Nifty closes above 17,800 level; Sensex soars nearly 400 points, Adani stocks become top gainers

All the sectors managed to close in green, with Metals and IT leading in the group

Market update at 3.30 PM: Indices traded higher throughout the day after RBI’s expected rate hike of 25 basis points. NSE Nifty 50 index rose 0.85 per cent to close above 17,800 level while S&P BSE Sensex jumped nearly 400 points. Nifty Midcap and Nifty Smallcap climbed 0.87 per cent each.   

All the sectors managed to close in green, with Metals and IT leading in the group. Such scenario has been witnessed after many days.   

Adani stocks, i.e., Adani Enterprises and Adani Ports emerged as the top gainers from the Nifty 50 stocks while PowerGrid Corp, Coal India and L&T were the top losers.   

Nifty formed a bullish bar on the technical chart and closed near the day’s high. Meanwhile, the global cues shall continue to be in focus.   

Market update at 2.20 PM: Indices have been trading higher post the RBI MPC decision. NSE Nifty 50 index has surged 0.86 per cent to trade near 17,900 level while S&P BSE Sensex has gained over 400 points. Nifty Midcap and Nifty Smallcap have climbed 0.80 per cent each.  

All the sectors are trading in green and India VIX has slipped over 3 per cent.  

Market update at 10.10 AM: RBI has hiked repo rate by 25 basis points to 6.50 per cent, which is in line with market expectations. The central bank said that the MPC focusses on withdrawal of accommodation. NSE Nifty 50 index trades above 17,800 level and is up 0.65 per cent. S&P BSE Sensex has soared over 400 points.  

Nifty Midcap and Nifty Smallcap are trading marginally higher by 0.20 per cent.  

Market update at 9.30 AM: Indices have been trading higher ahead of RBI’s decision on interest rate. NSE Nifty 50 index has surged 0.57 per cent to trade above 17,800 level while S&P BSE Sensex has jumped 300 points. Strong buying is seen across the broader market as well.  

Metals, IT and PSU Banks are the top performers while auto stocks are weak today. India VIX has slipped 2 per cent amidst such positivity. 

Pre-market update: The Wall Street indices ended on a higher note despite after positive comments from US Fed chairman Jerome Powell eased investor expectations about inflation. Nasdaq rallied 2 per cent while Dow Jones jumped 265 points. With this, most of the Asian markets have opened higher and trends on SGX Nifty indicate a gap-up of about 75 points.
All eyes shall be on RBI MPC decision regarding interest rate hike. The central bank is widely expected to hike rates by 25 basis points but it is the commentary that shall grab attention.
Oil surges over 3 per cent after postive commentary from US Fed chairman. Brent crude oil trades above USD 83 per barrel.
In the last trading session, the FIIs sold equity to the tune of Rs 2559 crore while DIIs bought shares worth Rs 639 crore.
Nifty is expected to trade with strong volatility throughout the day given RBI meet scheduled today.