Stock market update: Nifty, Sensex trade lower amid volatility; FMCG, Pharma and consumer durable stocks top losers

After opening higher, the Indian market declined in the afternoon trade despite oil softened by $1 a barrel as uncertainties surrounding Russia-Ukraine continued to make market jittery. The broader Nifty50 dropped by 0.4% to trade near 17, 100, while the Sensex tanked over 250 points as the 30-share index corrected by nearly 0.5%. At 12.30 pm, the benchmarks traded at 17,140 and 57, 320.  

Nifty Bank slipped below 35,500 as the 12-share banking index lost over 150 points to trade around 35,350.  

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In the broader market, Nifty midcap and small cap indices traded flat as India's volatility index hit 24-mark.  

FMCG, Pharma and consumer durable sectors witnessed maximum sell off in a volatile trading session on Friday.  

Metal, Realty, media and oil & gas were the only sectors trading in the green.  

Earlier, Mohit Nigam, Head - PMS, Hem Securities for Friday March 25, cautioned investors ahead of the opening saying market will continue to witness volatility.  

"We advise investors to remain selective while selecting stocks as nifty can face tough resistance around 17350," said Nigam.  

"The 17000-17500 range for Nifty is likely to hold for the near term with a possible breakout above the upper band coming early in April triggered by positive news from the earnings season,"said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Meanwhile, Bajaj Auto, UPL, RIL, Kotak Bank, JSW Steel, Hindalco, State Bank of India, Tata Steel and Bharti Airtel gained in a weak market. Titan, Maruti, Cipla, Power Grid, IOC, ITC, Nestle India, Tech Mahindra among top laggards. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)