Nifty closed above 16,900; all sectors ended in green
Nifty extended its gains towards the end and closed higher at 16,975, up by 1.87 per cent.
Market update at 3.30 PM: Nifty extended its gains towards the end and closed higher at 16,975, up by 1.87 per cent. It was a broad-based rally as Nifty Midcap and Nifty Smallcap surged 2.01 per cent & 1.17 per cent, respectively.
All the sectoral indices closed in green with Nifty Metal, Nifty Bank, Nifty realty, and Nifty Auto closing significantly higher. UltraTech Cement, Axis bank, Shree Cement, and IndusInd Bank emerged as the top gainers while only three stocks i.e. Cipla, Sun Pharma & Tata Consumer Products declined among Nifty stocks. With such positivity, India VIX crashed nearly 10 per cent.
On the technical chart, Nifty has formed a bullish candle and is within the touching distance from its 200-DMA. For Thursday, all eyes would be set on the US Fed meeting.
Market update at 1.10 PM: Nifty has been trading around 16,900 for quite some time. The benchmark index is up by 1.42 per cent while Sensex has gained about 800 points. Even Nifty Midcap and Nifty Smallcap are trading higher by over 1.4 per cent & 0.95 per cent, respectively.
All the sectors are trading in green whereas India VIX has fallen over 7 per cent.
Among Nifty stocks, Axis Bank, IndusInd Bank, and Tata Motors emerged as the top gainers while Cipla, Sun Pharma & Power Grid Corp have become top losers.
Market update at 10.30 AM: Indices continued to trade higher in the first hour of Wednesday’s trading session. Nifty has soared about 1.21 per cent and trades near 16850, while Sensex has gained abut 675 points. Nifty Midcap and Nifty Smallcap are trading higher by 1.41 prr cent and 0.95 per cent.
Most of the sectoral indices are trading higher by over a per cent, whereas Nifty Pharma is trading flat. IndusInd Bank, Axis Bank, and HDFC are the top leaders of Nifty currently.
Market update at 9.30 AM: Nifty has opened at 16,863.75 and is up by about 1.3 per cent. Currently, Nifty Midcap and Nifty Smallcap are up by 1.34 per cent & 1.41 per cent, respectively.
All the sectoral indices are trading in green whereas India VIX has crashed over 5 per cent with such positivity.
Pre-market update: Last night, the US markets closed significantly higher. NASDAQ witnessed a fantastic short-covering and closed about 2.92 per cent higher while Dow Jones gained nearly 600 points.
The price of crude oil has cooled down further and is below USD 100 per barrel.
With this, the Asian markets have opened higher, and SGX Nifty indicates a gain of over 250 points for Nifty.
In the last trading session, the FIIs sold for about Rs 1,249 crore while DIIs have bought around Rs 98 crore worth of equity.
Globally, the technology stocks have seen recovering and we can expect IT stocks to perform better today.
Nifty is likely to open around 16,900 and with such a huge gap-up, the initial hour becomes an important period to understand the trend of the market.