Nifty snaps six-day losing streak; HDFC, HUL and Asian Paints emerge as top gainers

Nifty FMCG & Nifty IT gained momentum and closed higher. However, Nifty Metals along with Nifty PSU Bank witnessed severe profit booking.  

Market update at 3.30 PM: Indices traded with volatility throughout the day while Nifty closed higher by 0.37 per cent. Sensex gained about 237 points while Nifty Midcap and Nifty Smallcap witnessed heavy profit booking as they plunged 2.26 per cent & 3.20 per cent, respectively.  

Nifty FMCG & Nifty IT gained momentum and closed higher. However, Nifty Metals along with Nifty PSU Bank witnessed severe profit booking.  

HDFC, HUL, and Asian Paints emerged as the top gainers while Tata Steel, ONGC & UPL were the top losers.   

The advance-decline ratio of 316:1,667 largely went towards the favour of bears and the market outlook is bearish, given the sell-off in the mid-cap as well as the small-cap stocks.  

Market update at 2 PM: Nifty Midcap and Nifty Smallcap are under huge profit booking mode and have plunged over 3 per cent & 4.09 per cent, respectively. Most of the small-cap stocks witnessed a severe sell-off.  

MRPL (-18.97 per cent), FACT (-17.25 per cent), RAIN (-13.46 per cent), Oil India (-12.25 per cent), Gujarat Ambuja Exports Ltd (-12.89 per cent) witnessed heavy profit booking.  

Meanwhile, Nifty 50 index is marginally up by 16 points.  

Nifty Metal index is the worst performer and is down by nearly 6 per cent. 

Market update at 11 AM: Indices have been trading with a negative bias since the beginning of the session. The mid-cap and small-cap indices have witnessed strong profit booking while Nifty is slightly down by 22 points.   

Nifty FMCG has soared over 1.50 per cent and is one of the sectoral indices that is trading in green along with Nifty Financial Services. However, Nifty Metal (-4.65 per cent) has seen a heavy sell-off and is the top underperformer. Meanwhile, realty and PSU bank indices are down by over 2 per cent each.  

HUL, HDFC, UltraTech Cement, and Nestle are the top gainers amongst Nifty stocks while Hindalco, Tata Steel, Coal India & ONGC are weak today.   

India VIX is up by over a per cent while the advance-decline ratio stands at 391:1,539, indicating a negative market breadth.   

Market update at 9.50 AM: Indices are trading lower amid volatility. India VIX has surged over 3 per cent. 

Nifty is down by 0.33 per cent while Sensex has lost over 150 points. Nifty Midcap and Nifty Smallcap have slipped over 1.74 per cent & 1.88 per cent, respectively. 

FMCG stocks are trading flat while the rest of the sectors have witnessed heavy selling pressure. 

Pre-market update: Last Friday, the US markets closed higher. Nasdaq surged about 1.43 per cent while Dow Jones saw a minor loss of 38 points. 

However, most of the Asian markets have opened negatively, and SGX Nifty indicates a gap-down opening of about 50 points for Nifty. 

During the weekend, the focus turned to the crypto market as Bitcoin plummeted over 20 per cent to USD 17,600 on Saturday. However, there was a good bounce on Sunday that rallied Bitcoin past the USD 20,000-mark. 

On Friday, the crude oil witnessed one of the greatest falls in recent times, having lost over 6 per cent to fall below USD 112 per barrel, on the back of growing recession fears. Nevertheless, since India is the second-largest importer of crude oil, cooling crude oil prices will turn out to be good for the Indian economy. 

In the last trading session, the FII sold equity worth Rs 7,818 crore, which has been the highest in recent times. However, the DIIs have bought to the tune of Rs 6,096 crore and thus, supported the market. 

Nifty is likely to open near 15,250 and volatility may persist.