Market WRAP: Nifty closes at 17,000; realty, metals, and auto worst affected

Asian Paints, HCL Technologies & Infosys emerged as the top gainers from Nifty 50 stocks while Tata Motors, Hindalco, and Adani Ports were the top losers.   

Market update at 3.30 PM: Indices traded lower amid volatility throughout the day and closed nearly at the day’s low. Nifty closed at the 17,000 level and slipped 1.980 per cent. Sensex tanked 953 points while Nifty Midcap and Nifty Smallcap plunged 3.11 per cent & 3.41 per cent, respectively.   

IT was the only sector that traded in green while realty, metals & auto were the worst-affected sectors.   

Asian Paints, HCL Technologies & Infosys emerged as the top gainers from Nifty 50 stocks while Tata Motors, Hindalco, and Adani Ports were the top losers.   

The European markets and Dow Futures are trading in red, which indicates that weakness is expected to persist for some more time. All eyes would be on global economic development, which would dictate further trends in the times to come.

Market update at 1 PM: Indices have seen a strong recovery from the day’s low as Nifty recovered over 150 points. It is currently down by 1 per cent. The mid-cap and small-cap indices have also witnessed a good recovery.   

Nifty IT has soared over 1 per cent and emerged as the top gainer among the sectoral indices.  

Market update at 11 AM: Broader indices extend losses as Nifty plunged towards the 17,000 level and is down by 1.77 per cent. Sensex dipped 920 points while Nifty Midcap and Nifty Smallcap have shredded 3.5 per cent & 4 per cent, respectively.  

The advance-decline ratio stands at 114:1881, which indicates a severe sell-off in the Indian market.   

Meanwhile, Harsha Engineers made a stellar debut on exchanges and was listed with a 36 per cent premium to its issue price.   

The most-affected sectors include metals, realty, and auto. India VIX has surged nearly 9 per cent amidst the weakness.   

Nifty is hovering around the 17,000 level but a fall below this level can trigger a sharp sell-off.   

Market update at 9.25 AM: Indices have opened lower and are trading with huge volatility. Nifty has slipped over a per cent while Sensex lost over 600 points. Nifty Midcap and Nifty Smallcap have also plunged over 2 per cent each.  

All the sectors are in red while India VIX has surged over 7 per cent.  

Pre-market update: Global markets bled on Friday as investors braced for aggressive rate hikes in forthcoming meetings of Fed and long-term recession fears. Nasdaq slipped 1.80 per cent while Dow Jones lost 486 points. Meanwhile, the Asian markets opened weak on Monday morning thereby, showing weakness. SGX Nifty indicates a gap-down opening of about 150 points for Nifty.  

Rupee hit its all-time low against the dollar at 81.20 INR/USD. However, the Indian Finance Minister said that the rupee has held well against the dollar and outperformed other currencies.  

 All eyes would be on RBI meet scheduled this week and it would be interesting to see if the central bank defends the rupee in forthcoming days or not.  

Meanwhile, Harsha Engineers Ltd is set to debut on the exchanges today. A premium listing of over 40 per cent is expected.  

In the last trading session, the FIIs sold to the tune of Rs 2,900 crore while the DIIs bought shares worth Rs 300 crore.  

Nifty is likely to open below 17,200 and volatility is expected to persist.