Nifty closed above 16,800; financials, IT, and media sectors outperform

Infosys, SBI, HDFC Bank & Axis Bank emerged as the top gainers

Market update at 3.30 PM: It was a spectacular day for the Indian indices as most of them closed nearly at their day’s low. Nifty closed at 16,871.30, up by 1.45 per cent. Nifty Midcap and Nifty Smallcap closed marginally higher by about 0.2 per cent & 0.22 per cent, respectively.  

Among the sectoral indices, Nifty IT, Nifty Bank, and Nifty Media closed higher by over 2% each. However, Nifty Pharma, Nifty Realty, and Nifty FMCG traded lower. Infosys, SBI, HDFC Bank & Axis Bank emerged as the top gainers while IOC, ONGC, HUL, and Tata Motors traded weak today. Despite the positivity, India VIX climbed by 0.63 per cent and is above 25.  

Nifty has formed a sizeable bullish candle on the technical chart, and with the 16,800 level decisively broken, the index is expected to scale further in the upcoming days.  

Market update at 12.35 PM: Nifty is going strong and is currently trading at the day’s high. Currently, the benchmark index is up by 0.85 per cent while Sensex has gained about 615 points. However, Nifty Midcap and Nifty Smallcap are trading mixed.  

Nifty Media, Nifty Bank & Nifty IT are trading higher by over a per cent each and turned out to be the main sectoral indices supporting the market. However, the auto, metal, and realty sectors are weak today.   

HUL and Nestle have hiked the coffee, tea & Maggi prices, citing inflationary pressures for some more time.  

Infosys, HDFC Bank, SBI, and ICICI Bank are the top gainers among Nifty stocks while IOC, ONGC & Tata Motors are trading weak today.  

Market update at 10 AM: Nifty opened flat despite weakness in the global markets. Nifty is currently up by 50 points but Nifty Midcap and Nifty Smallcap are marginally down. 

Among the sectoral indices, Nifty Media, Nifty IT, and Nifty Bank are trading higher by nearly a per cent each while Nifty Auto & Nifty Realty are weak. 

However, India VIX has surged over 2 per cent.

Pre-market update: Last Friday, the US markets closed in red with NASDAQ tumbling about 2.18 per cent. Meanwhile, not much positive outcome has been reached during the Russia-Ukraine peace talks. Thus, most of the Asian markets have opened lower and SGX Nifty indicates a loss of about 100 points. 

Crude oil is hovering around USD 105; however, it is seen cooling off slightly.  

In the last trading session, the FIIs have sold for about Rs 2,263 crore while the DIIs bought about Rs 1,686 crore worth of equity. 

Besides, RBI has removed some restrictions on digital services imposed on HDFC Bank. Thus, HDFC Bank would be in focus for today. 

Nifty is likely to open around 16,550 and is expected to be volatile in the initial hour.