Market WRAP: Indices end at their day’s low; Sensex closes below 60,000 as media, IT and realty drag the market

Rohit Kale
/ Categories: Trending, Mkt Commentary
Market WRAP: Indices end at their day’s low; Sensex closes below 60,000 as media, IT and realty drag the market

Maruti Suzuki, Eicher Motors & Adani Ports emerged as the top gainers whereas Hindalco, Infosys, and Tech Mahindra were the top losers.

Market update at 3.30 PM: Indices closed at their day’s low as Nifty plunged 0.70 per cent on the volatile weekly expiry day. Sensex ended below the 60,000 level, tumbling 412 points. The mid-cap and small-cap stocks outperformed as Nifty Midcap jumped 0.60 per cent while Nifty Smallcap closed on a flat note.   

Media, IT, and realty were the top underperformers while auto & energy traded higher.   

From Nifty 50 stocks, Maruti Suzuki, Eicher Motors & Adani Ports emerged as the top gainers whereas Hindalco, Infosys, and Tech Mahindra were the top losers.   

Nifty closed below the 17,900 level as profit booking prevailed at higher levels. The 18,000 shall act as strong resistance in the upcoming days while immediate support lies at 17,800.   

 

Market update at 11.10 AM: Indices witnessed a sell-off from higher levels as Nifty tumbled nearly 200 points from the day’s high. The benchmark index hovers at the 17,900 level and is down by 0.55 per cent. Sensex has tanked 300 points while Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Auto & energy sectors are trading higher while media and IT are seeing profit booking. Infosys, Tech Mahindra, Hindalco, and Cipla are the top losers amongst Nifty 50 stocks. Meanwhile, buying is seen across Maruti Suzuki, Eicher Motors, and NTPC as they emerge as top gainers. 

The advance-decline ratio stands at 845:1,059, indicating weakness in the market. Despite the weakness, only buyers were seen in Keynote Finance, TRF, Karma Energy, and Sakar Healthcare. 

Meanwhile, stocks like Adani Enterprises, Adani Ports, Bajaj Holdings, Maruti Suzuki, NTPC, Pidilite, and SBI have hit their respective fresh 52-week high levels.   

The maximum open interest is seen at 18,100 CE and 18,000 CE while Call writing is being done aggressively.  

 

Market update at 10.05 AM: Indices have seen selling pressure at higher levels as Nifty fell over 120 points from its day’s high. Nifty is currently down by 0.20 per cent, below the 18,000 level. Sensex has lost 100 points while the mid-cap and small-cap indices are holding on to their gains. With this, India VIX has surged nearly 3 per cent. 

 

Market update at 9.30 AM: Indices have opened higher amid positive global cues as Nifty jumped 0.40 per cent at the beginning of the session. Sensex has soared 250 points while strong buying is seen in the mid-cap & small-cap stocks.  

Financials and auto are the top performers while media & pharma are weak today. Meanwhile, India VIX has slipped over a per cent.   

 

Pre-market update: The US market consolidated in the previous trading session after hotter inflation data created a bloodbath across global markets on Tuesday. Nasdaq rose 0.74 per cent while Dow Jones gained about 30 points. Most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 80 points for Nifty. Brent crude oil price has risen amid supply constraints and is above the 94-mark. Meanwhile, Tamilnad Mercantile IPO is set to debut on the exchanges today. The debut price is expected to be either flat or moderately premium to the issue price. Local wholesale inflation drops to an 11-month low of 12.41 per cent in August. In the last trading session, the FIIs sold to the tune of Rs 1,397 crore while the DIIs bought equity worth Rs 187 crore. Nifty is likely to open above the 18,000 level and intraday volatility is expected to persist. 

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