Stock Market Update: Nifty slips below 16,900, Sensex marginally down by nearly 50 points; IT, metal stocks top laggards

After opening marginally higher, the Indian market was trading flat with negative bias amid falling crude oil price and signs of easing of tensions between Russia and Ukraine. The benchmarks were pulled down by metal and IT stocks as market also looked forward to FOMC meeting on Wednesday and ongoing Russia Ukraine tensions keenly.  

The broader Nifty50, which surpassed 16,900-level, was trading lower by o.13% to 16,849.80 around 11.30 am. S&P BSE Sensex was trading lower by 0.1% to 56,424.21.  

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In the broader market, midcap and smallcap indices outperformed benchmarks as they gained 0.3% and 0.6% respectively.  

The 12-share Bank Nifty remained around 35,500 as the index added nearly 200 points. IT, Metal and Oil & Gas sectors were top laggards as auto, FMCG, realty and consumer durables supported the market.  

Tata Consumers, Tata Motors, Mahindra & Mahindra, Ultratech Cement, Asian Paints, Bajaj Finserv, ICICI Bank, Titan and Bajaj Finance were among top gainers.  

ONGC, Hindalco, Tata Steel, Infosys, JSW Steel, Power Grid, Kotak Bank, Tech Mahindra, Reliance and Wipro declined the most.  

Since the 16720-850 congestion region was blown away in the face of bullish onslaught yesterday, but Nifty is sure to acknowledge 16960 today, said Anand James - Chief Market Strategist at Geojit Financial Services. 

"This encourages us to extend the short term upside targets to 17300-18000. However, for the day, while the turn lower from the 16960 region is expected to be limited to 16730, slippage past the same could call for an extended consolidation period, with 16480 as the downside marker," he added.