Nifty and Sensex close higher, surpassing levels of 18,500 and 62,800 respectively!

Following a weekend agreement by US President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling, Asian shares and US stock futures experienced an uptick. This deal brings an end to a months-long stalemate and alleviates concerns among investors.

Market Update at 3:35: Nifty concludes with a 0.5 per cent surge, closing above the 18,500 level, while Sensex records a 0.55 per cent gain, ending above the 62,800 level.

Nifty Midcap experienced a surge of 0.38 per cent, while Nifty Small Cap also witnessed a 0.3 per cent upward movement throughout the day.

Top gainers among the Nifty 50 were M&M, Titan, and Tata Steel whereas ONGC, HCL Tech and Power Grid were among the top losers for the day.

Market Update at 3:05 PM: Nifty Bank scales new heights, reaching an unprecedented all-time high of 44,483.35, while FMCG sets a new record at 50,850.25.

Furthermore, the top-performing sectors include Nifty Realty, Metal, and Financial Services. On the other hand, Nifty IT stands out as the sole sector experiencing a decline.

India VIX has surged by 3.61 per cent.

Market Update at 11:35: In the initial trading session, Nifty Bank surpasses the all-time high level of 44,458.95, rising by over 1 per cent. Similarly, Nifty FMCG reaches its all-time high of level of 50,836.15 with a surge of 0.8 per cent.

Nifty Midcap and Smallcap have surged by 0.42 per cent and 0.49 per cent respectively.

Top Gainers among the Nifty 50 are M&M, Hindalco and IndusInd Bank while top losers are ONGC, Sun Pharma and Divi’s Laboratories.

Market Update at 9:35 AM: The Nifty begins the day with a positive start, rising by 0.60 per cent to surpass the 18,600 mark, while the Sensex experiences a significant surge of 70 percent, trading above 62,900 levels.

Among the top gainers, the Nifty bank shows a significant 0.9 per cent increase. The Nifty midcap and small cap also witness an increase of 0.03 per cent and 0.21 per cent respectively. Additionally, India VIX demonstrates a surge of 1.18 per cent.

Pre Market Update: Following a weekend agreement by US President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling, Asian shares and US stock futures experienced an uptick. This deal brings an end to a months-long stalemate and alleviates concerns among investors.

Stocks rallied on Friday as traders grew hopeful of a US debt ceiling deal, avoiding a default. The Dow Jones climbed 1 per cent to 33,093.34, the S&P 500 gained 1.3 per cent to 4,205.45, and the Nasdaq Composite advanced 2.2 per cent to 12,975.69.

The Dollar futures index experienced a slight decline of 0.02 per cent, reaching 104.23, while the value of one dollar remained close to Rs 82.71. Brent crude oil settled higher at $76.95 per barrel, marking a 0.9 per cent increase. Gold saw a decrease of 0.15 per cent, whereas silver witnessed a notable surge of 1.49 per cent.

On May 26, foreign institutional investors (FIIs) acquired shares worth Rs 350.15 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 1840.98 crore.

SGX Nifty indicates a positive start for the Nifty 50 with a gain of 83 points on Monday.

Important earnings to watch for the day: Adani Transmission, IRCTC, Campus Activewear, Jubiliant Pharmova, ITI, Force Motors, Monte Carlo Fashions, All Cargo Logistics, Bpl, Alpa laboratories, Career point.