Market WRAP: Nifty closes at 18,700; Sensex dips by 415 points as auto, bank and energy shares plunge

Rohit Kale
/ Categories: Trending, Mkt Commentary
Market WRAP:  Nifty closes at 18,700; Sensex dips by 415 points as auto, bank and energy shares plunge

Stocks that hit their fresh 52-week high include AB Capital, Bank of India, BHEL, Cummins India, HAL, Supreme Industries, UBL and Varun Beverages Ltd. 

Market update at 3.30 PM: Benchmark indices traded lower throughout the day ahead of the release of US Jobs data. NSE Nifty 50 index slipped 0.62 per cent to close at the 18,700 level while BSE Sensex dipped 415 points. Nifty Midcap and Nifty Smallcap relatively outperformed and surged 0.88 per cent and 0.60 per cent, respectively,  

Auto, energy and banks saw profit booking while good buying interest was seen across media and realty stocks.  

Stocks that hit their fresh 52-week high include AB Capital, Bank of India, BHEL, Cummins India, HAL, Supreme Industries, UBL and Varun Beverages Ltd. 

The focus shall turn towards wall street as analysts keenly await US jobs data to anticipate economic activity.

 

Market update at 11.20 AM: The benchmark indices exhibit weakness at higher levels amid a lack of buying interest in largecap stocks. NSE Nifty 50 index has slipped 0.57 per cent to trade at 18,700 levels, while BSE Sensex has lost about 400 points. However, the broader market is showing relatively good strength as Nifty midcap is up 0.50 per cent and the Nifty smallcap has risen 0.33 per cent. 

Media and realty stocks have seen fresh buying interest while auto, pharma and banks are weak today. ONGC, Grasim Industries, and Adani Ports are the top gainers from the Nifty 50 stocks, while Eicher Motors, M&M, and Cipla are weak today. 

About 1,216 stocks are advancing against 731 stocks that are declining, which indicates good participation in the broader market. 

The next support for Nifty lies at 18600, which is the 8-day exponential MA. 

 

Market update at 9.30 AM: Indices have opened lower amid weak global cues. NSE Nifty 50 index has slipped nearly half a per cent while BSE Sensex has dipped 300 points. Midcap and Smallcap indices trade on a mixed note.  

Realty and media have seen good buying interest while auto and banks are weak today. Meanwhile, India VIX is trading on a flat note.  

 

Pre-market update:  Overnight, the US market closed on a flat note as investors await the key US jobs data set to be released later during Friday evening. The tech-heavy index Nasdaq ended marginally higher by 0.12 per cent, while Dow Jones lost nearly 200 points. Meanwhile, the Asian markets have also opened mixed, and trends on the SGX Nifty indicates that the domestic market may open with a mild loss of a 40 points.
Important news for the day : Government of India cuts windfall tax on locally produced crude oil and petroleum products. Thus, energy stocks are likely to be in focus.

Crude oil trades with volatility as supply cut reports weigh off recession concerns. Brent crude oil currently trades at the USD 86 level.
In the last trading session, the FIIs sold to the tune of Rs 1,565 crore while the DIIs bought shares worth Rs 2,664 crore.

Nifty is expected to remain volatile and price action shall be keenly watched at higher levels.

 

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