Indices close higher; Bajaj twins steal the show

Nifty Media, Nifty Financial Services, and Nifty Realty closed significantly higher

Market update at 3.30 PM: Indices closed higher and Nifty gained about 1 per cent to close at 17,498.25. Sensex gained 740.34 points while Nifty Midcap and Nifty Smallcap closed higher by 0.85 per cent & 0.97 per cent, respectively.  

Among the sectoral indices, Nifty Media, Nifty Financial Services, and Nifty Realty closed significantly higher while Nifty Metal plunged over 2 per cent. Bajaj Finserv and Bajaj Finance were the star performers today as they gained about 3.47 per cent & 2.95 per cent, respectively. However, Hindalco and ONGC experienced severe selling pressure.  

With monthly expiry coming up, the maximum open interest stands at the 18,000 call option. Moreover, straddles have been created near 17,500 strikes, hinting towards the possibility of Nifty closing somewhere near this level.   

Nifty has formed a Doji candle and indicates indecisiveness. Meanwhile, global trends shall be keenly watched to anticipate further trends in the market.   

Market update at 11 AM: Indices trade higher and Nifty is just inches away from the 17,500-mark. The benchmark index has jumped 0.92 per cent while Sensex gained over 600 points. Nifty Midcap and Nifty Smallcap have surged 0.56 per cent & 1.10 per cent, respectively.  

Among the sectors, media, auto, and realty are supporting the market while metals turned out to be the weak performers. Tata Consumer Products, Bajaj Finserv, and Axis Bank are currently the top gainers among Nifty stocks while ONGC, Hindalco & JSW Steel are the top losers.  

India VIX has crashed by nearly 5 per cent, following the positivity sentiment in the market.   

Market update at 9.30 AM: Indices have opened higher amid good global cues. As expected, Nifty opened higher by 142.85 points and is currently, trading near the 17,400-level. Sensex has gained about 350 points while mid-cap & small-cap indices are also trading higher.  

Among the sectors, realty, media, and auto gained while metals are weak today. With this, India VIX has crashed by over 2 per cent.  

Pre-market update: Last night, the US markets closed significantly higher with NASDAQ surging about 1.84 per cent while Dow Jones gained around 338 points.

The peace talk was held on Tuesday between Ukraine and Russia in Turkey wherein, Russia announced the reduction in the military operations in Kyiv. Moreover, Zelenskyy & Putin are likely to meet today. With such a positive outcome, the European stock markets rallied, and Asian markets have opened higher. SGX Nifty indicates a gap-up opening of about 150 points.

In the last trading session, the FIIs bought about Rs 35 crore while the DIIs bought about Rs 1,713 crore worth of equity.
Petrol and diesel prices have been hiked yet again by 0.80 rupees, taking the tally to Rs 5.60 in eight days.
Hero MotoCorp would be in focus today in context to the IT claim of detection of bogus Rs 1,000 crore expenses.
Meanwhile, Crude oil price has slipped below the 105-mark amid easing global tensions.
Nifty is likely to open at around 17,500 while the initial hour would remain the key to anticipate further trends in the market.