Market WRAP: Splendid recovery, in the end, led Nifty to close above 17,700; metal, energy and realty lead the rally

Stocks that have hit their fresh 52-week high levels include Canara Bank, Bharti Airtel, Cipla, CONCOR, and Sun Pharmaceuticals.

Market update at 3.30 PM: Indices witnessed a fantastic recovery in the last hour of the session as Nifty jumped over 100 points to close above 17,700 level while Sensex managed to put up 212 points on the board. Nifty Midcap and Nifty Smallcap jumped 0.61 per cent & 0.41 per cent, respectively.   

Metals, realty, and energy sectors were the top performers while IT closed on a negative note.   

JSW Steel, Hindalco & Tata Steel emerged as the top gainers from Nifty 50 stocks while Bajaj twins and Asian Paints were the top losers.   

Nifty ends October expiry above 17,700 and global cues shall dictate the further trend in the market. Corporate results shall define stock-specific action on D-Street.

Market update at 12.30 PM: Indices have witnessed selling pressure at higher levels as Nifty plunged below 17,700 level. Nifty is currently up by 0.18 per cent while the mid-cap and small-cap stocks also feel the heat.   

Meanwhile, IT and media are the prominent sectors that are dragging the market.  

Market update at 11.05 AM: Indices have been trading higher amid volatility. Nifty has surged 0.46 per cent and trades above 17,700 level while Sensex jumped 250 points. Nifty Midcap and Nifty Smallcap have inched higher by half a per cent each.   

Nifty Metal is the star performer among the sectoral indices and has surged nearly 3 per cent on Thursday. Nifty Realty has jumped 1.35 per cent. Nifty IT trades flat while none of the sectors show weakness. India VIX has slipped over a per cent amidst positivity.   

JSW Steel, Hindalco, and Tata Steel have become the top gainers amongst Nifty 50 stocks while Bajaj Finance, Maruti Suzuki & Bajaj Finserv are weak today.   

The advance-decline ratio stands at 1138:767, which indicates positive sentiment in the market.   

Stocks that have hit their fresh 52-week high levels include Canara Bank, Bharti Airtel, Cipla, CONCOR, and Sun Pharmaceuticals. 

The level of 17,700 acts as a strong support while 17,800 shall continue to be a crucial resistance to look out for Nifty!  

Market update at 9.20 AM: Indices have opened higher amid positive global cues. Nifty has climbed 0.50 per cent while Sensex jumped 350 points. The mid-cap and small-cap indices are also trading higher.   

Metals witnessed a strong opening and emerged as the top performer along with realty and financials. Meanwhile, India VIX is trading flat.   

Pre-market update: The global markets witnessed a roller-coaster ride in the past two trading sessions as good corporate results poised hope of a better economic situation against fears of aggressive rate hikes. The Asian markets opened higher on Thursday while SGX Nifty currently trades above 17,800 level, which indicates a potential gap-up opening of about 200 points for Nifty.
Oil surges amid rising demand and the weakening of the dollar. Brent crude currently trades above USD 95 per dollar.
Indus Towers, SBI Cards, Tata Chemicals, and Vaibhav Global are some of the key companies that are set to declare their results today.
Dabur's net profit dipped 2 per cent YoY to Rs 490 crore in Q2FY23 while its revenue jumped 6 per cent YoY. In line with this, the stock will be in focus today.
In the last trading session, the FIIs sold to the tune of Rs 247 crore while the DIIs bought shares worth Rs 872 crore.
Nifty is likely to see a strong gap-up opening and with today's monthly expiry, the volatility is expected to persist throughout the day.