Sensex jumps 225 points in a volatile trading day, FMCG and IT gain, metals plunge

Rohit Kale
/ Categories: Trending, Mkt Commentary
Sensex jumps 225 points in a volatile trading day, FMCG and IT gain, metals plunge

ITC, Britannia and IndusInd Bank emerged as the top gainers from Nifty 50 stocks

Market update at 3.30 PM: Strong volatility was witnessed on the weekly expiry day as Nifty made strong intraday moves in both sides. NSE Nifty 50 closed at 17,600 levels while S&P BSE Sensex jumped 225 points. Nifty Midcap and Nifty Smallcap climbed 0.15 per cent and 0.59 per cent respectively.   

Adani group stocks continued the free fall post the withdrawal of FPO. Adani Enterprises plunged over 26 per cent, taking tally to 43 per cent drop this week.   

FMCG and IT rose to dominance amid positive global cues and strong results from key FMCG companies, whereas metals and energy stocks were seen under pressure.   

ITC, Britannia and IndusInd Bank emerged as the top gainers from Nifty 50 stocks while Adani Enterprises, Adani Ports and UPL were the top losers.   

Nifty formed a small inside bullish bar and closed nearly at day’s high. Meanwhile, Adani group saga shall continue to remain in focus along with the global markets to anticipate further trend. 

 

Market update at 11 AM: The benchmark indices NSE Nifty 50 and S&P BSE Sensex are trading on a mixed note, as strong buying in FMCG and IT stocks is offset with profit booking in metal, media and Adani group. Strong buying sentiment is seen across Smallcap stocks, with Nifty Smallcap gaining nearly a per cent. Nifty Midcap is up quarter per cent.   

Nifty FMCG is the top performer amongst the sectoral indices, with a gain of over 2 per cent.  

About 1217 stocks are advancing as against 716 stocks that are declining, thus indicating positive market breadth.   

ITC, along with Britannia and Infosys are the top gainers from the Nifty 50 stocks while Adani Enterprises, HDFC Life Insurance Company and UPL are weak today.   

Adani group stocks have seen severe selling pressure following the withdrawal of Adani Enterprises FPO.  

 

Market update at 9.30 AM: Indices have been trading on a flat note amid strong volatility. NSE Nift 50 index trades at 17,600 levels while midcap and smallcap stocks see strong buying interest. 

Adani stocks have slumped following the withdrawal of FPO issue. IT and media stocks are the top perfomers on the bourses. India VIX has slipped over 2 per cent.  

 

Pre-market update: The Wall Street indices rallied after US FOMC decided to slower their pace of rate hike to 25 basis points, taking the rate to 4.50-4.75 per cent. The US Fed chairman indicated that the Fed remains committed to fight against the inflation and has done a commendable work in bringing down the inflation. The tech-heavy Nasdaq jumped 2 per cent while Dow Jones Industrial Average ended flat in a volatile trading session. With this, most of the Asian markets have opened on a mixed note and trends on SGX Nifty indicate a loss of 100 points. 

Adani group has decided to call off the FPO and to return the money to its investors after Adani Enterprises stock price fell over Rs 1,200 from its FPO price. The Adani stocks plunged as much as 35 per cent in Wednesday's trading session.

Key companies like HDFC, Titan company and Tata consumer products are set to declare results today.

In the last trading session, the FIIs and DIIs both turned out to be net buyers and bought shares worth Rs 1785 crore and Rs 529 crore respectively.

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