Nifty closes below 17,500; Tata Steel, Adani Ports and Asian Paints emerge as top losers

Most of the sectoral indices were in deep red. Nifty Metal plunged 2.98 per cent.

Market update at 3.30 PM: It was a one-way downward journey as Nifty plunged below the crucial 17,500 mark. The benchmark index slipped 1.51 per cent while Sensex tanked 872 points. Nifty Midcap and Nifty Smallcap also faced the heat as they slipped 2.02 per cent & 1.63 per cent, respectively.  

Most of the sectoral indices were in deep red. Nifty Metal plunged 2.98 per cent. Tata Steel was the top loser, followed by Adani Ports and Asian Paints. Meanwhile, Tata Consumer Products, ITC, Coal India, and Nestle were the top gainers. 

Nifty has sharply corrected in the last two trading days and is bearish for the short term.

Meanwhile, the focus will now shift towards the global markets to understand the trend of the market.  

Market update at 2.45 PM: Severe sell-off continues as Nifty touched the 17,500 level. It is down by 1.43 per cent while Sensex has tanked over 800 points. Nifty Midcap and Nifty Smallcap have shredded 2 per cent & 1.65 per cent, respectively.   

Meanwhile, India VIX has surged 3 per cent. 

Market update at 11.05 AM: Most of the Indices have slipped over a per cent during Monday’s trading session as Nifty tanked 1.16 per cent while Sensex dipped over 670 points.  

The broader index - Nifty 500 is down by 1.11 per cent while Nifty Midcap and Nifty Smallcap indices have also plunged 1.19 per cent & 1.31 per cent, respectively.  

Apart from Nifty FMCG, which is up by 0.46 per cent, all other sectoral indices are in red. Realty, auto, financials, and metals have slipped sharply whereas India VIX surged over 4 per cent.   

Divi’s Labs, Apollo Hospitals & Kotak Mahindra Bank are the top losers for now whereas buying has been witnessed in ITC, Britannia, and HUL.  

The advance-decline ratio is in the favour of bears and stands at 522:1,412.  

On the downside, the level of 17,500 shall act as ultimate support, and any fall below this level can be severe.   

Market update at 9.45 AM: Indices witnessed selling pressure as Nifty fell below the 17,600 mark. It slipped nearly a per cent while Sensex plunged over 530 points. Nifty Midcap and Nifty Smallcap also tumbled over 1.25 per cent each.   

Realty and auto sectors are the worst affected whereas FMCG is flat.  Meanwhile, India VIX has surged over 5 per cent.  

Pre-market update: The global markets faced strong correction on Friday as most of them ended in the red. DAX closed over a per cent lower while Nasdaq slipped 2 per cent and Dow Jones lost 292 points. With such a bearish sentiment, the Asian markets have opened lower and SGX Nifty indicates a gap-down opening of about 70 points for Nifty.  

China is widely expected to lower interest rates in order to support its wobbly economy.  

In the last trading session, the FIIs bought to the tune of Rs 1,111 crore while the DIIs sold equity worth about Rs 1,633 crore.  

Brent crude oil continues to trade at USD 95 per barrel amid recession fears.  

Nifty is likely to open below 17,700 and volatility is expected to persist.