Bulls cheer as Nifty closes above 16,400, led by energy, IT, and pharma

Bajaj Auto, BPCL, Dr Reddy’s Laboratories, and Reliance Industries emerged as the top gainers amongst Nifty stocks

Market update at 3.30 PM: Indices witnessed a spectacular rally in the last one hour while Nifty rose 0.74 per cent to close at 16,478.10. Sensex gained about 427 points while Nifty Midcap and Nifty Smallcap also recovered from their day’s low to close higher by 0.49 per cent & 0.21 per cent, respectively.  

Most of the sectors recovered towards the end. The energy, IT & pharma stocks outperformed while metals and PSU banks remained weak. Bajaj Auto, BPCL, Dr Reddy’s Laboratories, and Reliance Industries emerged as the top gainers amongst Nifty stocks whereas Tata Steel, Shree Cement & Tata Motors were the top gainers.  

With such positivity, Nifty formed a bullish candle on the technical chart. It is likely to trade in a broader range of 16,300-16,800 in the coming days. Meanwhile, global cues shall also be in focus.   

Market update at 11.40 AM: Indices have been trading flat amid volatility on the day of the weekly expiry. Nifty is up by 2 points while the mid-cap and small-cap indices are marginally lower.  

Among the sectors, energy, pharma & auto are trading higher while metals have faced a severe profit booking.  

Dr Reddy’s Laboratories, Bajaj Auto, and ONGC are the top gainers amongst Nifty stocks while Tata Steel, Hindalco & Shree Cement are down today.  

The advance-decline ratio is at 1:1, meaning to say that an equal number of stocks are advancing and declining.   

Market update at 9.35 AM: Indices are trading lower while Nifty is near the level of 16,300. Sensex has lost about 180 points while the mid-cap, as well as small-cap indices, are also trading on a lower note.   

Pharma, energy, and auto stocks are trading higher while realty, financials & FMCG are weak at the beginning of the session.   

Meanwhile, India VIX has slipped about a per cent.   

Pre-market update: Last night, the US markets closed negative. Nasdaq slipped about 0.73 per cent while Dow Jones lost around 269 points.  

The Asian markets have opened mixed but SGX Nifty indicates a loss of 90 points.  

In the last trading session, the FIIs have sold to the tune of Rs 2,484 crore while the DIIs bought about Rs 1,904 crore worth of equity.  

Brent crude has surged over the 123-mark and is at a 13-week high.  

Thursday, being the weekly expiry, the volatility is expected to persist. The 16,800-strike holds the highest open interest on the call side while the maximum OI on the put side is at 16,000. Meanwhile, PCR stands at 0.5, indicating bearishness.  

Nifty is likely to open below 16,300 and bearishness is likely to continue.