Nifty gains for sixth straight day; broader markets underperform!

Nifty IT emerged as the top gainer as it surged over a per cent.   

Market Update at 3.30 PM: In ICC Men’s T20 World Cup of 2007, it was Yuvraj Singh, who took Stuart Broad to knockers as he hit 6 sixes in a row! D-Street too witnessed a similar magical moment on Wednesday as the bulls knocked 6 sixes in a row i.e., they gained for the sixth straight session, ending the day with modest gains of 0.25 per cent.   

Infosys, Reliance Industries, and ICICI Bank combinedly contributed as much as 56 points to Nifty kitty! Interestingly, broader market indices ended in red and as a result, the overall advance-decline ratio was in favour of bears.   

Talking about the sectoral performance, the majority of the sectors ended in red led by Nifty Auto and Nifty Realty while on other hand, Nifty IT emerged as the top gainer as it surged over a per cent.   

On the options front, the 17,300 PE (August 4 Series) option saw maximum addition for the day i.e. nearly 25 lakh shares were added at this strike price, which took the total open interest at this strike above 72 lakh shares. Meanwhile, on the CE side, maximum open interest was seen around 17,500 strike price with nearly 14 lakh shares being added in today’s session itself. Hence, we expect the index to trade between 17,300 and 17,500 in the coming trading sessions.   

Market update at 11 AM: Indices witnessed profit booking as Nifty slipped below the 17,300-mark. It is currently down by half a per cent while Sensex lost about 250 points. Nifty Midcap and Nifty Smallcap have slipped nearly a per cent each.   

Among the sectors, apart from IT, others are seeing profit booking. Nifty IT climbed 0.90 per cent.   

Cipla, Tech Mahindra, and Bharti Airtel are the top gainers while Maruti Suzuki, Coal India & Kotak Mahindra Bank are weak today.   

The advance-decline ratio stands at 554:1,340, favouring the bears.   

Meanwhile, Adani Enterprises, M&M, PVR, AIA Engineering, and Blue Dart have hit a fresh 52-week high.   

Nifty has the next support placed at 17,200 while the level of 17,350 remains a tough resistance.  

Market update at 9.30 AM: Indices are trading lower amid volatility. Nifty plunged 20 points while Sensex lost over 50 points. Nifty Midcap and Nifty Smallcap are also trading slightly lower. 

IT, pharma, and metals are trading higher while auto & financials are weak today. 

Meanwhile, India VIX has surged nearly 2 per cent. 

Pre-market update: Last night, the US markets closed negatively on a volatile day after Speaker of US House of Representatives - Nancy Pelosi visited Taiwan. The geopolitical tensions have been flaring between China and Taiwan for quite some time.

Most Adani companies like Adani Power, Adani Transmission, and Adani Wilmar are set to declare their results today.
Meanwhile, India's trade deficit hits a record high in July as exports fell 12 per cent on an MoM basis. 

In the last trading session, the FIIs & DIIs turned net buyers and bought equity worth Rs 825 and Rs 117 crore, respectively.
Nifty is likely to open near 17,400 but volatility is expected to persist with RBI meeting around the corner.