Market WRAP: Nifty closes above 17,300; SBI soars over 3 per cent as financials outperform

SBI, Bajaj Finserv, ICICI Bank & Axis Bank emerged as the top gainers while Hindalco, L&T, and JSW Steel turned out to be the top losers.   

Market update at 3.30 PM: Indices closed nearly at the day’s high as Nifty jumped above 17,300 level. The benchmark index inched higher by 0.473 per cent while Sensex jumped nearly 500 points. Nifty Midcap and Nifty Smallcap also climbed 0.16 per cent & 0.45 per cent, respectively.   

Financials outperformed the market while metals and realty were weak.   

SBI, Bajaj Finserv, ICICI Bank & Axis Bank emerged as the top gainers while Hindalco, L&T, and JSW Steel turned out to be the top losers.   

Nifty closed above 20-DMA, which is a positive sign. Meanwhile, global cues shall continue to be in focus.   

Market update at 12.30 PM: Indices have been trading at their day’s high as Nifty climbed 0.57 per cent. Sensex jumped 350 points while the mid-cap and small-cap stocks have also seen recovery from lower levels.   

Stocks that have hit their respective fresh 52-week high levels are Anant Raj, IDFC, Jay Jalaram Technologies, Mask Investment, Ratnamani Metals & Tubes, and Sun Pharma. 

Only buyers were seen across Mahalaxmi Rubtech, BPCL, Global Education, and Zenith Exports. 

Market update at 10.25 AM: Indices are off their day’s low as Nifty climbed nearly 150 points. Sensex has soared 220 points while Nifty Midcap and Nifty Smallcap are trading on a mixed note.

Financials are the top performers while metal and realty are weak.

The advance-decline ratio currently stands at 810:1109, indicating slight weakness.

SBI, Bajaj Auto & ICICI Bank are the top gainers while Hindalco, L&T, and JSW Steel are weak today.

Market update at 9.20 AM: Indices have opened lower amid weak global cues. Nifty has plunged 0.20 per cent while Sensex lost 120 points. The mid-cap and small-cap stocks are also seeing weakness.  

Banks are trading higher while metals have opened weak today. Meanwhile, India VIX has surged over 4 per cent.  

Pre-market update: The US indices closed sharply lower ahead of the weekend wherein, Nasdaq slipped 3 per cent and Dow Jones tanked 403 points. The Asian markets have thus opened lower and SGX Nifty indicates a gap-down opening of about 150 points for Nifty.
Crude oil fell over 3 per cent on the previous trading day amid global recession fears. Brent crude oil currently trades at around USD 92 per barrel.
HDFC Bank Q2 profit rises 22 per cent to Rs 11,125 crore while a strong jump is seen in loan growth.
In the last trading session, the FIIs sold to the tune of Rs 1,011 crore while the DIIs bought equity worth Rs 1,624 crore.
Nifty is likely to open around 17,000 level and stock-specific action shall continue on D-Street.