Nifty closes above 17,900; Bajaj twins and Hero MotoCorp emerge as top gainers

PSU banks, media, and IT gained momentum while auto closed on a weaker note.   

Market update at 3.30 PM: Indices roared on Wednesday as Nifty closed above the 17,900 level. It soared 0.67 per cent while Sensex jumped 417 points. Nifty Midcap and Nifty Smallcap also surged 0.48 per cent each.   

PSU banks, media, and IT gained momentum while auto closed on a weaker note.   

Bajaj Finserv, Bajaj Finance & Hero MotoCorp emerged as the top gainers while M&M, Apollo Hospitals, and Tata Motors were the top losers today.   

Global markets are likely to remain volatile as the US FOMC minutes are set to release today evening.  

Market update at 11.50 AM: Indices are trading higher as Nifty surged above 17,900. It is up by half a per cent while Sensex has surged over 290 points. Nifty Midcap and Nifty Smallcap have climbed 0.65 per cent each.   

Media, energy, and IT indices are outperforming while the auto index is trading on a flat note. Meanwhile, India VIX has slipped nearly a per cent.   

Bajaj Finance, Bajaj Finserv, Hindalco & HDFC Life are the top gainers amongst Nifty stocks while Apollo Hospitals, Kotak Mahindra Bank, and M&M are weak today.   

The advance-decline ratio is at 1,304:610; thus, favouring the bulls.   

The sustenance of Nifty above the level of 17,900 is crucial as it paves the way for 18,000 and above levels.   

Market update at 10.15 AM: Nifty has surged past the 17,900 mark and all the indices are trading higher. Sensex has surged nearly 300 points and is trading above the 60,000 level. 

NTPC, Bajaj Finance, Bajaj Finserv, and HDFC Life are the top gainers amongst Nifty stocks while M&M, Cipla, and ONGC are weak.

Market update at 9.30 AM: Indices have opened higher amid positive global cues. Nifty has gained 0.27 per cent while Sensex surged 140 points. Nifty 500 index is up by 0.34 per cent while Nifty Midcap and Nifty Smallcap have soared 0.40 per cent & 0.31 per cent, respectively.  

Energy and FMCG trade higher while IT is weak today.  

On the other hand, India VIX has slipped about half a per cent.  

Pre-market update: Asian markets have opened modestly higher after the US markets closed on a mixed note. Nasdaq slipped 0.19 per cent whereas Dow Jones jumped nearly 240 points. Meanwhile, SGX Nifty indicates a higher opening of about 30 points for Nifty.  

Crude oil fell over a per cent after economic data spurred concern about the global economic recession. Brent crude currently trades at USD 92.50 per barrel while WTI crude oil is below the 87 mark. Falling crude oil is likely to have a positive impact on slowing inflation in India.  

In the last trading session, the FIIs bought to the tune of Rs 1,376 crore while the DIIs sold for about Rs 136 crore worth of equity.  

Nifty is likely to open near the level of 17,850 and volatility is expected to persist.