Nifty closes above 17,800; HDFC Life, Adani Ports and BPCL emerge as top gainers

Auto, realty, and FMCG traded higher while PSU banks & media closed on a lower note.

Market update at 3.30 PM: Indices closed on a higher note as Nifty surged above the 17,800 level and ends 0.72 per cent higher. Meanwhile, Sensex surged 380 points while Nifty Midcap and Nifty Smallcap climbed 1.45 per cent & 0.95 per cent, respectively   

Auto, realty, and FMCG traded higher while PSU banks & media closed on a lower note.  

HDFC Life, Adani Ports, and BPCL were the top gainers while Grasim, Hindalco & SBI were the top losers.  

Nifty closed above the 17,800 level, which is a positive sign. Previously, 17,800-17,900 had acted as a turbulent zone.  

Amidst this, it would be interesting to watch the price action of the benchmark index.  

Market update at 2.20 PM: Nifty is hovering at the crucial 17,800 level. It is up by 0.64 per cent while Sensex has jumped over 350 points. The broader index Nifty 500 has climbed 0.79 per cent. Nifty Midcap and Nifty Smallcap have outperformed and are up by 1.12 per cent & 0.95 per cent, respectively.   

India VIX has surged 1.65 per cent. Auto, realty, and FMCG are trading stronger while media, IT & PSU banks are showing subdued performance.  

Market update at 11.10 AM: Indices are trading higher amid volatility as Nifty surged 0.77 per cent. Sensex is up by 430 points while the broader market is also performing better. Nifty 500 index has climbed 0.87 per cent.  

Auto, realty, and FMCG sectors are seen outperforming whereas media & PSU banks are trading on a flat note.   

HDFC Life, Adani Ports, and Eicher Motors are the top gainers amongst Nifty 5o stocks while Grasim, ONGC & Hindalco are weak today.   

The advance-decline ratio stands at 1,206:710 thereby, favouring the bulls.   

Nifty has sustained above the level of 17,800 for the time being while immediate resistance lies at 17,900.   

Market update at 9.55 AM: Indices jumped in the morning trade as Nifty surged above the 17,800 mark. It climbed 0.67 per cent while Sensex soared over 410 points. Nifty Midcap and Nifty Smallcap also inched higher by 0.85 per cent & 0.57 per cent, respectively. 

All the sectors are sparkling while India VIX surged over 2 per cent. 

Pre-market update: India's CPI for the month of July came out to be at 6.71 per cent on Friday as against 7.01 per cent, a month back. It is likely an indication that RBI may go slow in hiking interest rates.
The Indian market was closed on Monday on account of Independence Day.  Meanwhile, the global markets saw a good rally as Nasdaq jumped 0.62 per cent while Dow Jones gained over 150 points. The European markets also ended in the green.
In the last trading session, the FIIs emerged as net buyers and bought to the tune of Rs 3,040 crore while the DIIs sold for about Rs 840 crore worth of equity.

Crude oil slips further as Brent crude trades at 94 mark while WTI crude oil is at USD 88.66 per barrel.
Nifty is expected to open with a good gap-up and it remains to be seen whether the index shall sustain above 17,800 or not.