Nifty ends the week above 17,500; India VIX cools off to 16
Market update at 3.30 pm: As Friday’s session came to an end, Nifty recovered in the last hour to close above 17,500. It took the support at 17,400 before recovering the lost points. Sensex ended flat at 58,786. Moreover, India VIX plunged 3.10 per cent to close at 16.06.
Among the sectoral indices, Nifty PSU Bank emerged as the top winner, being up by 2.62 per cent. Among Nifty 50 stocks, Asian Paints turned out to be the top gainer while Divi’s Lab was the top loser. It was a non-directional day for the Indian market as it failed to show a clear trend for the next week. All eyes would be on the US Inflation data, set to release in the evening, which might give some clues for Monday.
Market update at 1 pm: Nifty and Sensex are trading lower by 0.6 per cent each on Friday! The level of 17,400 holds key support for Nifty.
Nifty is dragged by the IT, FMCG, and banking stocks while realty, power & auto stocks are supporting the market. However, Nifty Midcap and Nifty Smallcap are trading in green. India VIX has fallen over 2 per cent.
Let’s see whether Nifty sustains above 17,400 on the last day of the week or not.
Market update at 10.15 AM: Nifty and Sensex are marginally down while Nifty Midcap as well as Nifty Smallcap climbed 0.25 per cent & 0.7 per cent, respectively.
The IT, FMCG and banking stocks are experiencing selling pressure while auto, pharma, metal & media stocks are trading strongly positive. India VIX is flat while the advance-decline ratio stands at 1267:519. Not much of the action has been seen in the initial hour but lots of longs & shorts would be created as it is the first day of the weekly expiry.
Pre market update: Nifty closed at 15,505 levels on the day of expiry, gaining about 43 points. The top gainers on Wednesday included ITC, Larsen &Toubro, and Reliance while HDFC Bank was on the losing side.
On Wednesday, FIIs sold net value of Rs 1,585.55 crore while DII supported the market with Rs 782.84 crore inflow of funds.
On Wednesday night, NASDAQ witnessed a fall of 1.71 per cent, which makes IT stocks to be in focus today.
European markets also ended marginally negative. With Asian markets following a similar trend, we must expect Nifty to open lower today.