Indices off days low; IT stocks supported the market

Market update at 3.30 PM: Nifty recovered about 97 points from its day’s low to close at 17,003. In the end, it slipped by 0.4 per cent while Sensex fell over 157 points. 

The latter half of the session witnessed a good recovery. However, Nifty Midcap and Nifty Smallcap tumbled over 1.05 per cent & 0.52 per cent, respectively.  

Nifty IT was the key sector that supported Nifty from collapsing. The top gainers for Nifty included HCL Technologies and Tech Mahindra while the stocks that dragged the market were Grasim, NTPC & Indian Oil Corporation.   

Nifty formed a bullish candle with a long wick at the bottom; thus, showing signs of reversal. Nifty gained mere 15 points this week but we surely witnessed how volatile the week was!  

Market update at 1 PM: Friday is not going well for Nifty as it feels the selling pressure right from the start. Nifty is currently trading below the 17,000 level while Sensex tanked nearly 300 points. Moreover, India VIX climbed over 2 per cent.  

The sectoral indices of pharma, realty, auto, and banks are under pressure since morning and have plunged over 1 per cent each.  

Data Patterns received a stellar opening as it opened with a premium of 48 per cent over its issue price and has been one of the biggest hits of 2021 IPOs.  

Stay tuned for more updates!  

Market update at 9.45 AM: Nifty witnessed profit booking from higher levels. As soon as the session started, the indices felt the selling pressure, and Nifty is now trading near the support zone of 17,000.  

For December expiry, 17,000 level has the highest open interest in the put side. Thus, it will act as the major support level for Nifty. Moreover, the highest change in the open interest has been observed on this strike in the early hours of Friday.  

The advancing stocks are 625 while the declining stocks are 1,139.   

HCL Tech emerges as the top gainer while IndusInd Bank turned out to be the top loser early in the morning.

Pre-market update: On Christmas Eve, Asian markets have opened higher on Friday morning. SGX Nifty also indicates about half a per cent higher opening for Nifty.

Last night, the US markets closed higher with S&P 500 hitting a fresh all-time high. The European markets too ended in the green. 

In the last trading session, the FIIs remained net sellers but with a lesser quantity of Rs 271 crore while the DIIs bought about equity worth Rs 1,196 crore.

Meanwhile, Data Patterns IPO will debut today on the exchange and it is expected to be listed with a premium over its issue price. 

With Thursday’s muted volume, it is expected that the volumes would be even lesser due to Christmas Eve.