Market WRAP: Indices recover from lower levels; media, pharma and IT gain, auto skids

Shree Cement, UltraTech Cement, and Adani Ports emerged as the top gainers while Tata Motors, Bajaj Auto & IndusInd Bank were the top losers.  

Market update at 3.30 PM: On a fairly volatile day, Nifty managed to close above 17,600 after a gap-down opening, The benchmark index slipped 0.18 per cent while Sensex lost 168 points. Meanwhile, Nifty Midcap and Nifty Smallcap climbed 0.50 per cent & 0.78 per cent, respectively.  

Media, pharma, and IT sectors rose today while auto remained weak.   

Shree Cement, UltraTech Cement, and Adani Ports emerged as the top gainers while Tata Motors, Bajaj Auto & IndusInd Bank were the top losers.  

Nifty recovered from its day’s low, which is a positive sign. Meanwhile, the global markets shall continue to be in focus.  

Market update at 10.50 AM: Indices continue to trade lower amid volatility. Nifty is down by half a per cent while Sensex has lost over 300 points. Interestingly, it is the mid-cap and small-cap segment that has seen buying interest at lower levels. Nifty Midcap and Nifty Smallcap have climbed 0.22 per cent & 0.45 per cent, respectively. FMCG and pharma are marginally higher while auto, IT & banks are weak.   

Only buyers were seen at Dhunseri Investments, Sambhaav Media, Total Transport Systems, and Simbhaoli Sugars.  

The top gainers from Nifty 50 index are Shree Cement, UltraTech Cement, and Coal India. Meanwhile, Tata Motors, Bajaj Auto, and Bharti Airtel are weak.   

Nifty continues to trade in a range-bound manner post opening. Besides, a rise above 17,600 shall be deemed positive while a fall below 17,500 is detrimental.   

Market update at 9.30 AM: Indices have opened lower amid weak global cues. Nifty slipped half a per cent while Sensex tumbled 400 points. Meanwhile, the mid-cap and small-cap indices are marginally higher.  

FMCG and pharma are slightly higher while financials faced a strong sell-off. India VIX has risen by nearly 2 per cent.   

Pre-market update: The US markets were under pressure after a long weekend as Nasdaq slipped 0.74 per cent while Dow Jones lost 173 points on a volatile trading day. Economic data in the US suggested that the services industry picked up pace amid strong growth & employment, which added to the rising fear of Fed's aggressive interest rate hike.
Meanwhile, the Asian markets have opened badly ahead of the US Fed Beige Book release. The central bank is expected to outlay a summary regarding the current economic conditions, which is called a Beige Book. SGX Nifty indicates a gap-down opening of nearly 200 points.
Brent crude oil price fell over 3 per cent after two days of continuous rally. It currently trades just above USD 91 per barrel.
In the last trading session, both FIIs as well as DIIs were net buyers and bought shares worth Rs 1,144 crore & Rs 633 crore, respectively.
Nifty is likely to open near 17,500 while India VIX would be closely watched.