Sensex tanks 700 points; IT, pharma and energy drag the market
Tata Consumer Products, Bajaj Finserv & Asian Paints emerged as the top gainers while Hindalco, Reliance, and ONGC were weak today.
Market update at 3.30 PM: Indices closed on a weaker note as Nifty plunged 1.22 per cent but managed to close above 17,500. Sensex tanked 700 points whereas Nifty Midcap and Nifty Smallcap closed marginally higher.
Realty, PSU banks, and auto stocks performed well while IT, pharma & energy witnessed profit booking.
Tata Consumer Products, Bajaj Finserv & Asian Paints emerged as the top gainers while Hindalco, Reliance, and ONGC were weak today.
As global cues worsen, the focus will be on the US markets to anticipate further trends in the market.
Market update at 2.15 PM: Indices have witnessed selling pressure from the day’s high and Nifty plunged 1.33 per cent. Sensex has tanked over 800 points whereas Nifty Midcap & Nifty Smallcap remained marginally lower.
PSU banks and auto stocks have shredded gains. Meanwhile, India VIX has surged over 10 per cent.
Market update at 10.30 AM: Indices have seen strong support at lower levels as Nifty bounces about 170 points from its day’s low. It is currently down by 0.45 per cent while Sensex has also recovered to some extent but is still trading lower by 275 points. Nifty Midcap and Nifty Smallcap have climbed 0.32 per cent & 0.42 per cent, respectively.
PSU banks and auto sectors emerged as the top performers along with media & realty. Meanwhile, the IT sector continues to disappoint.
The advance-decline ratio stands at 1,295:622, which indicates an improvement from the lower levels.
Bajaj Finserv, Tata Consumer Products & Bharti Airtel are the top gainers amongst Nifty 50 stocks while Hindalco, ONGC, and TCS are weak today.
Stocks like Ashok Leyland, Bajaj Auto, Bank of Baroda, Coal India, ITC, and M&M have hit fresh 52-week high levels.
Only buyers were seen in some stocks like Aarti Surfactants, Dish TV, Aaron Industries, Aether Industries, Agro Phos India, NDTV, and Imagicaaworld Entertainment.
Meanwhile, immediate resistance for Nifty lies at 17,700 while strong support is placed at 17,600.
Market update at 9.30 AM: Indices have opened sharply lower amid bad global cues. Nifty has slipped over 1 per cent while Sensex tumbled over 800 points. However, the mid-cap and small-cap indices remained flat.
Realty is the top performer while IT is weak. Meanwhile, India VIX has surged over 5 per cent.
Pre-market update: The global markets continued to bleed amid rising fear of aggressive interest rate hikes. Many analysts as well as US officials expressed a hawkish statement regarding the inflation & interest rate hikes and indicated prolonged high-interest rates. Dow Jones Industrial Average has slipped close to 1,000 points since Friday as investors remain cautious about the economic outlook.
Most of the Asian markets have reacted negatively while SGX Nifty is currently trading near the 17,500 level, which is about 200 points lower than Nifty's closing.
In the last trading session, the FIIs bought massively for about Rs 4,165 crore while the DIIs sold to the tune of Rs 656 crore.
Crude oil prices have become volatile in recent times amidst rising speculation of OPEC supply cuts and fear of recession. Brent crude slipped sharply by over 2 per cent and currently, trades at USD 96 per barrel.
The Government of India has increased windfall tax on the exports of diesel and aviation turbine fuel with effect from September 1.
With auto sales numbers for August coming up, auto stocks shall be in focus today.
Nifty is likely to open near the 17,500 level and volatility is expected to persist.