Nifty closes near 16,400, dragged by Bajaj Finance, Tata Motors, and Axis Bank

Hero MotoCorp, Tech Mahindra, Power Grid Corp, and ITC managed to close higher on Friday.

Market update at 3.30 PM: Indices have closed lower amid volatility. Nifty slipped 1.63 per cent to close the week at 16,411. Besides, Sensex tanked about 866 points while Nifty Midcap and Nifty Smallcap plunged 1.79 per cent & 2.53 per cent, respectively.  

All the sectors closed in the red. Realty, financials, and metals saw a major profit booking as their indices closed lower by about 2 per cent. Bajaj Finance, Tata Motors, and Axis Bank emerged as the top losers among Nifty stocks. However, Hero MotoCorp, Tech Mahindra, Power Grid Corp, and ITC managed to close higher on Friday. With this, India VIX closed higher by 4.73 per cent. 

Two managers of Axis Mutual Fund have been accused of front running. Following this, heavy redemption was witnessed in Axis MFs.  

Nifty slipped 4 per cent this week and ended on a bearish note. The outlook is largely bearish.  

Market update at 11.50 AM: Indices are off from their day's low and are trading with volatility. Nifty is above 16,400, primarily supported by the FMCG stocks. Britannia and ITC have emerged as the top gainers while Nifty FMCG has remained resilient to the market fluctuations and the rest are weak.

Nifty Midcap and Nifty Smallcap have slipped 1.95 per cent & 2.69 per cent, respectively. 

Market update at 11.15 AM: Indices witness further weakness as Nifty has fallen about 2 per cent. It is hovering at 16,350 and is trading at the day’s low. Meanwhile, Sensex has lost over 1,050 points while Nifty Midcap & Nifty Smallcap have lost over 2.50 per cent each.  

All the sectors are trading in deep red, and India VIX has surged over 4 per cent.   

Bajaj Finance, Tata Motors, and Axis Bank are currently the top losers while ITC & Hero MotoCorp are the top gainers.  

Market update at 9.45 AM: Indices trade lower amid weak global cues. Nifty slipped 1.40 per cent and is below 16,500 whereas Sensex has lost about 760 points. 

All the sectors are in red while India VIX has climbed 4.50 per cent. 

Pre-market update: Last night, the US markets closed significantly lower. NASDAQ witnessed the worst fall in recent months as it fell nearly 5 per cent while Dow Jones tanked over 1,000 points. Thus, the cheer that was brought by the clarity of the Fed's actions turned gloom after this drastic fall. Dow swinging about 1,900 points in just two trading sessions is clearly an indication of major market uncertainty.
With this, the Asian markets also followed the global cues as SGX Nifty indicates a gap-down opening of over 220 points.

Global and local inflation are the main factors causing headwinds in the stock market. 
Reliance is set to declare its results today and hence, shall be in focus. The stock, being a heavyweight in Nifty index, is likely to induce additional volatility.

In the last trading session, the FIIs have sold to the tune of Rs 2,074 crore while the DIIs bought equity worth Rs 2,229 crore.

Meanwhile, LIC IPO got fully subscribed on Day 2. However, foreign institutional participants are less till now.

Crude oil is above USD 110 per barrel and is likely to remain elevated.
Nifty is expected to open below 16,500 while the first hour becomes a crucial one in anticipating the market.