Nifty closed at days high, led by metals, auto, energy, and banks

Bharti Airtel, Coal India, and Axis Bank emerged as the top gainers

Market update at 3.30 PM: Indices have recovered smartly from their day’s low and continued to surge. In the end, Nifty gained about 0.4 per cent to close at 17,222 while Sensex gained around 231.29 points. Meanwhile, Nifty Midcap and Nifty Smallcap remained mixed.  

Among the sectors, metals, auto, energy, and financials remained positive and turned out to be the prominent sectors in supporting the market. However, IT and pharma were weak today. Bharti Airtel, Coal India, and Axis Bank emerged as the top gainers while UPL, Nestle & Dr Reddy’s Laboratories were weak today among Nifty stocks.  

With such a recovery, Nifty has formed a hammer candle and is likely to show positivity in the coming days. Moreover, India VIX has crashed over 3 per cent and is placed at 22.61.  

Market update at 1 PM: Indices have recovered from their day's low. Nifty is currently up by 34 points and has recovered about 150 points since its intraday low. Meanwhile, Nifty Midcap and Nifty Smallcap are trading marginally negative.  

Among the sectors, banks have shown a smart recovery and are trading positively. Moreover, metals & media continue to support the market. However, IT and pharma are trading weak.   

Coal India, IndusInd Bank & Hindalco are trading higher and are the top gainers among Nifty stocks while Dr Reddy's Laboratories, HDFC, and Nestle are trading weak.  

Nifty has sharply recovered from its 200-DMA and the moving average has once again emerged as strong support for the index.  

Market update at 10.20 AM: Indices witnessed higher pressure and are currently, trading lower. Nifty has lost over 120 points or about 0.41 per cent. Meanwhile, Nifty Midcap and Nifty Smallcap have lost nearly a per cent each.  

The media and auto sectors are trading higher while financials, FMCG & pharma are trading lower. The focus is on INOX and PVR stocks as they have gained over 12 per cent & 5 per cent, respectively.  

With this weakness, India VIX has surged over 2 per cent.  

Market update at 9.25 AM: As expected, Nifty opened almost flat i.e. near 17,180; however, it witnessed selling pressure in the initial minutes. Nifty Media has gained over 2 per cent while the pharma and auto sectors are also trading higher. However, banks and NBFCs are slightly down.  

Meanwhile, India VIX has surged over 2 per cent in the initial minutes of the trade.   

Pre-market update: Last night, the US markets closed mixed with NASDAQ closing marginally lower and Dow Jones gaining about 153 points. With no major global cues, the Asian markets have also opened mixed while SGX Nifty indicates about 10-point higher opening for Nifty.

Crude oil has slipped back to USD 110 per barrel after crossing above the 120-mark.

Petrol and diesel prices have been hiked for the sixth time in the past seven days amid rising crude oil prices thereby, leading to a rise in inflation fears.

In the last trading session, the FIIs have sold for about Rs 1,507 crore while the DIIs bought about Rs 1,373 crore worth of equity.

Nifty is likely to open near 17,200 and volatility is expected to remain for some more time.