Sell-off towards the end sees Nifty close below 16,250; Nifty Metal falls over 5 per cent!

Eicher Motors, HUL, and Asian Paints emerged as the top gainers among Nifty stocks while Coal India, Tata Steel & ONGC were the top losers.

Market update at 3.30 PM: Indices witnessed a sharp sell-off in the last half hour while Nifty lost about 90 points to close at 16,240.05. It is down by 0.38 per cent while Sensex lost about 100 points at the end of the day. Nifty Midcap and Nifty Smallcap slipped over 1.87 per cent & 2.24 per cent, respectively.  

Banks and FMCG remained positive until the end whereas the rest closed in negative. Nifty Metals witnessed major profit booking as it fell over 5 per cent. Nifty Energy and Nifty Realty slipped about 3 per cent each.   

Eicher Motors, HUL, and Asian Paints emerged as the top gainers among Nifty stocks while Coal India, Tata Steel & ONGC were the top losers.  

Nifty formed an inverted hammer-like candle, which is a bearish sign. The 16,200-level will be watched as a strong support level and any fall below this level will be met with negativity.

Market update at 2.40 PM: Indices are trading higher amid volatility. Nifty is up by 0.25 per cent while the mid-cap and small-cap indices are down by over a per cent each.

Banks, FMCG, and media are trading higher while IT, pharma & realty are down.

Market update at 11 AM: Volatility persists as the indices swing at both ends but are currently flat. Nifty climbed 6 points whereas Nifty Midcap and Nifty Smallcap are marginally lower.   

Banks, auto, media, and FMCG are trading higher while metal, IT, pharma & realty dragged the market.  

Eicher Motors, Bharti Airtel, and Bajaj Auto have emerged as the top gainers among Nifty stocks while ONGC, Titan Company & Tata Steel are weak today.   

Meanwhile, India VIX is up by over a per cent.

Market update at 9.30 AM: Indices are trading higher in the initial minutes. Nifty is up by 0.22 per cent while Sensex has gained about 130 points. Nifty Midcap and Nifty Smallcap are also up by about 0.30 per cent each.   

All the sectors are in green apart from the metal sector, which is flat.

Pre-market update: Last night, the US markets closed significantly lower. NASDAQ slipped about 4.29 per cent and has plunged to the level of November 2020. S&P 500, for the first time in 14 months, closed below the level of 4,000. Also, Dow Jones lost about 650 points on the back of inflation fears.
With this, most of the Asian markets have opened lower, and SGX Nifty indicates a gap-down opening of about 100 points.
The 10-year US Treasury yield has hit its highest level since November 2018 before easing slightly on Monday.
In the last trading session, the FIIs sold to the tune of Rs 3,361 crore while the DIIs bought equity worth Rs 3,077 crore.

Meanwhile, Brent crude hovers around USD 105 per barrel.
LIC IPO garnered about Rs 43,933 crore worth of demand and has been subscribed 2.95 times on the final day.

Nifty is likely to open around 17,200 while volatility is expected to persist.