Sensex closed above 60,000 level; Banks and Financial services rallied the most

HDFC Life, Wipro and Tata consumer products are the top gainers

Market update at 3.30 PM:  Nifty closed at day's high after strong rebound from lower levels to close at 17,743 level or 0.6 per cent. 

S&P BSE Sensex closed above the important psychological level of 60,000. Nifty Midcap 100 and Nifty Small cap 100 rallied after small pause and closed around 0.39 per cent and 0.59 per cent. 

Banks, Financial services and Realty sector traded strong while Pharma and Media sector remained weak for the day.          

HDFC Life, Wipro and Tata consumer products are the top gainers while Cipla and Dr.Reddys Lab were the top losers amongst Nifty 50 stocks.      

Nifty breached last 3 days consolidation range and closed above it which is strong sign for bulls. 17,800 will be next technical resistance to watch on higher side. 

Market update at 1.15 PM: Indices have seen strong buying interest as the day progressed and NSE Nifty 50 has recovered about 80 points from day’s low. Sensex is up 80 points while Nifty Midcap and Nifty Smallcap have jumped 0.24 per cent and 0.52 per cent respectively.  

Financials and realty stocks are the top performers amongst the sectors, while pharma is weak.  

Market update at 11.15 AM: Indices have been trading higher amid strong volatility. NSE Nifty 50 index is trading marginally higher above 17,600 levels while S&P BSE Sensex has jumped 80 points. Nifty Midcap and Nifty Smallcap have risen 0.25 per cent and 0.54 per cent respectively.   

Financials have done extremely well today, with PSU Banks and Private Banks supporting the market. Meanwhile, pharma and media stocks are seen under pressure.   

About 1122 stocks are advancing as against 877 stocks that are declining, thus showing positive market breadth.   

HDFC Life Insurance, Tata Consumer Products and Apollo Hospitals are the top gainers from the Nifty 50 stocks while Sun Pharma, Dr Reddy’s Laboratories and UPL are weak today.   

17,600 happens to be a strong support for Nifty from the past few days and this level shall be keenly watched for the rest of the day. 

Market update at 9.30 AM: Indices have been trading higher amid volatility at the start of the session. The NSE Nifty 50 index has jumped 0.20 per cent to trade at 17,650 levels while S&P BSE Sensex has risen 100 points. Stock specific action continues in the broader market. 

Banks are the top performers amongst the sectors, while media stocks are weak today. India VIX has surged over 3 per cent amidst such volatility. 

Pre-market update:    

Dow Jones Industrial Average traded in smaller range to close around 22 points or 0.07 per cent higher at 33,808 level. Nasdaq 100 Index also closed flat, around 0.11 per cent higher at 13,000 level.  

In global commodities, Gold and silver remained weak and closed 1.1 per cent and 0.66 per cent in red respectively. 

Brent crude futures recovered 1.26 per cent from lower levels after the fall of 5 consecutive sessions.  

In Friday's trading session, FIIs sold Rs 2116.76 crore and DIIs bought Rs 1632.66 crore in equity segment. 

In Derivative segment as compared to previous session, DIIs added longs and PROs added some shorts in index future, While clients decreased their participation and on flip side, FIIs increased their participation as both changed their longs and shorts positions equally. 

Now FIIs index long position came to 39.31 per cent from 37.02 per cent. 

On Friday, Nifty recovered almost 60 points from day’s low to close at 17,618 level. After market hours,  index heavy weights ICICI Bank and Reliance reported their results which may affect positively in today’s price action. Now SGX Nifty indicates Nifty is likely to open gap up around 40 points.  

Important events of the week 

April 26 (Wednesday) - USA Durable Goods Order Data 

April 27 (Thursday) - USA Quarterly GDP Growth Data