Nifty closes above 16,000; realty, IT, media, and pharma supported the market

Nifty recovered nearly 270 points to close at 16,013.45, up by 0.95 per cent.

Market update at 3.30 PM: The major indices witnessed a sharp recovery towards the end. Nifty recovered nearly 270 points to close at 16,013.45, up by 0.95 per cent. Sensex surged about 581.34 points. Even the mid-cap and small-cap indices witnessed strong momentum towards the end and closed positively.  

Among the sectoral indices, Nifty Realty, Nifty IT, Nifty Pharma, and Nifty PSU Bank soared over 2 per cent each while Nifty Metal was the only index that closed negatively. Sun Pharma, Tata Consumer Products, TCS, and Dr Reddy’s Laboratories emerged as the top gainers among Nifty stocks while ONGC, Hindalco & Tata Steel were the top losers. 

Nifty’s close above 16,000 is a positive indication. Moreover, the benchmark index has formed a bullish engulfing-like pattern, which is an early sign of reversal. Thus, the upcoming days will be crucially watched, and any upside will be taken positively.  

Market update at 2.15 PM: Indices have seen a sharp recovery from their day’s low. Nifty has recovered about 200 points from its intraday low and is trading flat. Meanwhile, Nifty Midcap and Nifty Smallcap are about half a per cent higher. 

Nifty Pharma and Nifty IT are trading over 2 per cent higher while Nifty Media & Nifty Realty have gained about 1.84 per cent &1.45 per cent, respectively. However, Nifty Metal and Nifty Auto have slipped over 1 per cent each. 

Tata Consumer Products, Cipla, Sun Pharma and TCS are the top gainers among Nifty stocks while ONGC, Hindalco & Britannia are weak today.

Market update at 12.45 PM: Indices have witnessed selling pressure at higher levels and also, slipped below the day’s low. Nifty is currently below 15,700, down by 1.15 per cent. Meanwhile, Sensex has tanked 540 points.  

Among the sectors, auto, NBFCs, and banks are the worst hit whereas IT, media & pharma are trading higher

Market update at 10.45 AM: Indices have recovered slightly after a gap-down opening. Nifty is currently down by 50 points and is trading near 15,800 while Sensex has slipped about 150 points. 

Among the sectors, IT, media, PSU banks, and pharma are trading higher while stocks that are under pressure include NBFCs, private banks & metals. 

TCS, NTPC, Tech Mahindra & Infosys are the top gainers among Nifty stocks. With this, India VIX has fallen around 1 per cent. 

Market update at 9.30 AM: Nifty has opened at 15,747.75, down by 0.73 per cent. In the first fifteen minutes, major indices have seen a slight recovery and are currently trading marginally lower.  

Nifty Energy is up by 1.35 per cent, Nifty Media surged 1.25 per cent while Nifty IT has gained 0.85 per cent.  

Moreover, India VIX has fallen by 2 per cent.  

Pre-market update: The US market closed significantly lower last night with NASDAQ slipping about 3.56 per cent and Dow Jones losing around 797 points. However, the Asian markets are trading mixed while SGX Nifty indicates a lower opening of about 100 points. 
Crude oil is trading nearly a per cent higher while the precious metals are marginally higher. Brent crude currently stands at 120 dollars per barrel..

Last night, the FIIs have sold for about Rs 7,482 crore while the DIIs bought about Rs 5,331 crore worth of equity. The FIIs have started selling aggressively in the last few days.
As per the election exit polls, BJP is likely to win with a majority in Uttar Pradesh. The results are due on March 10 and we can expect volatility to persist for a few more days.
Meanwhile, Nifty is likely to open near Monday’s low and further weakness is expected.