Market WRAP: Nifty closed below 17,700; energy, FMCG and private banks drag the market
Tech Mahindra, Maruti Suzuki & JSW Steel emerged as the top gainers amongst Nifty 50 stocks
Market update at 3.30 PM: Indices traded under pressure throughout the day and a sell-off towards the end dragged Nifty below 17,700 level. The benchmark index slipped 0.42 per cent while Sensex plunged 287 points. Nifty Midcap and Nifty Smallcap closed on a mixed note.
Energy, FMCG, and private banks saw strong profit bookings while PSU banks once again dominated the market.
Tech Mahindra, Maruti Suzuki & JSW Steel emerged as the top gainers amongst Nifty 50 stocks while Britannia, HUL, and Kotak Mahindra Bank were the top losers.
Nifty formed a strong bearish bar on the technical chart as it fell over 150 points from the day’s high. Meanwhile, global cues shall continue to be in focus.
Market update at 11.15 AM: Indices are trading lower amid volatility. Nifty has slipped 0.25 per cent and currently, trades below 17,700 level. Sensex has plunged nearly 200 points while Nifty Midcap and Nifty Smallcap are trading on a mixed note.
PSU banks turned out to be the top performer among the sectors, which has been the case for some time now. FMCG and media also witnessed profit booking.
Tech Mahindra, JSW Steel & Maruti Suzuki have emerged as the top gainers from Nifty 50 stocks while Nestle, HUL, and Kotak Mahindra Bank are weak today.
Nifty is trading on a weaker note ahead of monthly expiry, and volatility is expected to persist.
Market update at 9.25 AM: Indices opened positively but witnessed strong selling pressure at higher levels. Nifty and Sensex are currently trading flat while the mid-cap & small-cap indices are marginally negative.
IT became the top performer among the sectors while banks witnessed profit booking.
Meanwhile, India VIX has risen over 1 per cent.
Pre-market update: Along with the Indian market, which closed positively on the auspicious Muhurat Trading day, the markets from Europe and US indices also ended in the green. Nasdaq climbed 0.86 per cent while Dow Jones jumped 417 points.
Meanwhile, the Asian markets have opened mixed, and SGX Nifty currently trades at 17,800 level, which is 70 points higher than Nifty's previous close.
Crude oil jumped slightly amid short-term supply tightness and strong US corporate earnings. Brent crude currently trades at the level of 91.
On Monday, the FIIs sold to the tune of Rs 153 crore while the DIIs bought shares worth Rs 80 crore.
Nifty is expected to open slightly higher but with monthly expiry coming up, volatility cannot be ruled out.
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