Nifty closes at 17,600 level; All sectors end in green, Nifty PSU Bank surges over 5 per cent!

Adani Enterprises, Adani Ports and Reliance Industries were the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices trade higher throughout the day and closed on a higher note as strong buying across the broader market lifted investors’ sentiment. NSE Nifty 50 index surged 1.57 per cent to close at 17,600 level while S&P BSE Sensex soared 861 points. Nifty Midcap and Nifty Smallcap rose 0.69 per cent and 0.81 per cent respectively.   

Nifty PSU Bank was the star performer on Friday as it jumped over 5 per cent amid strong buying interest. Nifty Metal gained 3.55 per cent while banking stocks also performed well. Adani group stocks also witnessed strong buying sentiment.  

Adani Enterprises, Adani Ports and Reliance Industries were the top gainers from the Nifty 50 stocks whereas Tech Mahindra, UltraTech Cement and Cipla were the top losers today.   

Nifty formed a bullish bar with a long wick at the bottom on the weekly technical chart, thus signifying strong supports sat lower levels. It also closed below its 200-DMA on a weekly basis, which is positive. Going forward, the zone of 17,300-17,400 shall be seen as strong support zone.  

Market update at 11.10 AM: Indices have seen strong rally on Friday amid positive sentiment in the market. NSE Nifty 50 index has surged 1.25 per cent to trade above 17,500 levels while S&P BSE Sensex has jumped 750 points. Nifty Midcap and Nifty Smallcap have gained 0.70 per cent each.   

All the sectors are trading in green. Nifty PSU Bank index has surged over 4 per cent, while Nifty Metal is up 2 per cent. India VIX has crashed nearly 6 per cent.   

About 1479 stocks are advancing as against 483 stocks that are declining, thus showing relatively positive sentiment in the market.   

Adani group stocks have seen strong buying interest emerging after the block deal worth Rs 15,000 crore.  

Market update at 9.30 AM: Indices have started the day on a positive note amid good global cues. NSE Nifty 50 index has surged 0.90 per cent to trade above 17,400 levels while S&P BSE Sensex has jumped over 500 points. Strong buying is seen across the broader market as well. 

All the sectors are trading in green and India VIX has crashed over 6 per cent.  

Pre-market update: The US market closed sharply in green after the commentary from Fed President Raphael Bostic signalled ease in the pace of interest rate hikes. In his statement, the Fed President said that he strongly favours a quarter points hikes in upcoming Fed meeting. Nasdaq surged 0.73 per cent while Dow Jones climbed 341 points.

The Asian markets have reacted positively and trends on SGX Nifty indicate a gap-up of about 100 points.

Oil prices soar following the positive commentary and good demand expectation from China. Brent crude settled just below USD 85 per barrel.

In the last trading session, the FIIs bought shares worth Rs 12770 crore, which also includes the block deal worth Rs 15446 crore in Adani by GQG Partners, a foreign institution. Meanwhile, the DIIs purchased equity worth Rs 2128 crore.

Nifty is expected to open around 17,400 and it would be interesting to see if the index sustains this gap-up or not.