Nifty closes at 17,900 level; Sensex tanks over 750 points as all sectors close in red

India VIX surged over 7 per cent on a volatile expiry day.   

Market update at 3.30 PM: Indices closed on a negative note as strong sell-off across banks and real estate, along with fraud allegations on Adani group, dented investors’ sentiment. NSE Nifty 50 index slipped 1.25 per cent to close at 17,900 levels while S&P BSE Sensex tanked over 775 points. Nifty Midcap and Nifty Smallcap plunged 1.47 per cent and 1.16 per cent respectively.  

All the sectors closed in red, with PSU Banks emerging as the worst performing sector. Nifty PSU Bank dipped 3.58 per cent. India VIX surged over 7 per cent on a volatile expiry day.   

Maruti Suzuki, Hindalco, and HUL emerged as the top gainers from the Nifty 50 stocks despite weak market sentiment while Adani Ports, IndusInd Bank and SBI were the top losers.   

Nifty formed a bearish bar on the technical chart and broke 18,000 support level. The short-term trend appears bearish as union budget approaches. 

Market update at 2 PM: Hindenburg Research has accused Adani group in a clear stock manipulation and accounting fraud scheme over decades. “Entire Group on Precarious Financial Footing”, said the report of Hindenburg Research which took over two years of research.  

Meanwhile, in a response to the Hindenburg report, the Adani group has called the research as “malicious combination of selective misinformation and stale” and have considered the report to be baseless.  

Adani group stocks have skidded over 5 per cent post the allegations and have lost over Rs 46,000 crore market capital on Wednesday. Adani Enterprises (-1.71 per cent), Adani Ports (-5.55 per cent), Adani Transmission (-5 per cent), Adani Power (-4.86 per cent), Adani Green Energy (-3.49 per cent) are seen taking a big hit as investors offload shares.  

Nifty currently trades at 17,900 level, down 1.03 per cent while S&P BSE Sensex has tanked over 600 points

Market update at 10.45 AM: Indices have been trading lower amid strong volatility. NSE Nifty 50 index has slipped 1 per cent to trade below 18,000 levels while S&P BSE Sensex has tanked nearly 600 points. Nifty Midcap and Nifty Smallcap have plunged 0.20 per cent each.   

All the sectors are now trading in red while India VIX has charged up over 7 per cent.   

About 347 stocks are advancing as against 1617 stocks that are declining, thus indicating poor market sentiment.   

Market update at 9.30 AM: Indices have been trading lower amid poor global cues. NSE Nifty 50 index has slipped 0.40 per cent to trade below 18,100 level while S&P BSE Sensex has lost about 200 points. Nifty Midcap and Nifty Smallcap have plunged 0.50 per cent and 0.25 per cent respectively.  

Media and auto stocks are trading on a flat note whereas IT and real estate have taken a hit. India VIX has surged over 1 per cent.  

Pre-market update: The Wall Street indices closed on a mixed note amid tepid earnings and strong guidance from IT companies. Dow Jones Industrial Average rose 100 points while tech-heavy Nasdaq slipped quarter per cent. With this, the Asian markets have opened on a cautious note and trends on SGX Nifty indicate a minor loss of 30 points.

Oil slips over 2 per cent amid recession fears and higher than expected US crude inventory. Brent crude currently trades at USD 86 per barrel.

Tata Motors, Bajaj Auto, Cipla and Dr Reddy's Laboratories are some of the key companies set to declare results today,

In the last trading session, the FIIs sold to the tune of Rs 760 crore while the DIIs bought shares worth Rs 1145 crore.

Nifty is expected to open below 18,100 level and volatility is expected to persist throughout the day given the monthly expiry.