Market WRAP: Nifty closes above 18,100; Sensex soars 150 points as metals and PSU Banks shine

Adani Enterprises (6.78 per cent), Vedanta (6.29 per cent) and Hindalco (4.92 per cent) were some of the prominent names that lifted the sentiment.  

Market update at 3.30 PM: Indices roared in the last hour as strong short covering rally ahead of the weekend pushed Nifty above 18,100 levels. Nifty jumped 0.41 per cent while Sensex surged 120 points. Nifty Midcap and Nifty Smallcap closed on a mixed note.   

Nifty Metals outperformed the other sectoral indices as it rose by a sharp 4.21 per cent. Adani Enterprises (6.78 per cent), Vedanta (6.29 per cent) and Hindalco (4.92 per cent) were some of the prominent names that lifted the sentiment.  

Along with Adani Enterprises and Hindalco, Bajaj Finserv was also among the top gainers from Nifty 50 stocks. Meanwhile, Hero MotoCorp, Dr Reddy’s Laboratories and Cipla were the top losers.   

Ahead of the weekend, US non-farm payroll data is set to be released later at night. Global cues shall be in focus which are likely to dictate the market direction in the coming week.   

Market update at 11.25 AM: Indices have been trading with strong volatility and are currently flat. Midcap stocks are slightly weak but Smallcap stocks have witnessed some buying.   

Metals and PSU Banks have witnessed strong buying sentiment while IT and pharma remain weak.   

Meanwhile, the top gainers from the Nifty 50 stocks include Bajaj Finserv, UltraTech Cement and JSW Steel while top losers are Hero MotoCorp, BPCL and Infosys.   

The advance decline ratio currently stands at 1132:790 which depicts some positivity in the market.   

Stocks that have hit a 52-week high are Bank of India, Canara Bank, Federal Bank, SBI and Union Bank. Thus, banks are acting as strong supporters of the market. 

Market update at 9.30 AM: Indices have opened flat amid mixed global cues. NSE Nifty 50 index is currently trading at 18,060 level while Sensex has gained 30 points. Nifty Midcap and Nifty Smallcap are trading on a positive note.

Metals are the top performers while IT has seen profit booking. India VIX dips another 2 per cent.

Pre-market update: The US indices extended their bearish run as Nasdaq slipped 1.73 per cent while Dow Jones lost 146 points amid rising concerns of economic pain caused by Fed's aggressive rate hikes. The Asian markets have opened on a mixed note and SGX Nifty indicates a flat opening.

RBI action would be in focus as the central bank is widely expected to increase policy repo rates by 35-50 basis points in the upcoming MPC meet.

Britannia Industries, Cipla, Titan Company and GAIL are some of the key companies set to declare results today.

In the last trading session, the FIIs bought shares worth Rs 677 crore while the DIIs sold to the tune of Rs 732 crore.

The price action of the broader indices, along with stock specific approach is watchful ahead of the weekend.