Nifty closes below 15,800 amid strong sell-off; Hindalco, JSW Steel and SBI become top losers
Nifty Metal slipped nearly a per cent.
Market update at 3.30 PM: Indices witnessed a strong sell-off in the last one hour while Nifty lost about 300 points from its day’s high. In the end, Nifty closed at 15,782.15, down by 0.16 per cent. Sensex lost about 136 points at the end of day. However, Nifty Midcap and Nifty Smallcap gained about 1.03 per cent & 0.94 per cent, respectively.
Among the sectoral indices, Nifty Metal, Nifty Energy and Nifty Bank witnessed major profit booking while Nifty Auto & Nifty FMCG remained strong. India VIX slipped about 3.21 per cent towards the end of the day to close at 23.49.
Hindalco, JSW Steel and SBI emerged as the top losers. However, stocks like Tata Motors, Sun Pharma, M&M, ITC and HUL closed higher despite weakness in the market and were the top gainers.
On the weekly chart, Nifty formed a strong bearish candle and closed at the week’s low. Prior swing low of 15,671 has not yet breached but is likely to be tested next week, given the bearishness. A close below this level can see Nifty fall towards the level of 15,000.
Market update at 2.15 PM: Indices have witnessed a sell-off from higher levels while Nifty lost about 150 points from its day’s high. It is currently up by 0.78 per cent while Nifty Midcap and Nifty Smallcap are higher by 2 per cent each.
Meanwhile, Nifty Metal slipped nearly a per cent.
Market update at 10.50 AM: Indices are trading higher amid volatility and Nifty is up by about 1.11 per cent. Sensex climbed over 533 points while Nifty Midcap and Nifty Smallcap have gained about 2.16 per cent & 1.89 per cent, respectively.
All the sectors are in green. Nifty Auto and Nifty Media are up by over 3 per cent each.
The advance/decline ratio stands at 1,574/332; thus, the sentiment is in the favour of the bulls.
Tata Motors, Titan Company, and UPL are currently the top gainers among Nifty stocks while NTPC, Bharti Airtel & Hindalco are the top losers.
Market update at 9.20 AM: Indices have opened higher and Nifty is already up by a per cent. Sensex has gained about 500 points while the mid-cap and small-cap indices are also trading higher.
All the sectors are trading in the green while India VIX has crashed by over 4 per cent.
Tata Motors has climbed over 5 per cent and is one of the top gainers of Nifty.
Pre-market update: Last night, the US markets closed mixed amid volatility. NASDAQ showed a good recovery towards the end and closed higher by about six points. Meanwhile, Dow Jones lost about 103 points or 0.33 per cent. However, most of the Asian markets have opened positively, and SGX Nifty indicates a higher opening of about 150 points for Nifty.
Delhivery IPO got subscribed 22 per cent on Day 2. The retail quota is subscribed to about 35 per cent.
L&T sees growth in consolidated PAT by 10 per cent YoY. Revenue is in line with PAT growth.
Tata Motors reported a loss of Rs 1,033 crore for FY22Q4. Revenue is down by 11.5 per cent YoY.
In the last trading session, the FIIs have sold to the tune of Rs 5,255 crore while the DIIs bought about Rs 4,815 crore worth of equity.
Nifty is likely to open near 16,000 and the first hour of price action becomes a crucial one to watch. With the gap-up opening, a short-covering rally might be triggered.