Nifty closes above 16,250! Hindalco, IndusInd Bank and Infosys emerge as top gainers

Hindalco, Infosys, and IndusInd Bank emerged as the top gainers while Dr Reddy’s Laboratories, Britannia & HDFC Bank were the top losers.   

Market update at 3.30 PM: Indices saw an amazing rally in the last hour as Nifty jumped 1.43 per cent at the end of the day. Sensex climbed 760 points while Nifty Midcap and Nifty Smallcap rose 1.40 per cent & 1.59 per cent, respectively.   

Most of the sectoral indices closed in green. A fantastic short-covering rally was seen in the IT, PSU bank, and metal sectors. Meanwhile, FMCG and pharma closed mildly negative. Hindalco, Infosys, and IndusInd Bank emerged as the Top Gainers while Dr Reddy’s Laboratories, Britannia & HDFC Bank were the Top Losers.   

A close above 16,200 is considered positive while Nifty is on its path towards 16,400 levels.

Market update at 11.20 AM: Indices continue to trade higher as Nifty has crossed the 16,200 mark. It has climbed one per cent while Sensex gained over 530 points. Meanwhile, Nifty Midcap and Nifty Smallcap have also jumped 1.02 per cent & 1.30 per cent, respectively.   

All the sectoral indices are trading in green. Nifty IT jumped over 3 per cent, followed by Nifty Metal (2.20 per cent). Tech Mahindra, Infosys, and Hindalco are the top gainers amongst Nifty stocks. However, Britannia and HDFC twins are weak. HDFC Bank has seen a dip of 1 per cent post its earnings.   

The advance-decline ratio is at 1,528:403 thereby, favouring the bulls.   

Market update at 9.35 AM: It has been a wonderful start by all the indices on Monday as Nifty rose about 0.80 per cent while Sensex climbed 420 points. Nifty Midcap and Nifty Smallcap also gained nearly a per cent each.   

IT, metal, energy, and media are the prominent sectors leading the rally. Hindalco, Tech Mahindra, and Infosys are currently the top gainers. Meanwhile, India VIX is up by over a per cent.   

Pre-market update: The Asian markets opened higher on Monday morning, following a fantastic short-covering rally led in the US markets on Friday. Nasdaq surged 1.79 per cent while Dow Jones climbed 658 points. With such positivity, SGX Nifty indicates a gap-up opening above the 16,200 level.
HDFC Bank came out with its results on Saturday wherein, its net profit grew by 19 per cent YoY to Rs 9,196 crore. Moreover, NII jumped 15 per cent. The result was mostly in line with D-Street's expectation and hence, the stock is likely to be in focus today.
With the falling rupee, India's Forex reserve plunged to a 15-month low, approximately USD 8 billion.
Crude oil is falling and is below the 100-mark, which is a positive sign for India.
In the last trading session, the FIIs sold to the tune of Rs 1,649 crore while the DIIs bought about Rs 1,059 crore worth of equity.
Meanwhile, the first hour of the trading session shall be an important one to understand the further trend of the market.