Indices close higher, led by auto, financials, and pharma

Among Nifty stocks, Eicher Motors, Coal India, and M&M emerged as the top gainers

Market update at 3.30 PM: Indices closed higher for the second consecutive day. Nifty surged about 1.49 per cent to close at 17,392.60 while Sensex gained around 875 points at the end of the day. Nifty Midcap and Nifty Smallcap too closed higher by about 1.07 per cent & 1.55 per cent, respectively.   

All the sectors closed in green. Auto, financials, and pharma were the frontrunners in supporting the market.   

Among Nifty stocks, Eicher Motors, Coal India, and M&M emerged as the top gainers while Cipla, Bharti Airtel & Tata Steel remained weak. With this, India VIX has fallen about 4.39 per cent.  

Nifty has formed a bullish candle on the technical chart and indicates strong support at the lower levels.   

Market update at 2.20 PM: Nifty is trading at the day’s high and is inching towards 17,400. Reliance, HDFC Bank, HDFC & Infosys are the top gainers and leading the rally. Nifty Midcap and Nifty Smallcap have surged over 1.13 per cent & 1.45 per cent, respectively. Meanwhile, Sensex has gained over 800 points.  

In this broad-based rally, all the sectors are trading in green whereas India VIX has slipped nearly 5 per cent.  

Market update at 12.10 PM: Indices are trading higher while Nifty is currently at its day’s high. It is up by about 1.19 per cent and Sensex has gained over 720 points. Nifty Midcap and Nifty Smallcap have also surged 0.88 per cent & 1.29 per cent, respectively.   

The rally is prominently led by IT and auto while metals witnessed a slight profit booking.   

Coal India, Reliance, Asian Paints, and Infosys are currently the top gainers while Tata Steel, JSW Steel, and Hindalco are weak today. With such positivity, India VIX has slipped about 3 per cent.   

Market update at 9.30 AM: Indices have opened higher amid good global cues. Nifty is up by 0.59 per cent while Sensex has gained about 380 points. Nifty Midcap and Nifty Smallcap are also trading higher by nearly a per cent each.  

Among the sectors, realty, media, and banks are trading higher while metals are weak today. With this, India VIX has slipped over 4 per cent.  

Pre-market update: Last night, the US markets ended on a mixed note. The tech-heavy NASDAQ closed lower about 1.22 per cent after weak Netflix results while Dow Jones gained about 250 points at the end of the day.

The US bond yield has dipped after scaling three-year highs and is placed at 2.8436 per cent.

With this, most of the Asian markets have opened higher and SGX Nifty indicates a gap-up opening of about 100 points for Nifty.

In the last trading session, the FIIs have sold to the tune of Rs 3,009 crore while the DIIs bought to the tune of Rs 2,645 crore.

Crude oil continues to trade below the 110-mark.

Nifty is likely to open above 17,200, and this level shall act as good support for the index.