Nifty closes below 16,000; IndusInd Bank, HDFC, and Bharti Airtel emerge as top losers

JSW Steel, HUL, and Cipla emerged as the top gainers amongst Nifty stocks while IndusInd Bank, HDFC & Bharti Airtel were the top losers.

Market update at 3.30 PM: Indices traded lower for the most part of the day. Nifty slipped 0.57 per cent while Sensex shredded 347 points. However, Nifty Midcap and Nifty Smallcap closed marginally higher.
Among the sectors, pharma, FMCG, metal, and media closed higher while financials & energy were the worst affected. 

JSW Steel, HUL, and Cipla emerged as the top gainers amongst Nifty stocks while IndusInd Bank, HDFC & Bharti Airtel were the Top Losers. 

Nifty plunged below the crucial 16,000 level, which is a negative sign. Meanwhile, all eyes shall be set on the US inflation data, which is set to release later in the evening. The global markets are likely to react to this hence, may turn out to be volatile.

Market update at 1.15 PM: Selling intensifies as Nifty moves below the 16,000 level. It is currently down by half a per cent while Sensex lost over 260 points. Nifty Midcap and Nifty Smallcap have lost all their gains and are now trading flat.   

Meanwhile, energy and financials are the top contributors to the market's fall.

Market update at 11.45 AM: Indices are under pressure and have lost nearly all their pre-opening gains. Nifty is currently trading 15 points higher while Nifty Midcap and Nifty Smallcap are also trading marginally higher.  

Among the sectors, energy and financials are weak. Meanwhile, FMCG is holding the market. HUL, Asian Paints, and NTPC are the Top Gainers amongst Nifty stocks while IndusInd Bank, HDFC Bank and Bharti Airtel are weak.  

The advance-decline ratio stands at 1,178:707, indicating slight positivity in the market.  

Nifty has a crucial support at 16,000 while the level of 16,150 is a tough one to cross.

Market update at 9.30 AM: Indices kicked off today’s session on a positive note and continued trading higher. Nifty climbed 0.40 per cent while Sensex jumped 200 points. Nifty Midcap and Nifty Smallcap are also trading higher by 0.75 per cent each.   

All the sectors are shining with realty, media, and FMCG leading the way. Meanwhile, India VIX has slipped over a per cent.   

Pre-market update: Last night, the US markets closed lower ahead of US CPI data. Nasdaq slipped nearly a per cent while Dow Jones lost 192 points. With key economic data coming up in China & Japan, most of the Asian markets have opened mixed while SGX Nifty indicates a positive opening of about 50 points.  

India's CPI for June stood at 7.01 per cent versus 7.04 per cent in May. Thus, it puts the average inflation for the first quarter of FY2022-23 at 7.3 per cent.  

Oil prices have crashed amid recession fears. Brent Crude oil has plunged nearly 7 per cent and is below the 100-mark.  

HCL Technologies declared its results on Tuesday post market hours. Its net profit jumped 2 per cent to Rs 3,281 crore while the top line increased 17 per cent QoQ. Besides, Mindtree is set to declare its results on Wednesday.  

In the last trading session, the FIIs sold to the tune of Rs 1,565 crore while the DIIs bought about Rs 140 crore worth of equity.  

Nifty is likely to open above the level of 16,100 and volatility is expected to persist.