Nifty closes above 17,000; oil and realty stocks gain

Market update at 3.30 PM: Nifty ends the expiry at 17,072 and is up by 117 points or 0.69 per cent. Sensex surged over 350 points. Overall, the market was in good condition as Nifty Midcap and Nifty Smallcap gained 0.9 per cent & 1.27 per cent, respectively. Moreover, India VIX crashed 4.5 per cent.  

The top gainers for today are Power Grid Corp, IOC, and ONGC while the top losers include Divi’s Labs, JSW Steel & Bharti Airtel.  

This weekly expiry has been hugely volatile but the closing above 17,000 is a positive indication.   

Market update at 1 PM: Nifty is trading in the range of 17,000-17,100. Among the sectoral indices, Nifty Bank, Nifty PSU Bank, and Nifty Realty are supporting the market. Besides, India VIX has fallen over 3 per cent.  

It is a broad-based rally as Nifty Midcap and Nifty Smallcap are trading higher by a per cent each!  

Huge put addition has been witnessed at 17,000 strikes while maximum open interest is seen at 17,200 on the call side. Thus, it is expected that Nifty might end the expiry between these ranges. 

Stay tuned for more updates!   

Market update at 11.30 AM: Nifty has cooled off from its day’s high of 17,107 and tanked almost 100 points. The level of 17,000 happens to be crucial support for Nifty. Sensex is also trading near the day’s low.  

As expected, the volatility persists in the market today due to the weekly expiry. India VIX is marginally down.  

Divi’s Lab and Bharti Airtel are the top losers, which have slipped over a per cent each while Power Grid Corp & ITC turned out to be the top gainers of Nifty, surging over 2 per cent each.  

All the sectoral indices are trading higher but it remains to be seen how the market reacts to this expiry jittery.   

Market update at 10 AM: Nifty and Sensex surged about 0.8 per cent each on Thursday morning. Nifty has broken 17,000 levels decisively and is heading towards the 17,100-mark.  

Meanwhile, Nifty Midcap and Nifty Smallcap indices are up by over 1 per cent each.  

MedPlus IPO debuts on the exchange with a 30 per cent premium over its issue price, continuing the stellar season of the IPO market.   

Pre-market update: Asian markets opened higher on Thursday morning amid good global cues, with SGX Nifty indicating 100-points gap-up opening for Nifty.

Last night, the US markets ended higher in green with NASDAQ surging over a per cent and Dow Jones gaining 261 points. 

During Wednesday's trading session, FIIs were net sellers yet again as they sold about Rs 827 crore worth of equity. On the contrary, DIIs bought equity worth Rs 1,593 crore, propelling the market higher. 

MedPlus IPO will debut today on the exchange and it is expected to list around a 15 per cent premium over the issue price.  

The level of 17,200 continues to hold maximum open interest on the call side while the 16,800 strike has the highest open interest on the put side. Today, being the weekly expiry, Nifty is expected to be volatile.