Strong rally from auto and energy stocks pushes Nifty above 17,750 level; Adani stocks jump amid strong buying interest

IndusInd Bank, Adani Enterprises, Adani Ports emerged as the top gainers amongst Nifty 50 stocks

Market update at 3.30 PM: Indices saw a strong short covering rally towards the end as Nifty surged quarter per cent to close above 17,750 levels while S&P BSE Sensex gained 123.63 points. Nifty jumped about 50 points in the last half hour of the session. Nifty Midcap and Nifty Smallcap rose 0.51 per cent and 0.21 per cent respectively.  

Auto and energy stocks were the star performers in today’s session. Meanwhile, pharma, IT and realty remained weak throughout the day.   

IndusInd Bank, Adani Enterprises, Adani Ports emerged as the top gainers amongst Nifty 50 stocks while Bajaj Finance, Hindalco Industries and Tech Mahindra were the top losers. 

Most of the Adani group stocks like Adani Green Energy, Adani Power, Adani Transmission, Adani Total Gas and Adani Wilmar saw strong buying interest as they hit their upper circuits on Wednesday.   

Nifty formed a bullish bar and closed above its 20-DMA, which is a positive sign for the bulls. Meanwhile, the immediate resistance is at 17,800 level and shall be closely watched in upcoming trading sessions.   

Market update at 11 AM: Indices have been trading on a mixed note amid strong volatility. NSE Nifty 50 index has recovered about 100 points from day’s low to trade at 17,700 levels. S&P BSE Sensex is marginally down by about 50 points. Nifty Midcap and Nifty Smallcap have also slipped marginally lower by 0.10 per cent.   

Energy stocks are the top performers on Wednesday, along with auto and FMCG. Realty and IT have been seen underperforming the benchmark indices.   

LT, Bajaj Auto and Adani Enterprises are the top gainers from the Nifty 50 stocks while Hindalco, Bajaj Finance and Sun Pharma are weak today.   

About 997 stocks are advancing as against 941 stocks that are declining. Stock specific action continues in the broader market.   

Adani group stocks have seen strong buying for yet another day as Adani Green Energy, Adani Power, Adani Wilmar and Adani Total Gas have hit their upper circuits.

Market update at 9.30 AM: Indices have been trading lower amid bad global cues.  NSE Nifty 50 index slips half a per cent to trade below 17,700 levels while S&P BSE Sensex has lost nearly 300 points upon opening. The broader market is also under pressure.

Energy stocks are trading higher whereas IT and realty stocks have seen profit booking. India VIX has surged over 4 per cent at the start of the session.

Pre-market update: The Wall Street indices closed sharply lower on Tuesday after Federal Reserve chairman Jerome Powell indicated that the central bank might have to raise interest rates more than what they had earlier expected to contain the soaring inflation. Dow Jones tanked 575 points while the tech-heavy Nasdaq plunged 1.25 per cent.

The Asian markets have also reacted negatively and trends on SGX Nifty indicate a fall of 130 points and trades at 17,700 levels.

Oil slipped over 3 per cent after investors braced for higher interest rates and weak demand. Brent crude oil settled just above USD 83 per barrel.

In the last trading session, the FIIs and DIIs bought shares worth Rs 721 crore and Rs 757 crore respectively.

Nifty is expected to open around 17,700 levels and is likely to remain under pressure.