Nifty closes at days high; Tata Steel, JSW Steel and SBI emerge as top gainers

Tata Steel, JSW Steel, and SBI emerged as the top gainers

Market update at 3.30 PM: Indices continued their upmove in the last hour of the session while Nifty closed May expiry at 16,170, up by about 0.90 per cent. Sensex gained about 503 points while Nifty Midcap and Nifty Smallcap gained around 1.35 per cent & 0.70 per cent, respectively.  

PSU banks and metals dominated the market while energy & FMCG stocks closed weak today. Tata Steel, JSW Steel, and SBI emerged as the top gainers whereas UPL, ITC & Divi’s Labs closed on a lower note.   

Interestingly, India VIX cooled off by over 10 per cent, which indicates positive sentiment.   

Market update at 1.40 PM: Indices have witnessed a dramatic recovery as Nifty and Sensex have gained over 450 points each. Nifty Midcap as well as Nifty Smallcap too drifted towards the positive territory.  

Banks and metals led the rally while FMCG & energy stocks are still weak.  Around 908 stocks are advancing while 1,022 stocks are declining.   

JSW Steel, Tata Steel & HDFC Bank emerged as the top gainers while UPL and ITC are weak.  

Market update at 10.30 AM: Nifty has fallen below the 16,000-support level and is currently down by 0.35 per cent. Meanwhile, Sensex has lost about 100 points while Nifty Midcap and Nifty Smallcap have plunged over 1.47 per cent & 2.15 per cent, respectively. 

Nifty Realty, Nifty Energy, Nifty Media, and Nifty Metal have plunged below 2 per cent each while Nifty Bank is holding on with modest gain of 0.50 per cent.  

Market update at 9.40 AM: Indices are trading flat amid volatility. Nifty and Sensex are nearly flat while the mid-cap & small-cap indices are marginally down.   

Realty and FMCG sectors are trading weak whereas banks are outperforming. India VIX has slipped over 2 per cent.   

Pre-market update: Last night, the US markets closed higher amid volatility. Nasdaq surged 1.51 per cent while Dow Jones gained about 191 points. 

With this, most of the Asian markets have opened higher while SGX Nifty indicates a gap-up opening of about 100 points for Nifty. 

FOMC Minutes were released in the afternoon (US time), wherein multiple rate hikes of 50 bps were discussed. They further noted that policy may have to move past a "neutral" stance towards "restrictive". The participants were more dubious regarding financial stability than controlling inflation.  

In the last trading session, the FIIs have sold for about Rs 1,803 crore while the DIIs bought about Rs 2,229 crore worth of equity. 

Nifty is likely to open around 16,100 and today, being the monthly expiry, the volatility is expected to persist.