Nifty closes above 18,200 level; Sensex soars 125 points as IT and PSU Banks shine

HDFC Life Insurance Company, SBI Life Insurance Company and Axis Bank emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded higher amid volatility but managed to close on a healthy note. Nifty closed above 18,200 level despite slipping below it initially and gained 0.20 per cent at the end of the day. Sensex surged 125 points while Nifty Midcap and Nifty Smallcap rose 0.25 per cent each.   

IT and PSU Banks rose to dominance and were the top performing sectors. Media, metals and auto dragged the market.   

HDFC Life Insurance Company, SBI Life Insurance Company and Axis Bank emerged as the top gainers from the Nifty 50 stocks while Hindalco Industries, Britannia Industries and M&M were the top losers.   

Nifty formed an identical candle as that of previous trading session but failed to close above the prior swing high of 18,265 level. Meanwhile, global cues shall continue to be in focus. 

Market update at 11.30 AM: Indices have been trading on a mixed note amid volatility. NSE Nifty 50 index is hovering around 18,200 level and is marginally higher. BSE Sensex has gained about 100 points while Nifty Midcap and Nifty Smallcap have jumped 0.30 per cent each.    

PSU Banks continue to shine while IT stocks have witnessed good short covering. Metals and auto remain weak and drag the market.   

About 1,330 stocks are advancing as against 656 stocks that are declining, thus indicating positive market breadth.   

Stocks that have hit a fresh 52-week high are Apollo Tyres, Canara Bank, Jindal Steel and Power, M&M financial Services, PNB Housing Finance, PFC, REC limited, RHI Magnesita and Solar Industries.  

18,200 continues to remain a crucial support level for Nifty while the zone of 18,270- 18,300 level shall act as immediate resistance. 

Market update at 9.30 AM: Indices have been trading lower amid bad global cues. NSE Nifty 50 index has slipped below 18,200 level while S&P BSE Sensex has lost over 100 points. Midcap and Smallcap stocks are seen under pressure.  

PSU Banks and realty are the top performers while metals are weak early on. India VIX has surged nearly 2 per cent.

Pre-market update: Amid lack of positive global cues and tepid sentiment, the Asian markets have opened on a negative note on Tuesday morning. Hang Seng has tanked over 200 points upon opening while other emerging markets have also plunged over a per cent each. Trends on SGX Nifty indicate a loss of 50 points.
The government of India has raised windfall tax on petroleum crude oil and Aviation turbine fuel as per the latest order dated January 2. The OMC stocks are likely to be under pressure today.
Crude oil prices drop over a per cent after IMF indicates that slowing global growth is a potential threat in 2023. Brent crude oil price currently trades a below USD 85 per barrel.
In the last trading session, the FIIs sold to the tune of Rs 212 crore while the DIIs bought shares worth Rs 743 crore.
Nifty is expected to open below 18,200 level and price action at lower levels shall be keenly watched.