Nifty and Sensex close in green ahead of budget, led by PSU Banks and auto stocks

Adani Enterprises FPO is fully subscribed on Day 3, with QIB portion subscribing over 1.26 times.   

Market update at 3.30 PM: The benchmark indices ended higher ahead of the union budget, led by strong short covering rally in PSU Banking stocks and good buying sentiment in auto. NSE Nifty 50 and S&P BSE Sensex closed marginally higher while strong buying interest was seen across the broader market. Nifty Midcap and Nifty Smallcap jumped 1.63 per cent and 2.91 per cent.   

Nifty PSU Bank soared over 4 per cent while Nifty IT closed 1 per cent negative. India VIX crashed nearly 5 per cent amidst positivity in the broader market.   

Adani Enterprises FPO is fully subscribed on Day 3, with QIB portion subscribing over 1.26 times.   

M&M, UltraTech Cement and SBI were the top gainers from the Nifty 50 index while Bajaj Finance, TCS and Tech Mahindra were the top losers.   

Market update at 11 AM: The major indices are trading on a mixed note as stock specific action continues to remain in focus. The Smallcap stocks are seen outperforming the large and midcap stocks, while PSU banks and metals are the top supporters today.   

NSE Nifty 50 index has slipped quarter per cent to trade at 17,600 levels and Sensex has shredded 150 points. Nifty Midcap and Nifty Smallcap have jumped 1 per cent and 1.77 per cent respectively.   

About 1412 stocks are advancing as against 541 stocks that are declining, thus indicating positive market breadth ahead of union budget.   

Strong buying is seen across fertilizer stocks as National Fertilizers Limited, RCF and Kaveri Seeds Corporation Limited and FACT are the top performers in the broader market.   

17,500 shall act as strong support for Nifty whereas 17700 shall be immediate resistance. 

Market update at 9.30 AM: Indices have been trading lower amid volatility at the start of the session. NSE Nifty 50 index has slipped quarter per cent to trade at 17,600 levels while S&P BSE Sensex has lost 150 points. Stocks specific action is seen across midcap and Smallcap stocks.  

IT and pharma stocks are seen to be under pressure while metals trade higher. 

Pre-market update: The Wall Street slumped as investors chose to book profit ahead of US Fed meet regarding interest rate hike. The central bank is widely expected to increase interest rates by 25 basis points. The tech-heavy Nasdaq plunged 1.96 per cent while Dow Jones lost 261 points. With this, the Asian markets have opened on a mixed note and trends on SGX Nifty indicate a gain of 60 points in Nifty.
Brent crude oil falls over 2 per cent amid strong Dollar and good flow in Russian oil. Brent crude oil currently trades near USD 84 per barrel.
Coal India, Sun Pharma, Powergrid Corporation, ACC and UPL are some of the key companies set to declare results today.
In the last trading session, the FIIs offloaded shares worth Rs 6792 crore while the DIIs bought equity worth Rs 5512 crore.
Nifty is expected to open around 17,700 and volatility is expected to persist throughout the day.