Market WRAP: Nifty closes above 17,500; FMCG and banks shine, IT and metals drag the market

Exactly on October 19 last year, Nifty hit an all-time high of 18,604 and is currently, down by 5.86 per cent.   

Market update at 3.30 PM: It was a volatile Wednesday as broader indices swung in both directions. Nifty managed to close above 17,500 level and is up by 0.17 per cent. Sensex rose 150 points while Nifty Midcap and Nifty Smallcap climbed a quarter per cent each.   

FMCG & banks traded higher while IT and metals remained weak.   

Meanwhile, the rupee hits a fresh record low against the dollar and is above the 83-mark.  

Nestle, ITC & HDFC emerged as the top gainers from Nifty 50 index while NTPC, JSW Steel, and Bajaj Finserv were the top losers.   

Exactly on October 19 last year, Nifty hit an all-time high of 18,604 and is currently, down by 5.86 per cent.   

All eyes would be on the global markets to anticipate further trends.   

Market update at 11.10 AM: Indices have been trading higher amid volatility. Nifty has climbed 0.146 per cent so far while Sensex jumped 310 points. Nifty Midcap and Nifty Smallcap are up by 0.36 per cent each.   

Apart from IT and pharma, all other sectors are showing strong strength.   

Reliance is the top gainer among Nifty 50 stocks and has surged nearly 3 per cent. HDFC, HDFC Bank, and Axis Bank are also among the top gainers. Meanwhile, Sun Pharma, SBI, and Coal India are weak today.   

The advance-decline ratio stands nearly at 2:1, meaning to say that two stocks are rising for every one stock that’s declining.   

A move above 17,600 is crucial for Nifty to test the 17,700 level, followed by the 17,800 level.  

Market update at 9.35 AM: Indices have opened higher as Nifty surged above 17,500 level. The benchmark index is up by 0.38 per cent while Sensex has soared 250 points. Nifty Midcap and Nifty Smallcap have jumped half a per cent each. 

Banks and auto are the top performers among the sectors while IT is weak today.  Meanwhile, India VIX has slipped nearly 2 per cent. 

Pre-market update: After a huge gap-up opening in the US indices, a slight sell-off was witnessed towards the end. Nasdaq climbed 0.90 per cent while Dow Jones jumped 337 points. However, the Asian markets have opened on a mixed note, and SGX Nifty indicates a gain of 15 points.
Stock-specific action is likely to be witnessed on D-Street with many key companies set to declare their results on Wednesday. IndusInd Bank, UltraTech Cement, Nestle India, and HDFC AMC are some of the companies that are expected to post their quarterly numbers today.
Crude oil falls further amid recession fear. Brent crude oil currently hovers around 90-mark.
In the last trading session, the FIIs sold shares worth Rs 153 crore while the DIIs were the net buyers and bought equity worth Rs 2,084 crore.
Nifty is likely to open near 17,500 and price action near this level shall be keenly watched.