Indices closed flat amid volatility: IT and financials outperform; energy and auto plunge

UltraTech Cement, Shree Cement & ICICI bank were the top gainers for the day while Britannia, Hindalco, and M&M were weak today.   

Market update at 3.30 PM: Indices have closed mixed amid volatility. Nifty closed marginally higher by 15 points near 17,400 while Sensex surged 90 points. Meanwhile, Nifty Midcap and Nifty Smallcap also closed on a mixed note.  

IT and financials outperformed while energy & auto closed weak.   

UltraTech Cement, Shree Cement & ICICI bank were the top gainers for the day while Britannia, Hindalco, and M&M were weak today.   

Post RBI meet, all eyes would now shift towards the US as its jobs data is set to release tonight.  

Market update at 2.15 PM: Indices witnessed selling pressure at higher levels as Nifty trades below 17,400. It is currently flat whereas Sensex climbed 50 points. 

Meanwhile, the mid-cap and small-cap indices are marginally higher.  

Market update at 10.50 AM: Indices soared post RBI meet as Nifty climbed 0.35 per cent while Sensex surged over 240 points. Nifty Midcap and Nifty Smallcap also inched higher by nearly half a per cent each.   

IT, financials, and FMCG are trading higher while auto & energy are weak. UltraTech Cement, Bharti Airtel, and ICICI Bank are the top gainers amongst Nifty stocks while Hindalco, Reliance & Maruti Suzuki are the top losers for now.   

The advance-decline ratio stands at 1,248:639, favouring the bulls.   

Nifty has tough resistance placed at 17,500 while 17,400 emerged as a strong support level.   

Market update at 10.05 AM:  RBI has increased the repo rate by 50 basis points. RBI Governor iterates that domestic activity is resilient despite rising inflation.  

Meanwhile, Nifty climbed 60 points and Sensex surged 250 points

Market update at 9.35 AM: Indices have opened higher as Nifty climbed over 60 points. It is currently trading at 17,430 while Sensex has soared 200 points. Nifty Midcap and Nifty Smallcap are also marginally higher. 

Metals, IT, and media are trading higher while energy & auto are weak. 

Meanwhile, India VIX has slipped over a per cent. 

Pre-market update: All eyes would be set on RBI MPC outcome that’s releasing today as the fight with inflation continues. A rate hike of 40-50 basis points is widely expected. What shall be in focus is RBI's stance on the inflation in coming months along with sustained economic growth.
The Asian markets opened higher on Friday morning amid positive global cues. Nasdaq climbed 0.41 per cent last night whereas Dow Jones lost 85 points. SGX Nifty indicates a gap-up opening of about 50 points.
In the last trading session, the FIIs bought to the tune of Rs 1,474 crore while the DIIs sold for about Rs 46 crore worth of equity.
Crude oil fell further while Brent crude is now below the 95-mark amid recession fears.