Indices witnessed strong follow up buying; IT, Banks and Realty sector stocks led the rally

Index heavy weight stocks like Reliance, Nestle, Infosys and ICICI Bank were the top gainers amongst Nifty 50 stocks.    

Market update at 3.30 PM:   

Nifty closed around the day’s high with one way up move from the first candle of the trading session. NSE Nifty 50 rallied 279 points or 1.63 per cent to close at 17,359.75 level, while S&P BSE Sensex closed around the day’s high with a rise of more than 950 points. Nifty Midcap 100 and Nifty Small cap 100 soared 0.87 per cent and 1.61 per cent respectively.   

Nifty weekly PCR (1.2) now came to neutral zone.       

All sectors showed strength compared to previous session and closed in green. IT, Banks and Realty sector stocks contributed the most.          

Index heavy weight stocks like Reliance, Nestle, Infosys and ICICI Bank were the top gainers while Adani Ports and Sun Pharma were the top losers amongst Nifty 50 stocks.       

On the last day of the financial year, Bulls managed to close Nifty above the short-term resistance zone. Still bears can hope for a relief till Nifty is below 17,400 level. 

Market update at 12.35 PM: Indices trade at day’s high amidst positive market senitment. NSE Nifty 50 index has surged 1.37 per cent to trade above 17,300 level while S&P Sensex has jumped nearly 850 points so far. Smallcap stocks see the biggest buying actions.  

Reliance Industries (3.78 per cent) is the top gainer amongst the index heavyweights, along with ICICI Bank (2.86 per cent) and Infosys (2.14 per cent). All the sectors are trading strongly positive and overall market sentiment is bullish.   

Market update at 11 AM: Indices are firmly trading in green amid positive sentiment in the market. NSE Nifty 50 index has jumped 1 per cent to trade above 17,200 mark while S&P BSE Sensex has surged 600 points. Nifty Midcap and Nifty Smallcap have climbed 0.92 per cent and 1.65 per cent respectively.   

The top performing sectors are energy, banks and metals. India VIX has crashed over 5 per cent amidst the positive sentiment.   

About 1677 stocks are advancing while 332 stocks are on a decline, thus showing strong buying sentiment in the market.   

Top contributors to the Nifty’s rally include Reliance Industries, ICICI Bank and Nestle India. Meanwhile, stocks like Sun Pharma, Apollo Hospitals and Bajaj Finance remain weak.  

Market update at 9.25 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has surged 1 per cent to trade above 17,200 levels while S&P Sensex has jumped over 600 points. Strong buying interest is seen across midcap and Smallcap stocks.  

All the sectors are trading in green and India VIX has crashed over 4 per cent amidst such positivity.  

Pre-market update: US markets showed strong strength in last two days. The Dow Jones Industrial Average soared 465 points to close around 32,859 level. Tech heavy Nasdaq surged around 300 points. Meanwhile, CBOE VIX cooled off more than 4 per cent in last 2 trading sessions.  

In global commodities market, Gold rallied around 0.8 per cent and silver rose around 2.4 per cent.  

BRENT Crude consolidated in small range and closed around the last 2 days high.  

On Wednesday's trading session, Nifty closed around the day’s high amidst volatility on monthly expiry trading session. NSE Nifty 50 rallied more than 129 points or 0.76 per cent to close at 17,080.70 level, while S&P BSE Sensex also closed higher with rise of more than 400 points.  

Nifty Midcap 100 and Nifty Small cap 100 soared 1.54 per cent and 1.73 per cent respectively. 

Nifty weekly PCR (1.054) comes to neutral zone after monthly expiry.  

On the same trading session, both participants supported the market rally in which FIIs bought Rs 1245.39. crore and DIIs bought Rs 822.99 crore in the domestic market.   

On Wednesday, i e. on the day of monthly expiry, markets remained volatile for the day with sharp moves. However, Nifty surpassed its short-term resistance 17,050 level and closed above it which is a strong sign for the bulls.  

Now, SGX Nifty showing underperformance to global markets indicates Nifty is likely to open flat. 

It’ll be interesting to see whether Bulls can hold these levels or not.