Nifty closes below 16,700; all sectors in red

RBI cited that inflationary pressure may continue while the commodity prices are likely to remain elevated amid the ongoing war as well as the export bans from some countries.   

Market update at 3.30 PM: Indices ended nearly at the day’s low while Nifty plunged about 2.29 per cent to close at 16,677. Sensex tanked about 1,306 points amidst RBI’s decision to increase the repo rate by 50 bps. Nifty Midcap and Nifty Smallcap slipped about 2.12 per cent & 2.35 per cent, respectively.  

All the sectors closed in red due to the sell-off. RBI cited that inflationary pressure may continue while the commodity prices are likely to remain elevated amid the ongoing war as well as the export bans from some countries.   

Apollo Hospitals, Adani Ports, Hindalco, and Bajaj Finance emerged as the top losers while ONGC, Britannia, Power Grid Corporation & NTPC became the top gainers.  

Nifty broke its strong support of 16,800 and witnessed a strong sell-off. On the technical chart, the benchmark index has given a breakdown from its pennant formation. All eyes would be on the Fed meeting, scheduled later in the evening today wherein, the decision regarding interest rates will be announced.  

Market update at 2.15 PM: Indices have hit their day’s low, given RBI Governor’s unscheduled statement regarding monetary policy. RBI has decided to hike the repo rate by 40 bps, citing inflationary pressures.  

Nifty plunges below 16,800 and has slipped by 1.37 per cent while Sensex lost nearly 1, 000 points.   

Market update at 12.40 PM: Weakness continues to persist as Nifty falls below 16,900 and is down by 1.15 per cent. Sensex lost over 650 points while the mid-cap and small-cap indices are also weak. 

All the sectors are in red while India VIX has surged over 7 per cent. 

Market update at 10.50 AM: Indices are trading at the day’s low while Nifty has breached the 17,000-mark. The benchmark indices have slipped by 0.83 per cent while Sensex lost around 471 points. Meanwhile, Nifty Midcap and Nifty Smallcap are trading marginally lower.  

Indices have been dragged primarily by pharma, metal & media sectors whereas PSU banks are supporting the indices.   

Apollo Hospitals, Titan Company, and Cipla are the top losers while ONGC, Power Grid, & Britannia are the top gainers.  

The level of 16,900 is strong support and if breached, Nifty can witness a strong downfall.   

Market update at 9.25 AM: Indices opened flat and Nifty currently trades at 17,050. Sensex is marginally lower by 50 points while the mid-cap and small-cap indices are marginally higher. 

Realty and banks are higher while metals & pharma sectors are trading lower. With this, India VIX inched higher by a per cent. 

Pre-market update: Last night, the US markets closed higher. NASDAQ climbed 0.22 per cent while Dow Jones gained about 67 points. With this, most of the Asian markets have opened higher, and SGX Nifty indicates a marginally higher opening.

LIC IPO, the price of which has been set between Rs 902 and Rs 949, is set to open today at 10 am.  

Kotak Mahindra Bank, Tata Consumer Products, and Adani Green Energy are some of the companies that are set to declare their results today.
In the last trading session, the FIIs sold to the tune of Rs 1,853 crore while the DIIs bought equity worth Rs 1,951 crore.

Meanwhile, Nifty is likely to open near 17,150 while stock-specific action is likely to continue.