Nifty closed below 17,900 levels; Sensex tanked nearly 500 points as all sectors end in red

Britannia Industries, M&M and Reliance Industries topped the chart from the leading Nifty 50 stocks

Market update at 3.30 PM: The benchmark indices closed on a negative note for the third consecutive session, as investors chose to book profit ahead of key US Non-Farm payrolls data set to be released later in the evening. NSE Nifty 50 index plunged 0.74 per cent to close below 17,900 level while S&P BSE Sensex shredded nearly 500 points. Nifty Midcap and Nifty Smallcap slipped 0.77 per cent each.   

All the sectors ended in red, with IT, media and private banks being the top dragging sectors on Friday.   

Despite the weakness, Britannia Industries, M&M and Reliance Industries topped the chart from the leading Nifty 50 stocks while the ones that were weak today were TCS, JSW Steel and IndusInd Bank.  

Nifty formed three strong bearish candles on the technical chart and indicates extreme weakness in the market. The 14-day RSI has plunged below 40-mark and has entered bearish territory. Moreover, the benchmark index closed below 100-DMA and formed lower low. All the points mentioned indicate extreme bearishness. For now, all eyes would turn towards the US Non-Farm payrolls which shall dictate further trend in the market. 

Market update at 1 PM: Indices have turned negative for the third consecutive day as severe profit booking takes place on D-street. NSE Nifty 50 index has plunged 0.88 per cent to trade below 17,900 level, while Sensex has tanked over 500 points. Nifty Midcap and Nifty Smallcap have plunged nearly 1 per cent.   

All the sectors have turned negative and India VIX has surged over a per cent.  

Market update at 11 AM: Indices have been trading lower amid weak sentiment in the market. NSE Nifty 50 index has slipped 0.30 per cent to trade below 18,000 levels while S&P BSE Sensex has lost about 200 points. Nifty Midcap and Nifty Smallcap have also corrected 0.30 per cent each.   

While metal is the only sector trading in green, all other sectors have experienced weakness. Banks and IT are the prominent sectors dragging the market.   

About 825 stocks are advancing as against 1126 stocks that are declining, thus indicating weak market breadth.  

Market update at 9.30 AM: Indices have been trading on a mixed note at the start of the session. NSE Nifty 50 index trades at 18,000 levels while slight weakness is seen across Smallcap stocks.  

Metals and pharma are the top performers for now while IT is weak. India VIX has slipped over 1 per cent.  

Pre-market update: The American indices experienced weakness as investors remained sceptical about the direction of economy and aggressive rate hikes by the Fed. All the major US indices closed over 1 per cent negative. Dow Jones Industrial Average tanked 340 points while Nasdaq Composite slipped 1.47 per cent respectively. With this, most of the Asian markets have opened on a cautious note and trends on SGX Nifty indicate a flat opening for Nifty.

The key focus today shall be the US Non Farm payrolls data which is set to be released later this evening. The economic data is likely to provide key inputs about the direction of the economy.

Crude oil prices snapped the 3-day losing streak as they rose nearly a per cent. Brent crude oil price currently trades above USD 79 per barrel

In the last trading session, both the FIIs and DIIs turned net sellers and offloaded shares worth Rs 1449 crore and Rs 194 crore respectively.

Nifty is expected to open around 18,000 level and price action in the first hour shall be keenly watched to anticipate further trends in the market.