Nifty closes above 16,900; Bajaj twins, Kotak Mahindra Bank and IndusInd Bank lead the rally

India VIX crashed by over 5 per cent.

Market update at 3.30 PM: Indices soared higher on the monthly expiry day as Nifty closed above the 16,900-mark. It climbed 1.73 per cent while Sensex jumped 1,041 points. Nifty Midcap and Nifty Smallcap surged 0.85 per cent each.  

While all the sectors closed positively, IT, financials, and realty turned out to be the outperformers. India VIX crashed by over 5 per cent. Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, and IndusInd Bank were the Top Gainers while Shree Cement, Ultratech Cement & Bharti Airtel were the Top Losers in a soaring market.    

Nifty formed a bullish candle on the daily technical chart and has closed above the 16,900 level. With such bullishness, it can even test the levels beyond 17,000 in the times to come.    

Market update at 11.30 AM: Indices have been roaring since the beginning of the session as Nifty surges above 16,850 levels. The benchmark index is up by 1.32 per cent while Sensex has jumped nearly 800 points. Nifty Midcap and Nifty Smallcap have climbed 0.76 per cent each.  

The rally is mainly led by the IT and financial stocks. Bajaj Finance, Bajaj Finserv along with IndusInd Bank are the top gainers from Nifty 50 stocks. Meanwhile, pharma and FMCG are trading flat. Dr Reddy's Laboratories, Cipla, and ITC are the top losers for now.  

The advance-decline ratio is in the favour of bulls and currently, stands at 1,399:498.  

Meanwhile, some stocks like HAL, PVR, and Page Industries have hit their fresh lifetime highs.  

The next resistance for Nifty is placed at 16,900 while its immediate support lies at 16,800. 

Market update at 9.30 AM: Indices opened higher on the monthly expiry day. Nifty is currently up by 0.86 per cent while Sensex has gained about 550 points. Nifty Midcap and Nifty Smallcap are also trading marginally higher. 

IT and financials are the primary supporters of the soaring market while pharma & auto are trading weak. With this, India VIX has slipped over 5 per cent. 

Pre-market update: Fed Chairman Jerome Powell announced a rate hike of 75 bps after the recent Fed meeting. In the press conference, he reiterated that Fed is determined to fight the soaring inflation and might not necessarily put the economy into recession. The much-expected 75 bps hike, along with positive commentary from Fed Chairman cheered investors, and what followed was a strong short-covering rally.  

Nasdaq jumped over 4 per cent while Dow Jones surged 436 points. In line with the positive global cues, Asian markets have also opened higher and SGX Nifty indicates a gap-up opening of about 100 points for Nifty.
Dr Reddy's Laboratories, SBI Life, Nestle India, and Shree Cement are some of the key companies that are set to declare their results today.
In the last trading session, the FIIs sold to the tune of Rs 436 crore while the DIIs bought about Rs 712 crore worth of equity.
Nifty is likely to open around the level of 16,750 while volatility is expected to persist, given the fact that today is the monthly expiry day.