Nifty closes near 17,150; Titan Company and Tech Mahindra emerge as top losers
In this weak market, Bajaj Auto, Adani Ports, and JSW Steel emerged as the top gainers
Market update at 3.30 PM: Indices recovered from their day’s low towards the end. Nifty recovered about 75 points to close at 17,153, down by 0.40 per cent while Sensex lost over 233 points. Moreover, Nifty Midcap and Nifty Smallcap closed marginally lower.
Among the sectoral indices, Nifty Realty outperformed the others and gained over 1.2 per cent. However, Nifty IT, Nifty Pharma, Nifty FMCG, and Nifty Auto traded weak today.
In this weak market, Bajaj Auto, Adani Ports, and JSW Steel emerged as the top gainers while Titan Company & Tech Mahindra were the top two losers.
Nifty once again went closer to its 200-DMA and witnessed recovery. Thus, the price action at this moving average shall be keenly watched for the next week. Focus would be on the global factors as well as on Crude oil as these would further dictate the market trend.
Market update at 12.30 PM: The indices have witnessed selling pressure and are trading lower. Nifty has fallen about 80 points or half a per cent while Sensex shredded over 281 points. Meanwhile, Nifty Midcap and Nifty Smallcap are trading flat.
The media, realty, and metal sectors are trading higher while FMCG, pharma, auto & IT are dragging the market down. Bajaj Auto, UPL, and Reliance are the top gainers while Titan Company, Maruti Suzuki & Cipla are currently the top losers. With this slight negativity, India VIX climbed nearly a per cent.
Market update at 9.30 AM: Nifty opened just below 17,300 and witnessed selling pressure within the first few minutes. Nifty has lost the points that it had gained during the gap-up and now trades almost flat at 17,200. Meanwhile, Nifty Midcap and Nifty Smallcap are higher by about a per cent each.
Among the sectors, media & realty are seen outperforming while banks and FMCG are slightly weaker.
Pre-market update: Last night, the US markets closed significantly higher with NASDAQ gaining about 1.92 per cent while Dow Jones surged around 350 points. With good global cues, most of the Asian markets have opened higher, and SGX Nifty indicates a gain of 80 points.
The price of Crude oil plunged below the 120-mark and currently, stands at USD 112 per barrel.
In the last trading session, the FIIs have sold for about Rs 1,740 crore while the DIIs bought about Rs 2,091 crore worth of equity.
Nifty is likely to open near the level of 17,300. During the past few days, the benchmark index has witnessed selling pressure at higher levels and it remains to be seen whether the index sustains the gap-up or not.