Nifty closed above 16,650; Titan, Infosys, Mahindra and Mahindra emerge as top gainers

The advance-decline ratio stood at 1,501:451.

Market update at 3.30 PM: Indices traded higher throughout the day while Nifty closed above the level of 16,650. It is up by 1.89 per cent while Sensex closed higher by 1,040 points at the end of the day. Nifty Midcap and Nifty Smallcap climbed 2.42 per cent & 3.08 per cent, respectively.  

All the sectors closed in green. Titan, M&M, and Infosys emerged as the top gainers of Nifty stocks while JSW Steel & Kotak Mahindra Bank remained weak.   

The advance-decline ratio stood at 1,501:451. Thus, the sentiment overall was bullish. Nifty shall face the 16,800 level as the immediate resistance for the coming days.

Market update at 2.20 PM: Indices are trading higher amid volatility. Nifty is up by 1.76 per cent while Sensex has gained about 1,000 points. Nifty Midcap and Nifty Smallcap have climbed about 2.19 per cent & 2.70 per cent, respectively.  

IT and realty indices are up by over 3 per cent each while India VIX has slipped over 5 per cent.  

Market update at 11.30 AM: Indices continue to trade higher while Nifty inches towards the level of 16,700. It is up by over 2 per cent while Sensex has gained 1,150 points. Meanwhile, the mid-cap and small-cap indices are also trading higher.   

All the sectors are higher while IT and auto stocks are prominent in leading the way. HCL Technologies, M&M, and Infosys are the top gainers among Nifty stocks while JSW Steel & ONGC are weak today. With this, India VIX has slipped over 5 per cent.

Market update at 9.40 AM: Indices are trading firmly higher. Nifty climbed 1.50 per cent while Sensex has gained over 850 points. Nifty Midcap and Nifty Smallcap have surged over 1.70 per cent each.  

All the sectors are trading in green whereas India VIX has slipped over 2 per cent. Meanwhile, the overall sentiment is bullish.   

Pre-market update: Last Friday, the US markets closed significantly higher. Nasdaq climbed about 3.33 per cent while Dow Jones gained around 575 points. With this, most of the Asian markets have opened higher and SGX Nifty indicates a gap-up opening of about 120 points.

Crude oil has jumped to USD 120 per barrel, ahead of the EU meeting on Russia sanctions.

Meanwhile, Ethos IPO is set to debut on the exchanges today. The listing is likely to be muted.

In the last trading session, the FIIs sold to the tune of Rs 1,943 crore while the DIIs bought about Rs 2,727 crore worth of equity.

Nifty is likely to open above the resistance level of 16,400 and it is important for the index to sustain above this level for any upside.