Nifty closes just below 17,300; HDFC and JSW Steel emerge as top gainers

HDFC, JSW Steel, and Titan Company emerged as the top gainers among Nifty stocks

Market update at 3.30 PM: The major indices witnessed a volatile final hour as they made huge swings on both sides. Nifty closed at 17,287.05, soaring 1.84 per cent. Besides, Sensex surged over 1,047 points while Nifty Midcap and Nifty Smallcap also received positive momentum as they gained about 1.38 per cent & 1.23 per cent respectively.   

All the sectoral indices, apart from Nifty IT, closed in green with Nifty Realty, Nifty Financial Services, and Nifty Auto being the prominent sectoral indices in supporting the market. HDFC, JSW Steel, and Titan Company emerged as the top gainers among Nifty stocks while Infosys, Cipla & IOC were weak today.   

Nifty decisively closed above its 200-DMA while India VIX crashed over 6 per cent. This is a positive sign and Nifty is expected to continue its upward journey in the upcoming weeks.  

Market update at 1.10 PM: Nifty continues to trade higher and has tested the level of 17,300. Currently, the benchmark index is up by 1.89 per cent while Sensex has gained over 1,100 points. Nifty Midcap and Nifty Smallcap are up by 1.28 per cent & 1.26 per cent, respectively.  

All the sectoral indices are trading in green. HDFC, Titan Company, and Eicher Motors have emerged as the top gainers while IOC, ONGC, Cipla & HCL Technologies are weak today.  

The maximum addition of open interest has been done at the 17,200 put options, followed by the 17,300 put options on the expiry day. The maximum open interest stands at 17,500 in the case of call options. Thus, we can expect Nifty to close in a wide range of 17,200 to 17,500 today.   

Market update at 11 PM: Nifty continued to trade higher and is up by about 1.67 per cent. Meanwhile, Sensex has gained about 1,000 points while the mid-cap & small-cap stocks look strong.  

All the sectoral indices are in green. Nifty Bank, Nifty Realty, and Nifty Auto are seen outperforming the other sectors. HDFC, Titan Company, and Kotak Mahindra Bank are the top gainers among Nifty stocks.  

With such positivity, India VIX has crashed about 7 per cent. 

Market update at 9.30 AM: Indian indices have opened higher and are trading stronger in the initial minutes of the session. Nifty opened higher by 227.55 points or 1.34 per cent at 17,202.  

Currently, Nifty has gained another 10 points while Sensex surged 840 points. Nifty Midcap and Nifty Smallcap are also trading higher by about a per cent each.  

All the sectors are trading in green and with this, India VIX has crashed 7 per cent.  

Pre-market update: Last night, Federal Reserve Bank announced a 25 bps hike in interest rates, which was much expected by the investors. With this, the US markets closed significantly higher with NASDAQ surging about 3.77 per cent while Dow Jones ended higher by 518 points.

Owing to positive global cues, the Asian markets have opened higher, and SGX Nifty also indicates a higher opening of 250 points for Nifty.

Crude oil is trading below USD 100 per barrel and is likely to trade in a range.

In the last trading session, both FIIs as well as DIIs turned out to be net buyers and bought equity worth around Rs 311 crore & Rs 799 crore, respectively.

With such a huge gap-up, the initial hour will be keenly watched to understand the trend of the market.