Nifty closes above 18,100 level; Sensex soars over 300 points as IT and pharma gain

HUL, Sun Pharma and Tech Mahindra emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices ended positively on a volatile trading session, led by a strong support from the IT, pharma and banking stocks. NSE Nifty 50 index surged half a per cent to close above 18,100 level while S&P BSE Sensex managed to put up over 300 points on the board. Nifty Midcap, too, gained about 0.56 per cent while Nifty Smallcap ended flat.  

IT emerged as the top performer amid strong buying towards the end of the session, along with pharma and banking stocks. Realty and metals remained weak throughout the day.  

HUL, Sun Pharma and Tech Mahindra emerged as the top gainers from the Nifty 50 stocks while UltraTech Cement, Grasim Industries and NTPC were the top losers.  

Nifty formed a long legged Doji candle and indicates indecisiveness at current levels. With no major macroeconomic update and events until next month, the index is likely to consolidate amid volatility.  

Market update at 10.55 AM: Indices have been trading higher since the start of the session. NSE Nifty 50 index has surged 0.62 per cent to trade above 18,100 level while S&P BSE Sensex has soared over 400 points. Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Nifty Private Bank has zoomed over a per cent, along with Nifty Bank and Nifty Financial Services. Nifty Realty and Nifty metal trade on a weak note.   

About 1,079 stocks are advancing as against 899 stocks that are declining, thus indicating positive market breadth.   

ICICI Bank, Kotak Mahindra Bank and Reliance Industries are the most active stocks trading on NSE post their results.   

Market update at 9.35 AM: Indices have been trading higher upon opening amid positive global cues. NSE Nifty 50 index has jumped 0.60 per cent while S&P BSE Sensex has soared nearly 400 points. Strong buying is seen across midcap and Smallcap stocks.  

Banks are the top performers amongst the sectors, while on the other hand, realty is experiencing weakness.  India VIX has slipped about half a per cent.  

Pre-market update: The Wall Street indices ended past week on a positive note as strong guidance from the tech companies lifted investors' sentiment. Nasdaq rose 2.66 per cent while Dow Jones Industrial Average jumped 330 points. With this, the Asian markets have opened higher following the Western markets and trends on SGX Nifty indicate a gain of 100 points.

Oil prices trade higher amid volatility as strong demand outlook from China weigh off aggressive rate hikes from the Fed. Brent crude oil currently trades at USD 87 per barrel.

RIL results: The consolidated net profit slipped 13.30 per cent YoY to Rs 17,806 crore. The company cited higher finance cost and raw material put downward pressure on their margins. The stock is likely to be in focus today, along with ICICI Bank and Kotak Mahindra Bank which have reported results in line with market expectations. 

In the last trading session, the FIIs sold to the tune of Rs 2002 crore while the DIIs bought shares worth Rs 1509 crore.

Nifty is expected to above 18,100 level and stock specific action is likely to be seen on D-street