Nifty closes above 17,700 level; IT and auto rally, realty slips

IT and auto were the top performers amongst the sectors while realty and PSU Banks dragged the markets.

Market update at 3.30 PM: Indices witnessed slight correction in the last hour of the session after rallying over a per cent. NSE Nifty settleed above 17,700 level and surged 0.67 per cent while S&P BSE Sensex jumped 415 points. Nifty Midcap and Nifty Smallcap rose 0.85 per cent and 1.15 per cent respectively.   

IT and auto were the top performers amongst the sectors while realty and PSU Banks dragged the markets. Adani group stocks closed in green for yet another day.   

Adani Enterprises settles 5 per cent higher after initially soaring over 11 per cent. Tata Motors and ONGC were also among the top gainers from the Nifty 50 stocks. Meanwhile, Britannia, JSW Steel and Tata Steel were the top losers for today.   

Nifty formed a bullish inverted hammer-like candle on the daily technical timeframe. The candle indicates exhaustion at 17,800 levels and this level shall act as strong resistance in near term. Meanwhile, focus shall turn towards the global markets to anticipate the trend.   

Market update at 11.20 AM: Indices have been trading higher throughout the day, led by strong buying sentiment across all the sectors. NSE Nifty 50 index has surged 1 per cent to trade near 17,800 levels while S&P BSE Sensex has jumped over 600 points. Nifty Midcap and Nifty Smallcap have risen 0.96 per cent and 1.40 per cent respectively.   

Nifty Metal has jumped over 2 per cent and is followed by Nifty IT with a gain of 1.50 per cent.   

Adani group stocks have seen continued buying interest from the market participants. Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas have hit their upper circuits. Adani Enterprises have surged over 11 per cent.   

About 1611 stocks are advancing as against 388 stocks that are declining, thus showing positive market breadth.   

Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index surged nearly 1 per cent upon opening to trade above 17,700 levels while S&P BSE Sensex has jumped over 500 points. Strong buying interest is seen across the broader market as well.

All the sectors are trading in green and India VIX has slipped over a per cent amidst such positivity.

Pre-market update: The Wall Street indices ended the past week on a higher note after the US treasury yields eased and investors' sentiment improved. Dow Jones Industrial Average rose 387 points while the tech-heavy Nasdaq climbed nearly 2 per cent. With this, the Asian markets have reacted postively on Monday and trends on SGX Nifty indicate a gap-up of about 60 points in Nifty.

The Government has decided to cut the additional windfall tax on Diesel to Rs 0.5 per litre from Rs 2.5 per litre, while it is nil in case of ATF.

Crude oil prices surged over by a dollar after reports that UAE has no plans to exit OPEC. Brent crude settled a just below USD 86 per barrel.

In the last trading session, both the FIIs and DIIs turned net buyers and bought shares worth Rs 246 crore and Rs 2089 crore.

Nifty is expected to open above 17,600 level and one hour of price action shall be keenly watched to anticipate the trend of the market.