Nifty at 52-week high: Nifty closes above 18,400; Sensex closes at days high as banks and auto lead the rally

ONGC, Powergrid Corporation and ICICI Bank emerged as the top gainers while Coal India, HDFC life and Cipla were the top losers.

Market update at 3.30 PM: Fantastic rally in the last half of the trading session led Nifty to close above 18,400 level. The benchmark index jumped nearly 100 points during this period to close at day’s high. BSE Sensex rose 250 points while Nifty Midcap ended flat. Nifty Smallcap index jumped 0.26 per cent.   

Strong buying was seen across banking stocks towards the end, while auto stocks remained firmly higher throughout the day. India VIX fell nearly 2 per cent amidst such positivity. Meanwhile, FMCG, Realty and media closed marginally lower.  

ONGC, Powergrid Corporation and ICICI Bank emerged as the top gainers while Coal India, HDFC life and Cipla were the top losers.   

Such strong closing reflects positive sentiment in the market and Nifty is now just short of 200 points from claiming the all-time high level. Focus shall now shift towards the global market to anticipate further trend. 

Market update at 11 AM: Indices have been trading lower amid volatility. The benchmark indices NSE Nifty 50 and BSE Sensex are trading marginally lower while Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Auto stocks have seen strong buying interest and are the top performers, tyre stocks like JKTYRE (+5.10 per cent), APOLLOTYRE (+4.42 per cent) have also seen a huge jump in volumes. Meanwhile, FMCG and realty remain weak.  

ONGC, Hero MotoCorp and UltraTech Cement have emerged as the top gainers from the Nifty 50 stocks while Coal India, ITC and Grasim Industries are weak today.   

The advance decline ratio stands at 957:995, indicating indecisiveness in the market.  

Stocks that have hit a 52-week high are Adani Total Gas, Ambuja Cements and IRFC.  

Market update at 9.30 AM: Indices have been trading flat amid volatility. NSE Nifty 50 index and BSE Sensex are trading on a flat note despite opening positively. Nifty Midcap and Nifty Smallcap are marginally lower.  

Auto and media stocks have seen good buying at lower levels while FMCG remains weak.  Meanwhile, India VIX has slipped 0.30 per cent.  

Pre-market update: The US indices closed in red after a strong rally past week. Investors chose to book profit at higher levels and Nasdaq slipped 1.12 per cent while Dow Jones tanked 211 points. However, the positivity still continues in some Asian markets and trends on SGX Nifty indicate a 60-point higher opening for Nifty 50. 

India's CPI eased to 3-month low to 6.77 per cent in October as against 7.41 per cent in September. 

Crude oil prices drop after COVID surge in China and strengthening of US dollar. Brent crude oil currently trades below 93-level.

In the last trading session, the FIIs and DIIs both have bought shares worth Rs 1,089 crore and Rs 47 crore respectively. 

Nifty is expected to remain volatile and price action at higher levels shall be keenly watched.