Nifty closes below 16,500; Infosys, HUL and Axis Bank emerge as top losers

Infosys, HUL, and Axis Bank were the top losers amongst Nifty stocks while Bajaj Finserv, JSW Steel & Grasim were the top gainers.

Market update at 3.30 PM: Indices closed lower on Tuesday as investors chose to book profit ahead of the monthly expiry and Fed meeting. Nifty fell 0.88 per cent to close below the 16,500 mark while Sensex lost about 500 points. Nifty Midcap and Nifty Smallcap slipped 1.25 per cent & 1.48 per cent, respectively.   

IT, FMCG, auto, and pharma were weak today whereas media traded higher. Infosys, HUL, and Axis Bank were the Top Losers amongst Nifty stocks while Bajaj Finserv, JSW Steel & Grasim were the Top Gainers.

Market update at 11.35 AM: Nifty is currently down by 0.64 per cent while Sensex has tanked over 350 points. Nifty Midcap and Nifty Smallcap have also seen profit booking and slipped a per cent each.   

IT and FMCG are the prominent sectors dragging the market. Bajaj Finserv and Bajaj Finance along with ONGC & UltraTech Cement are the top gainers amongst Nifty stocks. Meanwhile, Infosys, Axis Bank, and Dr Reddy’s Laboratories are weak today.   

The advance-decline ratio is in the favour of declines and currently stands at 606:1,296.

Market update at 9.30 AM: Indices traded lower at the beginning of the session. Nifty has slipped 0.40 per cent while Sensex lost about 190 points. Meanwhile, Nifty Midcap and Nifty Smallcap tumbled 0.20 per cent & 0.38 per cent, respectively.

Media and PSU banks are trading higher while IT, pharma & FMCG sectors tanked today. Meanwhile, India VIX has surged over 2 per cent.

Pre-market update: The US markets closed mixed amid volatility ahead of Fed meeting. Nasdaq slipped 0.43 per cent whereas Dow Jones gained about 90 points.  

Meanwhile, the Asian markets have opened cautiously with a slightly negative bias, and SGX Nifty indicates a loss of 30 points
Tech Mahindra posted a 16 per cent dip in its net profit YoY to Rs 1,132 despite revenue rising by 25 per cent.
Axis Bank delivered fantastic results, witnessing a strong jump of 91 per cent in net profit YoY while its asset quality seems to have improved.
In the last trading session, the FIIs sold to the tune of Rs 844 crore while the DIIs also sold for about Rs 72 crore worth of equity.
Ahead of Fed meeting and monthly expiry, the market is expected to remain volatile.