Nifty closes above 17,000; Mahindra and Mahindra, Bajaj Finserv emerge as top gainers
Global sentiments are likely to be in focus for next few days, which would decide the further trend of the market.
Market update at 3.30 PM: It has been a remarkable day for the Indian indices as they recovered most of the points that were lost during the gap down. Nifty closed above 17,000 and recovered over 250 points from the intraday low. Even the broader indices recovered towards the end of the day.
Despite all the sectors closing in red, recovery was seen towards the end. India VIX cooled off a bit towards the end and closed about 15 per cent higher. The top stocks supporting the market include M&M, Bajaj Finserv, and Hero MotoCorp.
Despite a negative day for the Indian market, bulls have done a tremendous job of lifting Nifty above 17,000. Global sentiments are likely to be in focus for next few days, which would decide the further trend of the market.
Market update at 2.15 PM: In the last thirty minutes, dramatic recovery was witnessed as Nifty gained over 150 points during this period. The benchmark index is now just 100 points down.
Most of the sectors have seen buying at lower levels as the market participants continue to support the market at lower levels. The top gainers’ list includes Infosys, Eicher Motors, and Kotak Mahindra Bank.
Market update at 11.45 AM: Indian indices have seen a slight recovery. Nifty is hovering around 17,000 and has gained about 150 points since opening. However, the index is still trading in red i.e. down by about 1.17 per cent.
All the sectoral indices are trading in red; however, some of them are seeing value buying. With this, India VIX has surged about 16 per cent.
It remains to be seen whether the indices continue to gain the lost points or see a sell-off again.
Market update at 9.50 AM: Nifty opened lower by 358 points and trades amid volatility. Sensex has tanked over 1,000 points and all the sectoral indices are in deep red.
Nifty Smallcap is the worst affected and is down by over 3 per cent. Moreover, India VIX has soared over 20 per cent!
Nifty is holding on to the 16,800 level, and if that gets breached, we can witness an aggravated sell-off.
Pre-market update: Tuesday could possibly be the worst day for the Indian markets as global tensions hit a new peak. Russian President, in his address to the media, has recognised the two regions of Ukraine as independent entities and is preparing to send troops. This has caused havoc as most of the global futures are trading lower.
Post this development, the Russian index fell nearly 17 per cent while the American Futures are also trading lower. Amid such rising tensions, Asian markets have opened lower while SGX Nifty is indicating a 225-point loss for Nifty.
Naturally, with war clouds looming, crude oil and natural gas have soared over 2 per cent & 5 per cent, respectively. Brent Crude too jumped over 4 per cent and is at its seven-year high.
Locally, the FIIs selling problem continues to persist. FIIs have sold for about Rs 2,261 crore in the last trading session. Meanwhile, DIIs have supported the market by buying about Rs 2,392 crore worth of equity.
Nifty is expected to be under severe pressure today and volatility shall be extremely high. Keep an eye on India VIX!