Nifty and Sensex close on a flat note; fertilizer stocks witness heavy buying

Fertilizer stocks were the prime focus of the day as stocks like NFL, RCF, GSFC and FACT surged over 10 per cent each and were the leaders amongst Nifty 500 stocks.  

Market update at 3.30 PM: Indices closed on a flat note in a volatile trading session. NSE Nifty 50 index closed above 18,100 levels while the broader market ended mixed.  

Fertilizer stocks were the prime focus of the day as stocks like NFL, RCF, GSFC and FACT surged over 10 per cent each and were the leaders amongst Nifty 500 stocks.  

Auto and media were the frontrunners in supporting the market while pharma and metals remained weak.  

Titan Company, M&M and Powergrid Corporation were the top gainers from the Nifty 50 stocks while Bharti Airtel, Apollo Hospitals and Hindalco Industries were the top losers.  

Nifty formed an inverted hammer-like candle but traded in a confined range of about 102 points. The focus shall turn towards the western markets to understand the trend.

Market update at 10.45 AM: Indices are trading lower amid huge volatility as the benchmark indices Nifty 50 and Sensex are unable to find a clear trend. NSE Nifty 50 is down by 0.15 per cent to trade at 18,100 levels while Sensex has slipped about 100 points. Nifty Midcap and Nifty Smallcap also trade on a mixed note.  

PSU Banks, media and realty are the top performers from the Nifty 50 stocks while IT and metals are weak today.  

The market breadth appears positive as evident from the advance decline ratio which stands at 1183:742. 

Capri Global Capital Limited, Jindal Steel and Hariom Pipe Industries are some of the key stocks in focus as they hit their fresh 52-week high levels.

Market update at 9.30 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 index trades near 18,100 levels and has slipped 0.25 per cent. Sensex has plunged nearly 200 points while broader market also remains weak.

All the sectors are weak and India VIX has surged over 2 per cent.  

Pre-market update: The Wall Street indices ended on a weaker note as US treasury yields and fear of aggressive rate hikes dented investors' sentiment. The tech-heavy Nasdaq witnessed severe sell-off as it slipped 1.38 per cent while S&P 500 index corrected 0.40 per cent. Dow Jones ended with a miniscule gain of 40 points. Thus, most of the Asian markets have reacted negatively and trends on SGX Nifty indicates a slippage of about 90 points in Nifty.

With weakness across global IT stocks and falling of Nasdaq, IT stocks in India are likely to remain under pressure.

As per the latest reports, government plans to introduce incentive schemes for green hydrogen industry.

In the last trading session, the FIIs sold shares worth Rs 867 crore while the DIIs bought to the tune of Rs 621 crore, taking net institutional selling for the day to Rs 246 crore.

Nifty is expected to open near 18,000 levels and first hour of price action shall be keenly watched.