Nifty ends on a disappointing note, slips over 200 points from days high; closes below 16,600

Reliance, Infosys, and L&T emerged as the top gainers amongst Nifty stocks whereas Grasim, UltraTech Cement, and Shree Cement closed on a weaker note. 

Market update at 3.30 PM: Indices witnessed severe selling pressure towards the end and Nifty plunged over 200 points from its day’s high. In the end, the benchmark index plunged 0.26 per cent and closed below the 16,600 level. Meanwhile, Sensex closed lower by 50 points while Nifty Midcap and Nifty Smallcap closed lower by 1.64 per cent & 0.86 per cent, respectively. 

All the sectors closed in red apart from IT. Reliance, Infosys, and L&T emerged as the top gainers amongst Nifty stocks whereas Grasim, UltraTech Cement, and Shree Cement closed on a weaker note. 

India VIX closed lower by 2 per cent at 19.98. 

With such weak closing, Nifty has fallen back to the range of 16,450-16,600. Moreover, it formed a hammer-like candle on the weekly timeframe, indicating bearish implications. The focus will now turn to the US markets. US jobs data is set to release tonight and any negative news shall be detrimental to the index next week. 

Market update at 2 PM: Indices have witnessed selling pressure at higher levels and Nifty has lost about 100 points from its day’s high. Nifty Midcap and Nifty Smallcap are worst-affected, which tumbled 1 per cent & 0.40 per cent, respectively.

All the sectoral indices are now in red except for Nifty IT, which is up by 1.16 per cent.  

Meanwhile, Reliance is holding on to its gains and is up by 3 per cent. However, cement stocks are witnessing severe profit booking.   

Market update at 11.50 AM: Indices continue to trade higher amid volatility. Nifty is trading near 16,750 and has surged 0.80 per cent. Meanwhile, Nifty Midcap and Nifty Smallcap are trading on a mixed note.   

IT, financials & media are trading higher while pharma, auto, and FMCG witnessed weakness. Reliance, Infosys, Wipro, and Larsen & Toubro emerged as the top gainers amongst Nifty stocks. On the other hand, cement stocks like Grasim, Shree Cement, and UltraTech Cement plunged over 3 per cent each.   

India VIX has fallen over 5 per cent while the advance-decline ratio stands at 1,269:752.  

Market update at 9.30 AM: Indices are trading higher amid good global cues. Nifty is up by 0.80 per cent while Sensex has gained over 500 points. Nifty Midcap and Nifty Smallcap are higher by 1 per cent & 0.38 per cent, respectively.  

All the sectors are in green whereas India VIX has fallen over 5 per cent

Pre-market update: Last night, the US markets closed significantly higher. Nasdaq surged about 2.69 per cent while Dow Jones gained around 435 points. 

With this, most of the Asian markets have opened higher while SGX Nifty indicates a gap-up opening of about 150 points for Nifty.
Tech stocks put on a show in the US markets last night. Tesla, NVIDIA, and Meta, all rose above 4 per cent thereby, propelling the tech-heavy Nasdaq higher. Thus, IT stocks in India will be in focus.
In the last trading session, the FIIs have sold for about Rs 451 crore while the DIIs bought about Rs 150 crore worth of equity.
Crude oil continues to rise amid easing lockdown restrictions in China and the rising global demand. Brent crude oil is currently priced at USD 117 per barrel.
Nifty is likely to open above string resistance of 16,700 and if this level is sustained, we can witness a strong rally towards the 17,000 level.