Nifty closes below 18,300 level; Sensex lost over 400 points, Auto and financials slip

BPCL, ONGC, and Coal India are the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded lower throughout the day, with strong weakness seen across media, auto and financials stocks. NSE Nifty 50 index slipped 0.61 per cent to close below 18,300 levels while S&P BSE Sensex lost 413.24 points. Nifty Midcap and Nifty Smallcap closed on a mixed note. 

PSU Bank index rose 0.72 per cent and emerged as the top performer while media, auto and financials remained weak.

BPCL, ONGC, and Coal India are the top gainers from the Nifty 50 stocks while HDFC, tata Motors, and M&M were the top losers. 

Nifty formed a bearish candle and closed at day’s low. Meanwhile, global cues shall continue to remain in focus. 

Market update at 11 AM: Indices have been trading on a mixed note amid strong volatility. NSE Nifty 50 and S&P BSE Sensex are trading marginally lower while Midcap and Smallcap index are up 0.91 per cent and 0.54 per cent respectively.   

PSU Bank and pharma stocks are supporting the market, while media and private banks are weak today.  

About 1,348 stocks are advancing as against 601 stocks that are declining, thus showing positive sentiment in the broader market.   

ONGC, Bajaj Finance and BPCL are the top gainers from the Nifty 50 stocks while HDFC, M&M and HDFC Bank are weak today.  

Market update at 9.30 AM: Indices have been trading on a lower note at the start of the session. NSE Nifty 50 index has slipped 0.15 per cent to trade below 18,400 levels while S&P BSE Sensex has lost 125 points so far. However, strong buying interest is seen in the broader market.  

PSU Banks and pharma have seen fresh buying interest while private banks and NBFC stocks trade weak. India VIX has surged 2 per cent amidst the volatility.  

Pre- Market Update: Dow Jones Industrial Average witnessed strong recovery from the lows of the last 2 trading sessions and closed 47.98 points higher around 33,348-level. Meanwhile, the Nasdaq 100 Index closed in green at 13,413 level, 0.55 per cent higher. 

Precious metals like Gold and Silver also closed in green 0.2 per cent and 0.3 per cent respectively while Brent crude futures engulfed previous candle and closed around day’s high at 1.7 per cent.

On Monday both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) bought 1685.29 crore and191.20 crore respectively in equity segment. 

In Derivative segment as compared to last trading session, Clients, DIIs and PROs increased shorts position in index. FIIs covered their shorts with adding longs and because of this action FIIs index long position now came to 49.90 per cent from 46.12 per cent.

According to SGX Nifty, Nifty is expected to open gap up more than 40 points. 

Important earnings to watch out for the day include Bank of Baroda, Bharti Airtel Limited, Indian Oil Corporation Limited, Jindal Steel & Power Limited, JK Paper Limited, LIC Housing Finance Limited, V-Mart Retail Limited and Oberoi Realty Limited.