Bulls lost strength in the afternoon session; Midcap and Small cap stocks dragged the markets

Prasad Chavan
/ Categories: Trending, Mkt Commentary
Bulls lost strength in the afternoon session; Midcap and Small cap stocks dragged the markets

Pharma sector showed relative strength compared to other sectors in today’s session. Meanwhile, Realty and Media remained weak for the day.

Market update at 3.30 PM:   

After gap up opening, indices showed strength in the first half session and here Bears came in action and dragged the markets down to close around opening levels. NSE Nifty 50 managed to close in green, around 40 points or 0.24 per cent at 16,985.70 level, while S&P BSE Sensex also closed below the opening levels around the drop of 126 points. Nifty Midcap 100 and Nifty Small cap 100 dropped 0.47 per cent and 1.59 per cent respectively.         

Nifty weekly PCR (0.858) remains in oversold zone.       

Pharma sector showed relative strength compared to other sectors in today’s session. Meanwhile, Realty and Media remained weak for the day.          

IOC, ADANIPORTS and SBILIFE are the top losers while Grasim, Reliance and Cipla were the top gainers amongst Nifty 50 stocks.       

Today markets closed on a mixed note, just above Fridays’ close. For tomorrow, it will be interesting to see if this level remains safe or not.  


Market update at 11 AM: Indices have been trading on a mixed note amid strong volatility. 50-share NSE Nifty index is up one third of a per cent to trade at 17,000 levels while 30-share BSE Sensex has risen 185 points. Smallcap stocks have taken a major blow as Nifty Smallcap index has plunged 1.20 per cent.  

Pharma and FMCG are the top performers while media and realty stocks are weak today. India VIX has jumped nearly 3 per cent amidst such volatility.  

Reliance Industries, along with Hindalco, and Apollo Hospitals are the top gainers from the Nifty 50 stocks while Adani Enterprises, Adani Ports, and M&M are weak today.  

The day’s low of 16,918 happens to be a critical level for Nifty 50 index and it shall be watched keenly for the rest of the day.  


Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index has jumped 0.42 per cent to trade at 17,000 level while S&P BSE Sensex has soared over 225 points. Stock specific action is seen in the broader market.   

Pharma and energy stocks are the top performers while realty stocks have seen slight profit booking. India VIX has surged over 2 per cent.


Pre-market update: U.S. markets closed higher on Friday as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector. Dow Jones Industrial Average rallied 132 points or 0.41 per cent and closed around day’s high at 32,237 level. Nasdaq 100 closed in green around 0.30 per cent on the day. Meanwhile, CBOE VIX closed in red around 3.85 per cent.  

Global commodities market closed on mixed note, gold dropped around 0.79 per cent and silver rose around 0.69 per cent.  

BRENT Crude closed in red around 0.69 per cent after the recovery from day’s low.  

On Friday's trading session, Indian markets witnessed one way sell off in the afternoon session after the consolidation of morning session of the day and closed around the day’s low. NSE Nifty 50 dropped 131.8 points or 0.77 per cent to close at 16,945 level while S&P BSE Sensex also lost 398 points. Nifty Midcap 100 and Nifty Smallcap 100 cracked 1.17 per cent and 1.67 per cent, respectively.           

Nifty weekly PCR (0.794) remains in oversold zone.   

FIIs sold 1720.44 crore and DIIs bought 2555.53 crore in domestic market.  

As per the OI Data, all participants except Clients added longs as compared to previous sessions. 

Clients and FIIs added some shorts, while PROs and DIIs covered their shorts. 

Now FIIs index longs percentage came to 13.33 per cent. 

Fridays close was the lowest close of year 2023 for NIFTY, still Bulls have hopes for rebound until previous swing lows zone (16,700 to 16,860) is protected for the upcoming sessions.    

Important event of the week is USA GDP growth rate data coming on March 30.  

Now, SGX Nifty indicates gap up opening more than 100 points. It would be interesting to watch if bulls can hold these levels or not.

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