Nifty closes below 17,000 level; Sensex tanks 400 points, realty and metals drag the market

Cipla, Kotak Mahindra Bank and Infosys were the top gainers amongst the Nifty 50 stocks

Market update at 3.30 PM: In a volatile end to the session, NSE Nifty 50 index slipped three quarters of a per cent to close below key support level of 17,000 level. S&P BSE Sensex tanked 398.10 points while Nifty Midcap and Nifty Smallcap plunged 1.17 per cent and 1.67 per cent respectively.   

Media, realty and metal stocks were affected the most during the sell-off as the indices plunged over 2 per cent. Except for the pharma index all other sectors closed in red.   

Despite the weakness, stocks like Cipla, Kotak Mahindra Bank and Infosys were the top gainers amongst the Nifty 50 stocks, while Bajaj twins, i.e., Bajaj Finserv and Bajaj Finance were the top losers of the day.   

Nifty formed bearish bar for the third consecutive weak and made a weekly closing below 17,000 levels. It is a strong bearish sign and prior support level of 16,800 may be tested once again. Meanwhile, focus shall turn towards the global markets to anticipate the trend.   

Market update at 2.30 PM: Indices are witnessed selling pressure as the day progressed and are trading at day’s low. NSE Nifty 50 index has slipped half a per cent to trade below 17,000 levels while S&P BSE Sensex has tanked about 300 points. Nifty Midcap and Nifty Smallcap have plunged 1 per cent and 1.36 per cent respectively.

Metals, PSU Banks, media and realty sectors have seen severe profit booking. India VIX has jumped 4 per cent amidst such volatility.

Market update at 11 AM: Indices have been trading lower amid volatility. NSE Nifty 50 index has slipped quarter per cent to trade at 17,000 levels while S&P BSE Sensex has lost 100 points. Nifty Midcap and Nifty Smallcap have plunged 0.58 per cent and 0.66 per cent respectively.   

Metals and PSU Banks are the top underperformers and are dragging the market. Meanwhile, IT and FMCG are supporting the market.  

About 656 stocks are advancing whereas 1308 stocks are declining, thus indicating a bearish tone of the market.  

Meanwhile, Infosys, TCS and Apollo Hospitals are the top gainers from the Nifty 50 stocks while Adani Enterprises, Hindalco and Bajaj Finserv are weak today.  

17,000 level holds a crucial support for Nifty and any fall below this level can trigger fresh short positions.  

Market update at 9.35 AM: Indices have been trading on a mixed note amid strong volatility. NSE Nifty 50 index has slipped marginally lower by 0.20 per cent to trade at 17,000 levels while Sensex has lost 100 points so far. Stock specific action is seen in the broader market.  

IT and Banks are the top performers while realty stocks are weak today.  

Pre-market update: The Wall Street indices inched higher following the sharp sell off triggered by the FOMC. The US Treasury Secretary Yellen reassured that appropriate measures will be taken to keep deposits safe. With this, the tech-heavy Nasdaq climbed 1 per cent while Dow Jones Industrial Average rose 47.59 points. However, the Asian markets are trading on a mixed note on Friday morning and trends on SGX Nifty indicate a loss of 30 points.
Oil has slipped over a per cent after US feels to not rush in refilling strategic reserve. Brent crude oil currently trades just below USD 75 per barrel.
In the last trading session, the FIIs sold to the tune of Rs 995 crore while the DIIs bought shares worth Rs 1668 crore.
Nifty is expected to open around 17,000 levels and price action at this crucial level shall be keenly watched.