Market WRAP: Nifty, Sensex end higher despite volatility; Pharma and metals shine, PSU Banks drag

Adani Enterprises, Divis Laboratories and NTPC emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: The benchmark indices NSE Nifty 50 and BSE Sensex inched higher today also. Nifty jumped 0.76 per cent while Sensex rose 380 points to close above 61000-level. Both the indices have closed above their prior swing high, which is quite positive. Nifty Midcap and Nifty Smallcap closed on a mixed note.   

Nifty Pharma and Nifty Metals, both closed over 2 per cent and were the top performers amongst sectoral indices. Meanwhile, Nifty PSU bank experienced profit booking after a strong run last week.   

Adani Enterprises, Divis Laboratories and NTPC emerged as the top gainers from the Nifty 50 stocks while Axis Bank, UPL and Eicher Motors were the top losers.   

Asian markets are showing strength while the western markets shall be in focus amid the Fed event and important economic data points. On the local front, corporate earnings shall remain the main drivers for stock-specific action on D-street. 

Market update at 1.05 PM: Indices are off day’s high and have experienced selling pressure at higher levels. Nifty is currently up by 0.40 per cent while Sensex has risen 200 points. However, Nifty Smallcap is trading in the negative territory.   

Media and Auto are found to experience weakness and are underperforming. Meanwhile, the fear gauge India VIX has surged nearly 2 per cent.   

Market update at 11.15 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has climbed 0.83 per cent to trade above the 18100 level while Sensex has jumped 500 points. An interesting scenario which has been observed from the past few days is that the large cap and blue-chip stocks have been outperforming the broader market. Nifty Midcap and Nifty Smallcap have jumped half a per cent each.   

Prominent sectors leading the rally are pharma, financials and IT. Also, all other sectors are trading in green amidst positive outlook in the market.   

Divis Labs, NTPC and Powergrid Corp are the top gainers from the Nifty 50 stocks while Axis Bank, Tata Steel and Eicher Motors are weak today.   

Stocks that have hit fresh 52-week high levels today are Bank of Baroda, NTPC, Bharti Airtel, Cipla, Eicher Motors, Sun Pharma and Trent.   

The advance decline ratio currently stands at 1228:881, which indicates a firm grip of the bulls over the market.   

Market update at 9.25 AM: The benchmark indices NSE Nifty 50 and BSE Sensex once again opened higher amid positive global cues. Nifty has jumped above 18100-level while Sensex has risen nearly 300 points. Nifty Midcap and Nifty Smallcap are up nearly half a per cent each.

Pharma, IT, and Auto are the top performing sectors upon opening. Meanwhile, India VIX has plunged 2 per cent and trades at 15.50 level.

Pre-market update: The US indices slumped amid volatility in the last trading session as investors chose to book profit ahead of Fed event. Nasdaq slipped 1 per cent while Dow Jones lost 128 points. However, the Asian markets have opened positively ahead of Australia's policy rate decision on Tuesday, and SGX Nifty indicates a gap-up opening of about 80 points for Nifty. 

Key companies like Sun Pharma, Adani Ports, Tech Mahindra and UPL are set to declare their results today. Thus, these stocks shall be in focus. 

In the last trading session, the FIIs have massively bought shares worth Rs 4,178 crore while the DIIs sold for about Rs 1,107 crore worth of equity. 

India's eight core sectors grew 7.9 percent in September, quickening from an upwardly revised 4.1 percent in August, as per commerce ministry of India. 

Nifty is likely to open above 18000 and first hour of price action shall be keenly watched to understand the trend.