Nifty closes above 17,300; metals and media shine, FMCG falls

 JSW Steel, Hindalco & Coal India became the top gainers from Nifty 50 stocks

Market update at 3.30 PM: Indices closed at the day’s low but managed to gain some points as Nifty ended above 17,300 level. Sensex surged 156 points while Nifty Midcap and Nifty Smallcap jumped 1.25 per cent each.   

Metal and media emerged as the top performers while FMCG & pharma were weak.  

JSW Steel, Hindalco & Coal India became the top gainers from Nifty 50 stocks whereas Bharti Airtel, HUL, and IndusInd Bank were the top losers.   

Market update at 2.30 PM: Indices have lost shine and plunged from higher levels. Nifty has lost about 90 points from the day’s high and currently, trades at 17,350 level. Sensex has also slipped to the day’s low.   

Pharma and FMCG are trading weak while metals & media turned out to be the top performers.   

Market Update at 1 PM: The Indian markets, after a dip in the initial part of the day, have found their mojo back in the afternoon session amid a strong opening in the European markets. Nifty has once again reclaimed its 17,400 mark with India VIX being down by half a per cent thereby, indicating that fear is abating.   

Among the index stocks, ICICI Bank climbed 2.43 per cent and has contributed the most i.e. by nearly 34 points to the Nifty’s kitty. 

On the sectoral front, Nifty Metal is leading from the front, followed by Nifty Realty and Nifty Media.  

Among the stock-specific story, sugar stocks have sweetened in the last one hour or so.  

With the bumper sugar production of 35.9 million tonnes during the October-September season, India has pipped Brazil to become the top producer of the sweetener. 

Market Update at 11:30 AM: The Indian benchmark indices have trimmed their gains and are currently, seen trading near their respective lowest points of the day.   

On the sectoral front, Nifty Media, Metal, and Realty were top gainers as they have jumped over 2 per cent each. On the other hand, Nifty Pharma and FMCG have witnessed profit booking and spotted trading with a loss of 0.36 per cent & 0.34 per cent, respectively.   

Among the stock-specific story, defence and shipbuilding stocks are in the limelight.    

Market Update at 9.30 AM: The Indian benchmark indices started off Thursday’s session on a buoyant note with Nifty hovering close to 17,400 mark. Sensex is hovering close to 58,450 mark with gains of over half a per cent. An interesting point is a fact that despite this strong upmove, India VIX is up by over a per cent.   

Among the index stocks, Infosys and Reliance have combinedly contributed 42 points to Nifty’s kitty.   

Talking about the sectoral performance, all the sectors were seen trading in the green, barring Nifty FMCG, which was almost flat to negative. Nifty Media and Nifty Realty were the top gainers. The stock of ZEEL jumped over 3 per cent; as a result, Nifty Media is seeing leading the gains. 

Pre-market update: The global markets witnessed a huge upside, followed by a nominal correction in the past two days when the Indian market was closed on the account of Dussehra. The Asian markets rallied during this period with Hang Seng being up by over 6 per cent. Currently, SGX Nifty trades above 17,400 level, which indicates a gap-up opening of about 150 points for Nifty. 

Meanwhile, Fed officials insisted that aggressive rate hikes are needed to curb inflation, which dragged the US indices in the previous trading session. 

Brent crude trades higher amid volatility as supply cuts pushed the price above USD 87 per barrel. 

Meanwhile, Electronics Mart India IPO got subscribed 1.69 times on Day 1. 

Both the FIIs and DIIs, which emerged as net buyers, bought shares worth Rs 1,344 crore & Rs 945 crore, respectively. 

Nifty is likely to open above 17,400 level and intraday volatility is expected to persist, considering Thursday's weekly expiry.