Nifty recovers from days low, Nifty Metal shines; Hindalco hits fresh high!
Nifty has recovered nearly 150 points from the day's low
Market Update at 02:40 PM: Nifty has recovered nearly 150 points from the day's low and with this, it has entered into positive terrain, which had become a rare sight in the last couple of trading sessions.
State Bank of India and Sun Pharmaceutical are among the top two contributors to Nifty 50 index.
Among the sectoral indices, the majority of the sectors were seen trading in green with Nifty Metal and Nifty PSU Bank gaining over 2 per cent each. On the other hand, Nifty Financial Services and Nifty Bank were the top two losers.
Market Update at 12:30 PM: The Indian benchmark indices witnessed some recovery from the lower levels and also, trimmed their losses. What’s more interesting is the fact that the market breadth has improved significantly and the shares, which are trading in the green, have overtaken the shares that are trading in the red. This is due to outperformance by the broader market indices namely, Nifty Midcap and Smallcap that were trading in green.
Among the sectoral indices, in the first hour of the trading session, there were only two sectors trading in green. Now, overall, six sectoral indices are trading in green with Nifty Realty and Nifty PSU Bank leading from the front.
Among the top contributors to Nifty 50 index are NTPC, Coal India, SBI, Sun Pharma, and Power Grid. The momentum in Nifty CPSE index continues as it hovers around its three-year high!
Market Update at 9:40 AM: Indian benchmark indices were seen trading lower on Wednesday with Nifty plunging more than 100 points while Sensex tanked 400 points.
The broader markets are witnessing selling pressure with Nifty Midcap 100 & Smallcap 100 slipping by 0.15 per cent and 0.43 per cent, respectively.
Among the sectoral performance, Nifty Pharma and Nifty Realty were the only two sectors that were seen trading in the green. On the other hand, Nifty Bank and Nifty Financial Services have seen significant profit booking as they lost more than 1 per cent.
Talking about stock-specific action, Trident is trading with gains of over 1 per cent, and with this, it has logged a fresh high.
Tuesday’s market movement had taken everyone by surprise as for the majority part of the trading session, the market witnessed selling pressure. However, recovery in the latter part of the trading session helped the market to trim its losses and end the session down by 106.5 points at 17,748.
Bank Nifty closed with a 0.59 per cent loss after a thousand-point intraday volatility. Nifty Energy index was the top gainer with 2.01 per cent. Nifty Metal and Nifty Pharma indices also ended with modest gains. Nifty IT & media indices fell by 2.20 per cent and 1.66 per cent, respectively. India VIX closed above 18.53 with a 2.67 per cent rise in volatility. Overall, the market breadth is negative with 1,180 declines and 779 advances.
Nifty oscillated in the 337-point range on Tuesday. This was the highest intraday movement in the recent past. With this, it has now filled the gap of September 23. Going ahead, the low of Tuesday’s session (17,576) may act as strong support. On the upside, the level of 17,920 is likely to act as a strong resistance.
The Elder impulse system shows that Nifty has entered into a neutral zone. Pring's KST has given a sell signal after June 18. As September derivative series expiry is just two sessions away, the volatility will increase. For the next two days, Tuesday's low of 17,576 is likely to act as critical support.