Market WRAP: Indices close in green; PSU banks, IT and energy support the market

UPL, Adani Enterprises & HCL Technologies emerged as the top gainers from Nifty 50 stocks

Market update at 3.30 PM: The benchmark indices i.e. NSE Nifty 50 and BSE Sensex 30 managed to recover from their early gap-down openings and closed in green. 

Nifty jumped 0.30 per cent while Sensex gained nearly 100 points. Meanwhile, Nifty Midcap and Nifty Smallcap closed on a mixed note.   

PSU banks, IT, and energy were the top performers while private banks remained weak.   

UPL, Adani Enterprises & HCL Technologies emerged as the top gainers from Nifty 50 stocks while IndusInd Bank, Asian Paints, and Apollo Hospitals remained weak.   

Nifty approached the 17,600 level towards the end but couldn’t close above it. A rise above this level in the upcoming days shall pave the way towards 17,800 and 18,000 levels.

Besides, corporate results shall continue to be in focus.   

Market update at 1.05 PM: The broader indices have erased early losses, thanks to the strong support from the IT and FMCG sectors. Nifty is above 17,500 level while Sensex is trading flat. Meanwhile, Nifty Midcap continues to remain under pressure.  

Nifty IT has jumped 1.10 per cent and is the top performer among the sectoral indices.   

Market update at 11.20 AM: Indices have been trading lower amid volatility on the weekly expiry day. Nifty recovered nearly 100 points from its day’s low but witnessed strong selling pressure at higher levels. 

Currently, the benchmark index Nifty has slipped 0.25 per cent while Sensex lost 168 points. Nifty Midcap and Nifty Smallcap have plunged 0.85 per cent & 0.35 per cent, respectively.  

Banks are the top losers among the sectors while IT and FMCG have seen strong buying interest.  

UPL, HCL Technologies, and Nestle India are the top gainers from Nifty 50 stocks while IndusInd Bank has tanked 4 per cent despite posting good results and is the top loser. Titan Company and NTPC are also included in the top losers’ list.  

The advance-decline ratio stands at 916:987, indicating a tug-of-war between the bulls and bears.  

Stocks that have hit their fresh 52-week highs are Aegis Logistics, Deepak Fertilizers, ITC, Mahindra CIE Automotive,  and RHI Magnesita.  

The level of 17,500 continues to be a tough resistance while 17,400 shall act as good support for Nifty. 

Market update at 9.20 AM: Indices have opened lower amid bad global cues. Nifty has slipped 0.44 per cent while Sensex lost 215 points. The mid-cap and small-cap stocks witnessed selling pressure.  

Metals and auto are the top losers among the sectors while FMCG is flat. Meanwhile, India VIX has slipped half a per cent.  

Pre-market update: The US market closed negatively on Wednesday as treasury yields spiked and downbeat corporate outlook weighed investors’ sentiment. Nasdaq slipped 0.85 per cent while Dow Jones lost 100 points. With this, most of the Asian markets have opened lower, and SGX Nifty indicates a loss of 150 points.  

IndusInd Bank reported a 57 per cent YoY jump in net profit on lower provisioning.  

Meanwhile, ITC, Asian Paints, Bajaj Finance, and Tata Consumer Products are set to declare their results today. Thus, these stocks shall be in focus on Thursday.  

In the last trading session, the FIIs sold to the tune of Rs 453 crore while the DIIs bought shares worth Rs 908 crore.  

Nifty is expected to open around 17,400 and with weekly expiry, volatility is expected to persist today. Stock-specific action shall be in focus among the traders.