU Banks are the top performers from the sectors while metals are weak today.   

Tech Mahindra, HCL Technologies, Wipro and Infosys are the top gainers from the Nifty 50 stocks while M&M, BPCL and JSW Steel have experienced weakness.   

About 1178 stocks are advancing as against 793 stocks that are declining, thus indicating positive market breadth.   

Nifty can see further short covering if it crosses the crucial mark of 18,000 level while 17,900 level shall act at immediate support. 

Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index has climbed 0.15 per cent to trade at 18,000 level while BSE Sensex rose 150 points. Nifty Midcap and Nifty Smallcap are also trading on a positive note.  

Banks and pharma stocks are the top performers while metals are weak today. India VIX has surged over 4 per cent. 

Pre-market update: The American indices continued their rally during Friday's trading session as upbeat earnings from leading banks, followed by ease in inflation lifted investors' sentiment. The tech-heavy Nasdaq climbed three fourth quarters of a per cent while Dow Jones Industrial Average rose 112 points. The Asian markets have opened flat with a positive bias on Monday and trends on SGX Nifty indicate a gain of 15 points.

HDFC Bank delivers 18.5 per cent YoY growth in net profits to Rs 12,698 crore for December quarter. The stock is likely to be in focus today.

Brent crude oil price jump to USD 85 per barrel amid postive demand Outlook for 2023.

FII selling has been a persistent problem for domestic markets this year as the foreign giants have already sold over Rs 15,000 crore in the last two weeks of January. In the last trading session, the FIIs offloaded shares worth Rs 2422 crore while DIIs bought shares worth Rs 1953 crore.

Nifty is expected to open around 18,000 level and volatility is expected to persist throughout the day.