Indices end at days low; IndusInd Bank, Tata Motors, ONGC drag the market
Market update at 3.30 PM: It was a disappointing day for Nifty and Sensex as both ended at the day’s low. Nifty closed below the key support level of 17,000 while Sensex tanked almost 1,000 points. Moreover, India VIX surged almost 3 per cent.
Only IT stocks showed some positivity throughout the day while all the other indices ended in the red. IndusInd Bank, Tata Motors, and ONGC were the top losers of the day as they fell over 4 per cent each.
Nifty ended the week on a weaker note. It is not a good sign for the next week as more weakness can be expected.
Market update at 1 PM: Nifty plunged over 200 points and currently, it is trading near 17,000. Meanwhile, Sensex tanked over 800 points. Moreover, India VIX surges 4 per cent
Nifty IT is the lone warrior in the fight against the sell-off. Nifty Realty and Nifty Auto are the worst-hit sectors. The top gainers include all the IT stocks while IndusInd Bank, Tata Motors, and Titan Company turned out to be the top losers.
The advance stocks are merely 374 while declining stocks are 1,478. Overall, the sell-off intensified as the day progressed. The level of 17,000 continues to be the key support level for Nifty.
Market update at 10 AM: Nifty opened 28 points higher but fell sharply as soon as the session started. Apart from Nifty IT, which is up 1.62 per cent, every other sectoral index is trading deeply in the red. Auto and metal index plunged over 2 per cent each. Moreover, India VIX is up by almost 2 per cent.
The broader indices of mid-cap and small-cap are also facing the heat as they are down over a per cent each. However, IT stocks like Persistent Systems and Infosys are rallying on the higher side.
Nifty is currently trading below 17,200 and it remains to be seen whether Nifty will recover from the low or fall further.
Pre-market update: Asian Markets open in red amid weak global cues. Trends of SGX Nifty indicate an opening of about 30 points down.
On Thursday, the US markets ended in red with NASDAQ plunging about 2.5 per cent. Thus, IT stocks would be in focus..
The FIIs remained net sellers on Thursday and sold about Rs 1,468 crore worth of equity while the DIIs bought equity worth Rs 1,533 crore.
Crude oil surged about 2.5 per cent early on Friday morning. Also, gold and silver soared over 1 per cent & 3 per cent, respectively.