Nifty ends below 16,900; India VIX surges 23 per cent!

Monday turned out to be a ‘black day’ for the Indian indices as Nifty slipped over 3.06 per cent to close at 16,842. 

Market update at 3.30 PM: Monday turned out to be a ‘black day’ for the Indian indices as Nifty slipped over 3.06 per cent to close at 16,842. Sensex tanked over 1,747 points. The broader market was largely sold off as Nifty Midcap and Nifty Smallcap plunged about 3.94 per cent & 4.44 per cent, respectively.  

All the sectoral indices ended in deep red. The top losers among Nifty stocks were JSW Steel, HDFC Life, and ITC. However, TCS and ONGC stayed higher until the end.  

With geopolitical tensions rising in Eastern Europe, the world would largely focus on this matter for some clarity over the situation. Till then, we must expect the market to be quite volatile and jittery. Nifty is within the touching distance of its 200-DMA at 16,798. The long-term trend would turn bearish if the benchmark index closes below this level in the coming days.   

Market update at 2.30 PM: Nifty has slipped further and breached its day’s low. The index is currently below 16,900, inching lower by nearly 3 per cent. Meanwhile, Sensex has tanked more than 1,600 points. Nifty Midcap and Nifty Smallcap have slipped 3.5 per cent & 4 per cent, respectively. 

All the sectoral indices are in deep red. With this, India VIX has surged over 22 per cent. The bulls have dominated throughout the day. Nifty has breached all its support and the situation has turned extremely bearish. 

Market update at 1 PM:  The benchmark index Nifty is currently below 17,000 and is heading towards the day’s low. Sensex shredded nearly 1,300 points while the overall situation has worsened.  

India VIX has surged over 15 per cent with such a sell-off. The sectors that are majorly hit are banks, metals, auto, and realty.  

Nifty Pharma and Nifty IT are trading lower by over half a per cent each but are seen performing better than the other indices.  

The top losers among Nifty stocks are JSW Steel (6.34 per cent), HDFC Life (5.07 per cent) and ITC (54.39 per cent) whereas TCS & ONGC are the only stocks that are trading in green i.e. up by nearly a per cent each.  

It remains to be seen whether Nifty sees a recovery in the latter half of the session or continues to fall.  

Market update at 10.15 AM: Nifty is nearly 2 per cent down and hovers around 17,000. Meanwhile, Sensex has tanked about 1,150 points. The broader indices feel the heat as Nifty Midcap and Nifty Smallcap have slipped 2.5 per cent each.   

The major focus is on India VIX, which has surged over 17 per cent. However, despite such bad sentiment, some stocks like TCS and ONGC have soared about 2 per cent & 1 per cent, respectively.   

The price action around 17,000 is keenly watched by the traders. The clarity is yet to emerge as Nifty has not shown a clear intraday trend.  

Pre-market update: On Friday, the US markets tumbled sharply after US Intelligence Agency reported that Russia might attack Ukraine at "any point of time". This led to a global sell-off. The crypto market fell over 8 per cent! 

The weekend has passed amid uncertainty. This has led to global panic as most of the Asian markets are down by about 1-2 per cent. SGX Nifty has shredded about 220 points since morning.

In the last trading session, the FIIs, for the first time in February, turned out to be net buyers, and have bought about Rs 108 crore worth of equity while DIIs sold about Rs 696 crore.
With the rising geo-political tension, crude oil has surged nearly 2 per cent while gold is trading marginally higher.
LIC IPO is not far away as the government has already filed papers with SEBI.
Amid uncertainty, Nifty is likely to make volatile moves. India VIX to be in focus today!