Market WRAP: Indices close at days low; Sensex falls 638 points as metals, FMCG and auto stumble
ONGC, Dr Reddy’s Laboratories, and Cipla were the top gainers from Nifty 50 stocks while Adani Ports, Eicher Motors & Adani Enterprises were the top losers.
Market update at 3.30 PM: Indices closed at the day’s low after a sharp sell-off in the last one hour dragged the market. Nifty plunged 1.21 per cent to close below 16,900 while Sensex tanked 638 points. Nifty Midcap and Nifty Smallcap slipped 1.25 per cent & 0.66 per cent, respectively.
Except for pharma, all other sectors closed in the red.
ONGC, Dr Reddy’s Laboratories, and Cipla were the top gainers from Nifty 50 stocks while Adani Ports, Eicher Motors & Adani Enterprises were the top losers.
All eyes would be on the world markets to anticipate further trends.
Market update at 2.30 PM: Indices are witnessing strong selling at higher levels as Nifty plunged to the day’s low. The index has slipped over a per cent while Sensex dipped nearly 600 points.
Besides, the metal, financials, and auto sectors are weak today.
Market update at 1 PM: Indices are trading on a mixed note amid volatility. Nifty plummeted 0.41 per cent while Sensex lost 250 points. However, Nifty Midcap and Nifty Smallcap are trading marginally higher.
India VIX has risen over 5 per cent. Nifty Pharma has outperformed the sectoral indices by surging over 2 per cent. Meanwhile, Nifty Metal is weak as it slipped 1.25 per cent.
Market update at 11 AM: Indices have been trading lower amid bad global cues and Nifty plunged below the 17,000 level. The benchmark index has slipped 0.83 per cent while Sensex tumbled over 500 points. Nifty Midcap and Nifty Smallcap have plunged 0.31 per cent & 0.17 per cent, respectively.
Pharma & energy are trading higher and supporting the market. Meanwhile, metals, IT, and auto are weak.
ONGC, Divi’s Labs, and NTPC are the top gainers amongst Nifty 50 stocks whereas Hindalco, Maruti Suzuki & Eicher Motors are weak for now.
The advance-decline ratio is in the favour of bears and currently, stands at 915:1010.
The level of 16,900 holds important support for Nifty and any fall below this level can trigger a severe sell-off.
Market update at 9.30 AM: Indices have been trading lower amid volatility and Nifty is back at the 17,000 level. Sensex has dipped 160 points while the mid-cap and small-cap indices are marginally higher.
Energy and media are trading higher while metals witnessed profit booking. Meanwhile, India VIX has jumped over 7 per cent.
Pre-market update: The US markets had plunged during Friday's trading session as tightening rate hikes and long-term recession dented market sentiment. Nasdaq slipped 1.51 per cent while Dow Jones lost 500 points. Following this, most of the Asian markets have opened lower and SGX Nifty indicates a gap-down opening of about 140 points.
The off-calendar meet of US Federal Reserve is scheduled on Monday, which is likely to keep the global market volatile.
Oil surges over 3 per cent after OPEC Plus mulls cuts on oil production and supplies.
In the last trading session, the FIIs sold to the tune of Rs 1,565 crore while the DIIs bought equity worth Rs 3,245 crore.
Nifty is likely to open below the 17,000 level and volatility is expected to persist.
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