Nifty settles at 18,100 level, registers nearly 5 per cent returns in CY 2022; PSU Banks become talk of the town

Nifty PSU Bank index has soared over 70 per cent in CY 2023.   

Market update at 3.30 PM: Indices witnessed strong sell-off in the last half hour and NSE Nifty 50 index plunged over 100 points during this period to settle at 18,100 level. BSE S&P Sensex slips over 300 points while Nifty Midcap and Nifty Smallcap also witnessed weakness towards the end.   

Nifty registered about 4.39 per cent gains in CY 2023. Prominent sector in driving markets higher has been PSU Bank which has registered maximum gains this year. Nifty PSU Bank index has soared over 70 per cent in CY 2023.   

In the last trading session of December, Bajaj Finserv, Titan Company and Coal India emerged as the top gainers from the Nifty 50 stocks while SBI Life Insurance, ICICI Bank and Bharti Airtel were the top losers.   

Nifty formed a bearish bar on the technical chart with 50-DMA acting as a strong resistance to overcome. The global cues shall continue to remain in focus. 

Market update at 2 PM: The benchmark indices have lost early gains as Nifty falls below 18,200 levels. Sensex dips over 300 points from day's high to trade on a flat note. Slight profit booking is seen across midcap and smallcap stocks.
Banks and FMCG have seen strong profit booking and are weak amongst the sectors.

Market update at 11 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has surged 0.30 per cent while S&P BSE Sensex has jumped nearly 200 points. Nifty Midcap and Nifty Smallcap have soared 0.695 per cent and 1.31 per cent respectively.  

PSU Banks, metals and realty are the top performing sectors while pharma and banks are weak today.  

About 1640 stocks are advancing as against 324 stocks that are declining, thus indicating a positive market breadth.  

Stocks that have hit fresh a 52 week high are JSL Hisar, Jindal Steel, Mahindra CIE automotive, RBL Bank, REC Ltd and Solar Industries. These stocks are likely to be in focus today.  

18,200 level has acted as strong support level for Nifty while 18,300 shall act as immediate resistance. 

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has jumped 0.32 per cent to trade above 18,200 levels while Sensex has soared over 200 points. Strong buying is seen across midcap and Smallcap stocks.  

All sectors are trading in green while India VIX has slipped over 2 per cent.

Pre-market update: The Wall Street indices closed on a higher note led by the IT growth stocks after sentiments improved as latest economic data indicates Fed might go slow with rate hikes. The tech-heavy Nasdaq climbed 2.59 per cent while Dow Jones surged 345 points. With this, the Asian markets have opened positively and SGX Nifty indicates a gap-up opening of about 60 points in Nifty.

Crude oil prices trade amid volatility as recession fears are offset by cut in productions. Brent crude oil currently resides at USD 83 per barrel.

As per RBI stability report, Gross NPAs of Indian banks have plunged to 7-year low.

Elin Electronics IPO is set to debut on the bourses today. The stock is expected for a muted listing as subscription rate stood lower than expected.

In the last trading session, the FIIs sold shares worth Rs 572 crore while the DIIs bought to the tune of Rs 515 crore.

Nifty is expected to trade positively as strong supports are placed at lower levels but volatility cannot be ruled out.