Nifty closes below 16,700, led by realty, pharma, FMCG and PSU bank

Tech Mahindra, Hero MotoCorp, and Infosys emerged as the top gainers whereas IndusInd Bank, Britannia & Tata Consumer Products were the top losers.   

Market update at 3.30 PM: It was a disappointing day as Nifty lost nearly all its gains in the last couple of hours. In the end, Nifty closed flat at 16,682. Moreover, Nifty Midcap and Nifty Smallcap closed on a mixed note.   

Realty, pharma, FMCG, and PSU banks dragged the market whereas IT & metals supported till the end. Tech Mahindra, Hero MotoCorp, and Infosys emerged as the top gainers whereas IndusInd Bank, Britannia & Tata Consumer Products were the top losers.   

However, India VIX closed lower by about 7.27 per cent.   

On the technical chart, Nifty has formed a strong bearish candle while 16,600 is a crucial level to watch out for! Any fall below this level will indicate a strong downtrend. 

Market update at 2.10 PM: Indices witnessed strong selling pressure and Nifty has lost most of its gains. It is currently up by 0.25 per cent while Sensex inched higher by 180 points. Moreover, Nifty Midcap and Nifty Smallcap are also facing the heat as they have lost over a per cent each since their intraday high.  

Among the sectors, realty and FMCG are weak along with pharma & banks. Meanwhile, metal and IT are higher today.  

Tech Mahindra, Hero MotoCorp, and Infosys are the top gainers while IndusInd Bank, Nestle, & Britannia are the top losers.  

Market update at 12 PM:  Indices witnessed some selling pressure at higher levels. Nifty has lost about 110 points from its day’s high and currently, trades near 16,830. The benchmark index is currently up by 0.91 per cent while the mid-cap and small-cap indices are also trading higher.  

Among the sectoral indices, Nifty Metal has surged 2 per cent while Nifty Media and Nifty IT are up by 1.75 per cent each. However, Nifty Realty is down by 0.8 per cent.  

Stock-specific action continues as Hero MotoCorp and Tata Steel surge 4 per cent each while Tata Consumer Products plunges over 3 per cent. 

Market update at 10.30 AM: Indices are trading higher and are at their respective day’s high. Nifty has climbed over 1.50 per cent while Sensex gained over 830 points. Meanwhile, Nifty Midcap and Nifty Smallcap surged about 1.35 per cent & 0.90 per cent, respectively.  

Among the sectors, media, IT, and auto are trading higher while realty is marginally down.   

Hero MotoCorp, Tech Mahindra and ONGC turned out to be the top gainers supporting the market while Nestle & Titan Company are weak today.   

With this, India VIX has slipped about 10 per cent.  

Market update at 9.25 AM: Indices have opened higher amid good global cues. Nifty climbed 0.73 per cent while Sensex gained about 330 points. Nifty Midcap and Nifty Smallcap are also trading higher. 

All the sectors are in green. With such positivity, India VIX has crashed over 6 per cent.  

Pre-market update: Last night, the US markets closed significantly higher on account of the Federal Reserve interest rate hike decision. Fed announced an increase of 50 bps but it was Jerome Powell's comments that led to the rally in the US stocks.

In his commentary, Fed Chairman announced that it is not considering an interest rate hike by 75 bps. Powell's clear communication in regards to the rate hike brought clarity among the investors and following this, NASDAQ jumped over 3.19 per cent while Dow Jones gained about 932 points.

With this, the Asian markets have opened higher and SGX Nifty indicates a gap-up opening of about 160 points.

In the last trading session, the FIIs have sold to the tune of Rs 3,288 crore while the DIIs bought equity worth Rs 1,338 crore.

LIC IPO received a good response from investors as it got subscribed about 67 per cent on its first day of bidding. Besides, the policyholder quota was subscribed 1.99 times.

Kotak Mahindra Bank declared results on Wednesday wherein, it reported an increase of 65 per cent in its net profit on the account of lower provisioning.

Brent crude has risen to 110 dollars per barrel thereby, rising inflation fears.

Meanwhile, Nifty is likely to open above 16,800 and is expected to trade higher.