Nifty closes just above 17,200; dragged by Coal India, Hindalco, and UPL
Nifty displayed poor performance in the last hour of the session as it slipped nearly 120 points during the period.
Market update at 3.30 PM: Nifty displayed poor performance in the last hour of the session as it slipped nearly 120 points during the period. In the end, Nifty closed at 17,206, down by about 0.4 per cent. Nifty Midcap and Nifty Smallcap fell about 1.24 per cent & 2.73 per cent, respectively.
The top stocks dragging the market were Coal India, Hindalco, and UPL while the top gainers' list include Shree Cement, Wipro & Infosys.
Nifty has formed a Doji-like candle on the technical chart, which indicate indecisiveness. The global markets and news flows will be keenly watched to understand the trend of the market.
Market update at 2.40 PM: Nifty finds tough resistance at 17,300 and has fallen about 100 points from there. Meanwhile, Sensex is down by 200 points.
Among the sectors, PSU Bank, pharma, and realty are the top sectors dragging the market. On the other hand, Coal India, Hindalco, and UPL are the top losers among Nifty stocks.
Nifty is currently trading near 17,200 and with this, the last hour of the session becomes quite significant to keep an eye on!
Market update at 12.20 PM: The Indian indices have seen remarkable recovery from their day’s low. Nifty has gained all its lost points and is currently, trading near 17,300 i.e. at its day’s high. Meanwhile, Sensex has gained about 200 points on account of strong buying at lower levels.
Nifty Bank and Nifty Financial Services have been the frontrunners in lifting Nifty from lower levels. Among Nifty stocks, the top performers include Shree Cement, ICICI Bank, and IndusInd Bank.
With such positivity, Nifty nears its 20-DMA, where price action would be keenly watched!
Market update at 10.45 AM: Indices have bounced back after the first hour of the trade. Nifty has recovered about 130 points since its first hour low of 17,070. Nifty Midcap and Nifty Smallcap have also recovered some of their losses.
Among the sectoral indices, Nifty Bank & Nifty Private Bank are trading in green and are supporting the market. Maruti Suzuki, ICICI Bank, and IndusInd Bank have emerged as top gainers among Nifty stocks while Coal India, Titan Company & UPL are weak today.
India VIX, which was 6 per cent up in the first hour, is just one per cent up now!
Market update at 9.45 AM: Indian indices witnessed extreme selling pressure and have extended their losses in the first half-hour of the trade. Nifty has slipped nearly a per cent while Sensex shredded nearly 600 points. Even the mid-cap and small-cap stocks felt the heat as their indices plunged about 1.5 per cent & 2.3 per cent, respectively.
Among the sectoral indices, Nifty Media, Nifty Media, and Nifty Realty have skid nearly 2 per cent each and felt an aggravated sell-off. Meanwhile, India VIX has surged nearly 6 per cent.
Nifty is currently trading below 17,100 while the level of 17,000 would be an important level to watch out for!
Pre-market update: Last Friday, NASDAQ slipped about 1.23 per cent and Dow Jones lost about 260 points as investors moved to safe assets like gold & bonds, away from riskier stocks.
With geopolitical tensions looming over and American stock market continuing to be bearish, the Asian markets have opened lower while SGX Nifty is indicating a 100-point loss for Nifty.
Crude oil and natural gas are trading higher while gold is marginally down on Monday morning.
In the last trading session, the FIIs sold for about Rs 2,529 crore while the DIIs bought for about Rs 1,929 crore worth of equity.
Violations of ceasefire continue on the border of Russia-Ukraine, escalating further tensions. Joe Biden and Vladimir Putin have agreed to meet over Ukraine crisis with a condition that Russia will not invade Ukraine.
Meanwhile, Nifty is likely to open below 17,200 while the first hour of the trade will be crucial in anticipating further development in the market. Volatility is expected and India VIX will be in focus.