Nifty ends below 17,400, dragged by realty, media and PSU Bank indices

Market update at 3.30 pm: Nifty ends Monday on a weaker note, down by 0.8 per cent. Sensex falls over 400 points, dragged by the realty, media, and PSU Bank stocks.

All the sectoral indices, apart from Nifty IT, ended in the red. Prominently, Bajaj twins and Reliance contributed to Nifty’s downfall while Tech Mahindra, Maruti Suzuki & Axis Bank supported the market.   

Nifty formed a bearish candle on the first day of the week while the sluggishness continues. The major support happens to be 17,200 now but it’s yet to be seen whether this support will remain intact or is taken down.  

Market update at 12.30 pm: Nifty failed to hold the level of 17,500 level and is down by 0.3 per cent. Moreover, India VIX is up by 3 per cent.  

Stocks dragging the market down include Bajaj twins and Reliance while the ones that have supported the market are Axis Bank as well as Hindalco.   

Nifty is witnessing pressure since morning and it would be interesting to see how it performs in the latter half of the session. 

Market update at 10.30 am: Nifty opened about 127 points up but witnessed selling pressure at higher levels. It is currently hovering around the key level of 17,600 and breaching this level would mean that Nifty might go back to 17,500 levels.  

Presently, all eyes are on Tega Industries at it received a bumper listing with a 67.7 per cent premium. Meanwhile, IT, banks, and metal stocks are trading strongly positive thereby, supporting the market while media stocks are dragging the market down. India VIX has fallen 1.18 per cent and is below 16.   

Pre-market update: After US inflation data came out to be at the expected rate of 6.8 per cent, American indices ended firmly in positive. Also, the IIP grew by 3.2 per cent in October 2021.  

We now see a follow-up trend in the Asian markets while SGX Nifty indicates a higher opening of about 120 points.  

On Friday, the FIIs sold about Rs 1,092 worth of equity while DIIs bought equity worth about Rs 386 crore.  

The talk of the town will be Tega Industries’ IPO, which will be listed on NSE and BSE today. The grey market premium (GMP) is much higher and suggests strong listing. 

The initial hour will be quite significant as we need to see whether Nifty sustains the gap-up or is sold to fill the gap.