Indices close marginally higher; metals shine, media drags

Grasim, NTPC, and JSW Steel emerged as the top gainers while Eicher Motors, IndusInd Bank & Bharti Airtel were the top losers.   

Market update at 3.30 PM: Indices ended higher after a volatile second half as Nifty rose 36 points or 0.21 per cent while Sensex jumped nearly 60 points. Nifty Midcap and Nifty Smallcap climbed 0.70 per cent & 0.55 per cent, respectively.  

Metals were the star performers along with PSU banks and energy while media & realty were weak today.  

Grasim, NTPC, and JSW Steel emerged as the top gainers while Eicher Motors, IndusInd Bank & Bharti Airtel were the top losers.   

Nifty formed a bearish candle on Friday, indicating pressure at higher levels. Meanwhile, US Fed Chairman is due to deliver a speech as investors await clues regarding inflation and economic outlook. 

Market update at 3 PM: Indices witnessed a sharp fall as Nifty slipped over 75 points in just five minutes while Sensex plunged 40 points. The mid-cap and small-cap indices also experienced selling pressure ahead of the weekend.  

Market update at 11.15 AM: Indices have been trading higher amid volatility. Nifty climbed 0.40 per cent but witnessed selling pressure at higher levels. Sensex has jumped 200 points so far while buying continues in the mid-cap as well as the small-cap space. Nifty Midcap and Nifty Smallcap soared 0.83 per cent & 0.63 per cent, respectively  

Metals, IT, and PSU banks are the top performing sectors while private banks & FMCG are weak.   

Titan Company, Hindalco & Tata Steel are the top gainers amongst Nifty stocks while Eicher Motors, Bharti Airtel, and IndusInd Bank are weak today.   

The advance-decline ratio is in the favour of bulls and currently stands at 1,371:530.  

Only buyers are seen at Surya Roshni, Aarvee Denims, Rama Steel Tubes, and NELCO Limited.  

ABB India, Adani Transmission, Bank of Baroda, Federal Bank, and Siemens have hit their respective new 52-week high levels.   

Nifty is currently hovering at 17,600 and with the weekend coming up, we can witness some volatility as the day progresses.   

Market update at 9.40 AM: Indices have opened positively as Nifty climbed 0.70 per cent. It is currently trading at the 17,650 level while Sensex jumped 400 points. Nifty Midcap and Nifty Smallcap soared 0.92 per cent & 0.82 per cent, respectively.  

Metals and IT are dominating while all other sectors are also positive. With this, India VIX has slipped over 7 per cent.

Pre-market update: The US market witnessed a good short-covering rally towards the end as Nasdaq surged 1.67 per cent while Dow Jones added 322 points. Thus, most of the Asian markets have opened positively and SGX Nifty indicates a gap-up opening of about 150 points for Nifty.
US Fed official James Bullard expressed that he expects inflation to be more persistent and further rate hikes are needed to see some positive impact.
US Fed Chairman Jerome Powell is likely to deliver a speech on Friday regarding the outlook for inflation as investors await more clues for economic data points.
In the last trading session, the institutional buying was positive despite sharp selling towards the end. The FIIs bought to the tune of Rs 369 crore while the DIIs sold equity worth Rs 334 crore.
Brent crude continues to trade above the 100 level and is likely to stay elevated as the OPEC meeting approaches. 

Meanwhile, Nifty is likely to see a good gap-up on the first trading session of September expiry. It remains to be seen whether it sustains the gap-up or not.