Nifty closes lower for sixth consecutive day; Titan, Wipro and HDFC Life emerge as top losers
Financials witnessed some recovery towards the end and closed slightly higher. However, pharma, IT, and auto stocks remained weak.
Market update at 3.30 PM: Indices closed lower for the sixth consecutive day and ended the week on a bearish note. Nifty slipped about 0.44 per cent. Meanwhile, Nifty Midcap and Nifty Smallcap plunged about 1.16 per cent & 0.80 per cent, respectively.
Financials witnessed some recovery towards the end and closed slightly higher. However, pharma, IT, and auto stocks remained weak.
Bajaj Finance, Bajaj Finserv, and JSW Steel emerged as the top gainers while Titan, Wipro & HDFC life were the top losers.
Market update at 11.45 AM: Indices witnessed selling pressure at a higher level while Nifty plunged 0.67 per cent and Sensex lost about 330 pints. Nifty Midcap and Nifty Smallcap have also slipped over a per cent each.
Metals are up today whereas the rest of the sectors are weak. Nifty IT has fallen over 2.50 per cent. Wipro, Tech Mahindra, and TCS turned out to be the top losers amongst Nifty stocks. Meanwhile, JSW Steel, Coal India, and Tata Steel are the top gainers.
The advance-decline ratio is in the favour of bears as it stands at 488:1,411. Thus, the overall market breadth continues to be bearish.
Market update at 9.50 AM: Indices are trading flat amid volatility. Nifty as well as the mid-cap & small-cap indices are trading on a flat note.
Metals and energy stocks are higher while IT stocks are weak.
India VIX is also trading flat.
Pre-market update: The global markets skidded on Thursday after Fed policy outcome and its commentary on rising inflation & economic recession. Nasdaq tumbled over 4 per cent while Dow Jones tanked more than 741 points. With this, Dow Jones has slipped below the 30,000-level.
Most of the Asian markets have opened mixed while SGX Nifty indicates a positive opening of about 60 points for Nifty.
Bank of England increased interest rate by 125 bps and all the European central banks have also hinted towards aggressive interest rate hikes.
RBI remarks that India is in a better position to avoid stagflation. Stagflation is a situation where the inflation and unemployment is high despite demand remaining stagnant.
In the last trading session, the FIIs sold to the tune of Rs 3,257 crore while the DIIs have bought about Rs 1,929 crore worth of equity.
Nifty is expected to open higher but it remains to be seen whether the index will sustain the gap-up or witness severe profit-booking.
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