Nifty closes above 18,000; financials outperform

HDFC twins and Adani Ports emerged as the top gainers while Infosys & Tata Consumer Products were weak today.

Market update at 3.30 PM: The broader Indices have closed nearly at the day’s high while Nifty closed above the 18,000-level. The benchmark index is up by 2.17 per cent while Sensex has gained over 1,200 points. It was a broad-based rally as Nifty Midcap and Nifty Smallcap gained about 1.63 per cent & 1.61 per cent, respectively.  

All the sectoral indices closed in green with Nifty Financial Services gaining the most. The index surged about 4.64 per cent while Bank Nifty gained 4 per cent. HDFC twins and Adani Ports emerged as the top gainers while Infosys & Tata Consumer Products were weak today. With such positivity, India VIX slipped nearly 3 per cent.  

Nifty has formed a strong bullish candle on the technical chart and is approaching the falling trendline. A breakout from this trendline shall see the index inching towards the 18,300-level.    

Market update at 11.45 AM: The indices have extended gains while Nifty is trading at the 18,000-level. The benchmark index is up by 1.73 per cent while Sensex has gained over 1,125 points. Nifty Midcap and Nifty Smallcap are over a per cent each.  

Meanwhile, all the sectors are in green. Nifty Financial Services has climbed over 4 per cent while Nifty Bank increased about 3 per cent.  

HDFC and HDFC Bank are the top performers, which have gained over 9-11 per cent already. Meanwhile, Infosys and Cipla are the weak performers. Amid such positivity, India VIX has crashed by nearly 3 per cent.  

Market update at 9.30 AM: Nifty opened significantly higher by about 138 points and continues to trade higher. Nifty Midcap and Nifty Smallcap are also trading higher by 0.51 per cent & 1.11 per cent, respectively.  

HDFC and HDFC Bank have soared over 9 per cent in the initial minutes of the trade. Moreover, all sectors except auto are trading in green.  

Pre-market update: Last Friday, the US markets closed marginally higher. NASDAQ gained about 0.29 per cent while Dow Jones closed higher by 140 points.

With this, the Asian markets have opened mixed, and SGX Nifty indicates a slight gap-down opening for Nifty of about 30 points.

In the last trading session, the FIIs were net buyers and bought for Rs 1,909 crore while the DIIs sold about Rs 183 crore worth of equity.

Brent crude continues to hover around the 105-mark. Meanwhile, petrol and diesel prices have been hiked by Rs 8.40 in a period of just two weeks.

Nifty is likely to open near 17,650 while price action during the initial hour of the session shall be keenly watched.