Nifty snaps 8-day losing streak, closes above 17,400 level; all sectors end in green

Adani Enterprises, Hindalco Industries and UPL emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Nifty finally snapped its 8-day losing streak with sharp recovery from 17,300 levels and managed to close above its 200-DMA. The benchmark index rose 0.85 per cent to close above 17,400 level while S&P BSE Sensex jumped 448.96 points. Nifty Midcap and Nifty Smallcap surged 1.55 per cent and 1.35 per cent respectively.  

All the sectoral indices closed in green and Nifty Metal jumped nearly 4 per cent. India VIX crashed over 7 per cent amidst such respectively.  

Adani Enterprises, Hindalco Industries and UPL emerged as the top gainers from the Nifty 50 stocks while Britannia, Power Grid Corporation and Cipla were the top losers. 

The zone of 17,300- 17,400 has acted as strong support for Nifty and shall be keenly watched in upcoming trading sessions.  

Market update at 11.05 AM: Indices have been trading higher after past few days of weakness. NSE Nifty 50 index has climbed 0.66 per cent to trade above 17,400 level while S&P BSE Sensex has jumped over 350 points. Nifty Midcap and Nifty Smallcap have risen over 1 per cent each.   

Nifty Metal has surged over 3 per cent along with Nifty PSU Bank, which has soared over 2 per cent. Adani group stocks have also seen fresh buying interest on Wednesday.  

About 1601 stocks are advancing as against 363 stocks that are declining, thus indicating positive market sentiment.   

Adani Enterprises, Hindalco and Adani Ports are among the top gainers from the Nifty 50 stocks while Powergrid Corporation, Britannia Industries and Cipla are weak today.   

Market update at 9.30 AM: Indices have seen strong buying interest at the start of the session. NSE Nifty 50 index has jumped half a per cent to trade at 17,400 level while S&P BSE Sensex has surged nearly 300 points. Nifty Midcap and Nifty Smallcap have risen 0.75 per cent and 0.40 per cent respectively.  

Metals, auto and IT stocks have seen fresh buying interest and India VIX has crashed over 4 per cent.  

Pre-market update: The Wall Street indices slipped on Tuesday as bond yields spiked amid fears on prolonged higher interest rates. Dow Jones closed at day's low and slipped 232 points while Nasdaq ended mostly flat. With this, the Asian markets have opened negatively and trends on SGX Nifty indicate a loss of 20 points.

Crude oil jumped nearly 2 per cent amid positive demand outlook from China. Brent crude settled just below USD 84 per barrel.

In the last trading session, the FIIs sold to the tune of Rs 4,559 crore, which is the highest in many days. Meanwhile, the DIIs bought shares worth Rs 4609 to offset the foreign selling pressure.

Nifty is expected to open around 17,300 and likely to remain volatile throughout the day.