Nifty ends December expiry at 18,200 level; Sensex soars over 700 points from days low, Banks lead the rally

Bharti Airtel, Eicher Motors and SBI were the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices closed on a higher note as strong short-covering rally in the last hour pushed Nifty towards 18,200 levels. The benchmark index gained 0.38 per cent while Sensex soared 225 points. Good recovery was seen in broader market too, as Nifty Midcap and Nifty Smallcap rose 0.10 per cent and 0.25 per cent respectively.  

Top performers were the Banks, metals and energy stocks that lifted market sentiment. India VIX crashed over 3 per cent at the end of the day.   

Bharti Airtel, Eicher Motors and SBI were the top gainers from the Nifty 50 stocks while Tata Motors, Apollo Hospitals and Titan Company were the top losers.   

Nifty formed a bullish bar with a long wick at the bottom and indicates strong buying interest at lower levels. 18,000 emerged as strong support and shall continue to remain crucial support level for upcoming trading sessions as well.  

Market update at 11.30 AM: Indices have witnessed weakness at higher levels as investors choose to book profit amid rising concerns of COVID cases across the world. NSE Nifty 50 index has slipped over half a per cent to trade at 18,000 level while S&P BSE Sensex has tanked about 300 points. Nifty Midcap and Nifty Smallcap have plunged 0.695 per cent and 0.65 per cent respectively.   

All the sectors are trading negatively, with media, banks and FMCG taking a major hit.   

About 749 stocks are advancing as against 1,209 stocks that are declining on NSE. This indicates poor market sentiment.   

18,000 level happens to be a strong support level for Nifty and any fall below this level can trigger fresh short positions.

Market update at 9.30 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 index has plunged half a per cent to trade at 18,000 levels while BSE Sensex has tanked over 300 points. Weakness is felt across midcap and Smallcap stocks as well.  

Metals and auto stocks have seen strong profit booking while pharma is the top performer. India VIX has surged over 1 per cent.  

Pre-market update: The Wall Street indices plunged on Wednesday as sentiments remained muted amid rising COVID cases in China and looming recession fears. Dow Jones tanked 365 points while the tech-heavy Nasdaq plunged 1.35 per cent. The tech stocks are under severe pressure across the globe, with Apple and Tesla shares hitting their 52-week low. With such bearish sentiment, the Asian markets have reacted negatively and trends on SGX Nifty suggest a gap-down opening of about 90 points for Nifty.

KFin Technologies IPO is set to debut on the bourses today. It is expected to see a muted opening.

Oil prices fell over 1 per cent after rising COVID cases in China put downward pressure on the demand. Brent crude oil price currently trades at USD 83 per barrel.

In the last trading session, the FIIs offloaded shares worth Rs 872 crore while the DIIs bought shares worth Rs 372 crore.

Nifty is expected to open near 18,000 and with the monthly expiry, it is expected to trade with huge volatility.