Nifty closes below 16,400; Bharti Airtel, ITC, and Reliance emerge as top losers

Tata Steel, SBI and Dr Reddy’s Laboratories emerged as the top gainers amongst Nifty stocks while Bharti Airtel, ITC & Reliance Industries were the top losers.   

Market update at 3.30 PM: Indices closed lower for the fourth consecutive day as Nifty falls below 16,400, down by 0.37 per cent. Sensex tanked 214 points while Nifty Midcap and Nifty Smallcap slipped about 0.48 per cent & 0.30 per cent, respectively,  

Realty, media, and PSU bank stocks closed higher but it was FMCG & energy stocks that dragged the market. Tata Steel, SBI and Dr Reddy’s Laboratories emerged as the top gainers amongst Nifty stocks while Bharti Airtel, ITC & Reliance Industries were the top losers.   

The 16,400 level has been broken by Nifty while the short-term outlook seems bearish. With this, the next supports in line are 16,200 and 16,000 levels.

Market update at 2.15 PM: Indices are witnessing selling pressure while Nifty is nearing the level of 16,300. It is currently down by 0.50 per cent while Sensex has lost around 282 points. The mid-cap and small-cap indices are also trading on a weak note.  

Realty and media are higher whereas FMCG, financials & energy stocks are weak. 

Market update at 12 PM: Indices are trading higher amid volatility post-RBI MPC outcome. Nifty is up by 0.30 per cent while Sensex has gained about 180 points. Meanwhile, Nifty Midcap and Nifty Smallcap are trading marginally higher.  

Realty has seen a strong boost post RBI meet. Nifty Realty index is up by over 2.40 per cent. Along with the realty sector, banks, media, IT, and metal are also trading higher. However, FMCG stocks are weak.   

SBI, Bajaj Finance, and Grasim have become the top gainers of Nifty while UPL, Reliance & Bharti Airtel are the top losers for the time being. Meanwhile, India VIX has crashed by about 3 per cent.   

Market update at 10.10 AM: RBI MPC unanimously decided to increase the repo rate by 50 basis points to tame inflation. Meanwhile, RBI retakes the GDP forecast at 7.2 per cent. 

Indices are volatile while Nifty is down by 35 points. Sensex has lost about 170 points. 

Meanwhile, the advance-decline ratio stands at 863:969. 

Market update at 9.30 AM: Indices have been trading lower at the beginning of the session. Nifty plunged 30 points while the mid-cap & small-cap indices have also tumbled marginally.  

Metals and realty are higher whereas FMCG stocks are weak today. 

Meanwhile, India VIX has slipped over 1.50 per cent.  

Pre-market update: Last night, the US markets closed higher. Despite opening negatively, Dow Jones gained about 265 points at the end of the day while Nasdaq surged 0.94 per cent. 

With this, most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 80 points for Nifty. 

Today, all eyes would be on the RBI MPC outcome. As per the analysts, a rate hike of about 25 bps would be good for the stock market. However, any unexpected news or commentary regarding growth and inflation would be detrimental. 

In the last trading session, the FIIs have sold to the tune of Rs 2,293 crore while the DIIs bought about Rs 1,311 crore worth of equity. 

Nifty is expected to open near 16,500 while the RBI MPC outcome is likely to induce volatility in the market.