Sensex cracked around 700 points, Bank Nifty tumbled more than 1000 points; Financial services and Banks were draggers of the day
TITAN, Maruti Suzuki and Ultratech cement are the top gainers while HDFC Bank, HDFC and IndusInd bank were the top losers amongst Nifty 50 stocks
Market update at 3.30 PM:
Indices witnessed strong profit booking session led by index heavyweight stocks because of MSCI adjustment factor. Nifty cracked 186 points to close 1 per cent lower at 18,069 level.
S&P BSE Sensex dropped more than 700 points and closed at 61,054 level. Nifty Midcap 100 and Nifty Small cap 100 also traded weak for the day to close around 0.70 per cent and 0.82 per cent lower respectively.
Financial services, Banks and Media sector traded weak while Auto and Consumption sector defended on ground.
TITAN, Maruti Suzuki and Ultratech cement are the top gainers while HDFC Bank, HDFC and IndusInd bank were the top losers amongst Nifty 50 stocks.
After the highest closing of the year 2023, Nifty witnessed strong selling pressure. However, it closed just above the important technical support of 18,000 level, so it will be interesting to see if bulls can hold this level or not.
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Market update at 12 PM: Indices have witnessed a strong sell-off in the past one hour as Nifty tumbles towards its day’s low. NSE Nifty 50 index has slipped 0.90 per cent to trade below 18,100 levels while S&P BSE Sensex has tanked 600 points. Nifty Midcap and Nifty Smallcap have also plunged 0.65 per cent and 0.82 per cent respectively.
HDFC twins have tanked over 4 per cent each and are the top losers of BSE Sensex stocks.
Nifty Media has slipped nearly 2 per cent. Strong weakness is also seen across financials and private banks.
India VIX has surged over 3 per cent amidst strong volatility in the market.
Market update at 11 AM: Indices have seen a good recovery following the gap-down opening. Nifty has recovered over 100 points from the day’s low to trade at 18,200 levels while S&P Sensex is currently down by 200 points. Nifty Midcap and Nifty Smallcap are trading on a mixed note.
Auto, along with PSU Banks and FMCG are the top performers while financials and private banks are weak.
About 1,113 stocks are advancing as against 832 stocks that are declining, thus showing positive market breath.
Stocks like Titan Company, ICICI Bank and Axis Bank are the top gainers from the Nifty 50 stocks while HDFC twins and Tata Steel are weak. HDFC twins have shredded over 4 per cent each.
Market update at 9.30 AM: Indices have been trading lower amid poor global cues. NSE Nifty 50 index has slipped half a per cent to trade below 18,200 levels while S&P BSE Sensex has lost 300 points so far. The broader market witnessed stock specific action.
PSU Banks and realty stocks have seen fresh buying interest while private banks are under pressure. India VIX trades marginally higher upon opening.
Pre-market update: Dow Jones Industrial Average witnessed selling pressure for the 4th consecutive trading session. It dropped 286-points to close around the 33,127-level amid banking crisis. Meanwhile, the Nasdaq 100 Index closed red for yet another session at 12,982 level, 0.37 per cent lower in the last trading session.
Gold witnessed sharp profit booking on higher levels and closed green around 0.3 per cent while Silver traded strong to close around the day’s high 1.63 per cent, while Brent crude futures bounced from previous swing lows more than 1 per cent after sharp fall.
On Thursday, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) supported the market rally, buying 1,414.73 crore and 441.56 crore respectively.
In Derivative segment as compared to last trading session, DIIs and Clients increased participation and PROs covered their longs with adding some shorts as well. On the other hand, FIIs added longs with covering their existing shorts in index future after the event of FED decision on interest rate. Now FIIs index long position came to 47.29 per cent from 45.90 per cent.
According to SGX Nifty, Nifty is expected to open with a gap down around 30 points. Nearest psychological and technical support zone will be 17,900 – 18,000 level.
Important earnings to watch out for the day include BHARAT FORGE, ADANI POWER, MARICO, FEDERALBANK, BRITANNIA, PAYTM, and PEL.