Nifty closes below 17,000; Coal India, BPCL, and Tata Steel become top losers
Bajaj Auto, HDFC Bank, ICICI Bank, and Axis Bank emerged as the top gainers while Coal India, BPCL & Tata Steel were weak today.
Market update at 3.30 PM: Indices remained weak throughout the day and Nifty closed below the 17,000-mark. It slipped about 1.27 per cent while Sensex tanked over 617 points. Nifty Midcap and Nifty Smallcap closed lower by 1.92 per cent & 2.42 per cent, respectively.
Among the sectors, financials closed flat while realty, metals & energy closed significantly lower.
Bajaj Auto, HDFC Bank, ICICI Bank, and Axis Bank emerged as the top gainers while Coal India, BPCL & Tata Steel were weak today. With the negative sentiment in the market, India VIX surged 15.83 per cent.
Nifty has formed a bearish candle with a long shadow. The outlook continues to remain bearish, and the focus shall be on the European as well as American markets to understand the trend of the global markets.
Market update at 2.30 PM: Indices continue to trade lower and witnessed further weakness. Nifty is inching towards 16,900 and is already down by 1.37 per cent. Nifty Midcap and Nifty Smallcap are also down by nearly 2 per cent each.
Among the sectors, financial is trading flat while the rest are in deep red. Coal India, BPCL, and Tata Steel are the top losers while Bajaj Auto, ICICI Bank, and Axis Bank are supporting Nifty.
India VIX continues to rise and is above the 21-mark.
Market update at 11.05 AM: Nifty has slipped by a per cent while Sensex lost about 466 points. However, indices have been trading flat amid volatility after the opening.
Auto & banks have come to the rescue as the sectors are trading higher and supporting the market. ICICI Bank, Bajaj Auto, Maruti Suzuki, Axis Bank, and Eicher Motors are the top gainers among Nifty stocks. Besides, metals and IT are weak today. Tata Steel, Tech Mahindra, BPCL, and Coal India are currently the top losers.
With the weakness persisting, India VIX has surged over 10 per cent.
Market update at 9.30 AM: Indices have opened lower amid bad global cues. Nifty plunged by a per cent and is currently, hovering around the 17,000-mark. Meanwhile, Sensex has lost over 581 points while the mid-cap and small-cap indices remained weak.
Among the sectors, auto and banks are outperforming the other sectors. IT, FMCG, and realty are weak today.
With this, India VIX has surged over 8 per cent.
Pre-market update: Last Friday, the US markets closed significantly lower. NASDAQ plunged 2.55 per cent on the account of higher inflation data and weak corporate results. Meanwhile, Dow Jones, too, fell about 980 points.
American Futures continued to trade lower on Monday morning, and with this, the Asian markets have opened lower. SGX Nifty indicates a gap-down opening of about 260 points.
ICICI Bank reported its results on Saturday. The net profit rose by 59 per cent on lower provisioning. Its asset quality has also improved. Thus, the stock is likely to be in focus today.
HDFC Bank has declared a whopping 1,550 per cent dividend to its face value, subject to approval from shareholders.
Reliance-Future Group deal has been called off and thus, Reliance Industries shall also be in focus today.
Besides, in the last trading session, the FIIs sold to the tune of Rs 2,461 crore while the DIIs bought to the tune of Rs 1,602 crore.
Brent crude has slipped nearly 3 per cent and currently, trades at USD 103.
Nifty is likely to open below 17,000 while the first hour shall be keenly watched to anticipate further trends.
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