Nifty closes above 16,600; Sun Pharma, SBI and Asian Paints emerge as top gainers

While nearly all the sectoral indices closed in green, pharma, media, financials, and IT showed stellar performances to support the market.

Market update at 3.30 PM: Indices roared on Wednesday as strong buying at lower levels lifted market sentiment. Nifty surged 0.96 per cent to close above the 16,600 level while Sensex jumped about 550 points. Nifty Midcap closed higher by 1.11 per cent whereas Nifty Smallcap closed flat.   

While nearly all the sectoral indices closed in green, pharma, media, financials, and IT showed stellar performances to support the market. India VIX slipped 0.22 per cent as the indices closed in green.   

Meanwhile, Sun Pharma, SBI, and Asian Paints emerged as the Top Gainers from Nifty 5o stocks while Bharti Airtel, Bajaj Auto & UPL were weak today.   

Market update at 2.40 PM: Indices have seen a good recovery as Nifty surges above the 16,600-level and gained 0.77 per cent while Sensex jumps over 450 points. Nifty Midcap climbed 0.90 per cent whereas Nifty Smallcap is trading flat.   

Pharma, media, PSU bank, and IT sectors have primarily supported the market while energy is slightly lower. India VIX has surged nearly 1 per cent.   

Market update at 10.20 AM: Indices have turned green as the market witnesses strong buying at lower levels. Nifty has recovered about 100 points from its intraday low and is up by 0.33 per cent. Sensex has gained nearly 200 points while Nifty Midcap and Nifty Smallcap are also marginally higher.  

Pharma, PSU banks, and realty are primarily supporting the market while all the sectoral indices saw a good recovery from their respective day’s low.  

L&T, Sun Pharma, and Grasim are the top gainers amongst Nifty stocks while Apollo Hospitals, UPL & Hero MotoCorp are weak today.   

The advance-decline ratio stands at 1,041:790, indicating the domination of bulls.

Market update at 9.30 AM: Indices are trading in red at the beginning of the session. Nifty is marginally down by about 25 points while Sensex has lost 50 points. Meanwhile, Nifty Midcap and Nifty Smallcap have slipped 0.20 per cent & 0.50 per cent, respectively.  

Auto and financials are weak today while media is flat. Meanwhile, India VIX is up by nearly 2 per cent. 

Pre-market update: Investors chose to book profit globally as the US and European markets slipped on Tuesday ahead of Fed meeting. Nasdaq slipped 1.87 per cent while Dow Jones lost 228 points.

While most of the Asian markets have opened slightly lower, SGX Nifty indicates a relatively flat opening for Nifty.

Maruti Suzuki, Tata Motors and Bajaj Finance are some of the key companies that are set to declare their results on Wednesday.

In the last trading session, the FIIs remained net sellers and sold for about Rs 1,548 crore worth of equity while DIIs bought to the tune of nearly Rs 1,000 crore.

Nifty is likely to open near the level of 16,500 and volatility is expected to persist.