Indices closed at day's low; Nifty slips below 17000, banks dragged the most

Crude is trading below important support level, down by 1.25 per cent.

Market update at 3.30 PM: Sharp selloff has been seen for yet another day in all sectors, with major losses led by Banks, IT and auto stocks right from the start of the session. NSE Nifty 50 index opened 100 points gap up then it slipped more than 71.15 points which is around 0.42 per cent. It slipped more than 200 points from day’s high to close below the important psychological and derivative support level of 17,000. S&P BSE Sensex tanked 344 points while Nifty Midcap 50 and Nifty Small cap 50 plunged 0.14 per cent and 1.31 per cent respectively.       

Nifty PCR for weekly expiry came to oversold region around 0.65.        

In the commodities market, the precious metals Gold and Silver traded in small range of 700 points and 1300 points respectively after strong up move in last 2 sessions. Crude is trading below important support level, down by 1.25 per cent.        

TATASTEEL and TITAN along with Adani group stock, namely Adani Enterprises, Adani ports emerged as the top gainer from the Nifty 50 stocks while BHARTIARTL, INDUSINDBK, Reliance and SBI were the top losers.          

Strong profit booking has been witnessed after the strong gap up opening. Now that nifty closed below 17000 support level, further weakness can be expected.

Market update at 3 PM: Indices have erased all the day’s gains and have plunged to their day low. NSE Nifty 50 index has lost half a per cent and has slipped below 17,000 level while Sensex has tanked 350 points so far. Nifty Midcap and Nifty Smallcap are also trading flat.

Banks are the top underperformers along with media stocks. India VIX has surged over 1 per cent amidst such volatility.

Market update at 11.25 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has jumped half a per cent to trade above 17,100 levels while S&P BSE Sensex has soared over 250 points. Nifty Midcap and Nifty Smallcap have risen 0.74 per cent and 1.08 per cent respectively.  

Except for Nifty FMCG which is trading marginally negative, all other sectoral indices are trading in green. Nifty Metal has jumped nearly 2 per cent.  

About 1456 stocks are advancing as against 521 stocks that are declining, thus indicating positive market sentiment. 

Asian Paints, Adani Ports and L&T are the top gainers from the Nifty 50 stocks while Bharti Airtel, HUL and Nestle are weak for now.  

Immediate resistance for Nifty lies at 17,200 level while 17,000 shall be a crucial suppo

Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index has jumped three quarters of a per cent while S&P BSE Sensex has soared over 400 points. Strong buying interest is seen across midcap and Smallcap stocks.   

All the sectors are trading in green and India VIX has slipped over 5 per cent

Pre-market update: US headline inflation comes on expected line at 6 per cent in the month of February. A day full of roller coaster ride where Dow Jones Industrial Average successfully closed around 32,306 equals to more than 1 per cent. Tech-heavy Nasdaq 100 rallied 2.32 per cent to close at the 12,199 level. Also, CBOE VIX cooled off near to 8.42 per cent.  

In the commodities market, the precious metals Gold and Silver traded in smaller range for the day and WTI Crude retraced its previous fall by rising 1 per cent. 

Domestic market fell sharply for 2 consecutive days. NSE Nifty 50 index is down around 111 points which is around 0.65 per cent. FIIs sold 3086.96 crore while DIIs bought 2121.54 crore in domestic market.  

As per the OI Data, Clients & DIIs added longs aggressively in the bearish falling markets, indicating shift of change in trend of the market may be close and on the opposite side. FIIs and Pros added shorts heavily in index from last 4 consecutive sessions. Thus, FIIs index longs came to 13.25 per cent which is too low, previously this was seen at the time of Covid 19. 

Key highlight is DIIs & Pros notable addition of longs in stocks. Meanwhile, FIIs added some shorts with covering their longs in stocks as per the OI Data.  

Germany & France also rallied more than 1.8 per cent each. Now SGX Nifty indicates that Nifty is likely to open 100 points gap up. Bulls may take charge till the psychological and derivative support level of 17,000 is protected.