Nifty slips for an eighth consecutive session, closes at 17,300 level; pharma and IT lose ground
Media and real estate stocks saw good buying interest and were the top performers, whereas pharma and IT stocks witnessed selling pressure towards the end.
Market update at 3.30 PM: Indices closed lower for yet another day in a volatile trading session. NSE Nifty 50 index slipped half a per cent to close at the 17,300 level while S&P BSE Sensex lost over 300 points. With this, Nifty has closed below the budget-day low and its 200-DMA level. Meanwhile, Nifty Midcap and Nifty Smallcap rose 0.74 per cent and 0.41 per cent, respectively.
Media and real estate stocks saw good buying interest and were the top performers, whereas pharma and IT stocks witnessed selling pressure towards the end.
Adani Enterprises, Adani Ports and Asian Paints were the top gainers from the Nifty 50 stocks while Cipla, Hindalco and Dr Reddy’s Laboratories were the top losers.
Nifty has now slipped for eight consecutive sessions and has formed lower lows multiple times. Meanwhile, the global cues shall continue to be in focus to anticipate trends in the broader market.
Market update at 11.05 AM: Indices have been trading on a mixed note amid strong volatility. NSE nifty 50 index trades marginally lower below 17,400 levels while S&P BSE Sensex has lost 80 points so far. Nifty Midcap and Nifty Smallcap are relatively better as they are up a quarter per cent each.
Auto and media are the top performers among the sectors while metals remain weak.
About 1093 stocks are advancing as against 846 stocks that are declining on the BSE, thus indicating positivity in the broader market.
Stock-specific action continues on D-street as good quality stocks have seen strong buying interest. Triveni Turbine (8.13 per cent), Adani Enterprises (8.40 per cent), and Zee Entertainment (5.55 per cent) are some of the key stocks that have witnessed strong buying activity.
Market update at 9.30 AM: Indices have been trading on a higher note amid volatility. NSE Nifty 50 index has jumped 0.20 per cent to trade above 17,400 level while S&P BSE Sensex has gained nearly 150 points. Stock specific action is seen across the broader market.
Auto and IT stocks are the top performers while metals remain weak. India VIX has plunged over 2 per cent at the start of the session.
Pre-market update: Wall Street indices closed slightly positive after prior week sell-off as global sentiments improved. Dow Jones climbed 72 points while Nasdaq rose 0.63 per cent. With this, the Asian markets have opened higher, and trends on SGX Nifty indicate a minor gain of 15 points.
Oil prices slipped for yet another day on fears of more interest rate hikes. Brent crude oil plunged over a per cent to settle near USD 82 per barrel.
Gold futures plunged to 2-month low on Monday as strong US economic data raised concerns of prolonged higher interest rates.
In the last trading session, the FIIs offloaded shares worth Rs 2022 crore, while the DIIs bought shares worth Rs 2231 crore.
Nifty is likely to open around 17,400 level and volatility is expected to persist throughout the day.