Market WRAP: Nifty ends above 18,200; Sensex soars 275 points as PSU Banks, metal and IT shine

IndusInd Bank, JSW Steel and NTPC were the top gainers while BPCL, Nestle and PowerGrid Corporation were the top losers.

Market update at 3.30 PM: Broader indices closed on a higher note as strong short-covering rally towards the end lifted market sentiment. NSE Nifty 50 index surged 0.48 per cent to close above 18,200 level while BSE Sensex jumped 275 points. Nifty Midcap gained 0.55 per cent while Nifty Smallcap ended flat.   

PSU Banks, Metals and IT emerged as the top performers while Realty remained weak.   

IndusInd Bank, JSW Steel and NTPC were the top gainers while BPCL, Nestle and PowerGrid Corporation were the top losers.   

All focus shall turn towards the global markets as investors remain cautious over the upcoming release of US Fed minutes. 

Market update at 10.30 AM: The broader indices have witnessed good buying interest at lower levels and are off day’s low. NSE Nifty 50 index has jumped nearly 70 points from its day’s low while BSE Sensex has surged nearly 180 points. Stock specific action is seen across midcap and Smallcap stocks.

Metals and PSU Banks are the top performing sectors while Realty remains weak. India VIX, which had surged nearly 10 per cent at the start of the session, has now slipped 2 per cent amidst such positivity.

Almost 1073 stocks are advancing while 803 stocks are declining, which indicates positive market breadth.

Market update at 9.30 AM: Indices have opened on a mixed note amid uncertain global cues. NSE Nifty 50 index and BSE Sensex are trading flat while Nifty Midcap and Nifty Smallcap are marginally higher.

PSU Banks and Media have seen good buying while energy and realty stocks are under pressure. India VIX has surged nearly 10 per cent.

Pre-market update: The Wall Street indices slipped during Monday's trade as investors remained uncertain over Fed rate hike outlook and concerns of Chinese lockdown. 

The Asian markets have opened on a mixed note and SGX Nifty indicates a gain of 30 points. 

Oil jumped in the previous trading session after OPEC+ denied reports of possibility of increase in supply.

In the last trading session, the FIIs turned net sellers and sold to the tune of Rs 1,593 crore while the DIIs bought shares worth Rs 1,262 crore. 

Nifty is expected to remain volatile amid mixed global cues and with monthly expiry on cards.