Volatile Monday: Nifty closes at 18,200; PSU Banks and metals shine, pharma drags

PSU Banks rose yet again amid strong results from Bank of Baroda and SBI.

Market update at 3.30 PM: The start to the week has been strongly volatile as indices swung in both directions but managed to close on a higher note. Nifty jumped 0.47 per cent to close at 18,200 level while Sensex rose 235 points. Nifty Midcap and Nifty Smallcap soared 0.82 per cent each.   

PSU Banks rose yet again amid strong results from Bank of Baroda and SBI. Meanwhile, Pharma remained weak ahead of quarterly numbers of Divi’s Laboratories.  

Britannia, SBI and Adani Enterprises emerged as the top gainers from the Nifty 50 stocks while Divi’s Laboratories, Cipla and Sun Pharma were the top losers.   

Indices recovered in the last hour and thus, is a positive sign for the market. Meanwhile, global cues shall continue to be in focus while corporate results shall dictate stock-specific action on D-street

Market update at 12.45 PM: Indices have plunged as profit booking took place at higher levels. Nifty has now fallen nearly 150 points from its day’s high and is currently trading flat. Sensex is at its day’s low and is down by 100 points. Nifty Midcap and Nifty Smallcap also see slight weakness.   

Pharma, Media and IT are the top draggers while PSU banks are holding on to its gains. India VIX has risen over 2 per cent.   

Meanwhile, Britannia has jumped over 9 per cent amidst positive sentiment post healthy Q2 numbers. SBI and Adani Enterprises are also included in the top gainers list. Asian Paints, Cipla, and Divis Laboratories continue to trade lower and are the top losers from the Nifty 50 stocks.   

Meanwhile, the stocks that have hit a fresh 52-week high level today are Adani Enterprises, Bank of Baroda, Britannia, Coal India, Federal Bank and SBI.  

18,100 can act as strong support for Nifty while any fall below this level can trigger fresh short positions. 

Market update at 10.25 AM: Indices have witnessed profit booking at higher levels as Nifty has shredded nearly 120 points from the day’s high. NSE Nifty 50 and BSE Sensex 30 are currently trading flat amid volatility. Nifty Midcap and Nifty Smallcap indices are higher by half a per cent each. 
IT and Pharma are the top underperforming sectors. PSU Banks and Britannia Industries have seen a huge spurt in volume. Meanwhile, India VIX has surged 1.60 per cent.  

Market update at 9.30 AM: Indices have opened higher amid positive global cues. Nifty has surged 0.44 per cent and is trading at 18,200 level while Sensex has jumped 200 points. Nifty Midcap and Nifty Smallcap have risen 0.85 per cent each.   

Nifty PSU Bank has soared over 5 per cent amid strong results of Bank of Baroda and SBI. Bank of Baroda has shot up 11 per cent.   

Pre-market update: The Western markets had a fantastic rally on Friday, after US non-farm payrolls data suggested some weakness in the tight American labour market with an expectation that the Fed might go slow in raising interest rates. Nasdaq jumped 1.28 per cent while Dow Jones gained 401 points. Amidst such positivity, the Asian markets have opened higher and SGX Nifty indicates a gain of 100 points.
Coal India, Divis Laboratories, PayTM and BPCL are some of the key companies set to declare results today.
Meanwhile, SBI declared results during the week and net profit jumped 74 per cent to Rs 13,265 which is its highest ever profit. The stock is likely to be in focus.
Brent crude oil price fell, amid tightening in China's lockdown. The crude oil is currently trading around USD 97 per barrel.
In the last trading session, the FIIs have bought shares worth Rs 1,456 crore, while the DIIs sold to the tune of Rs 548 crore.
Nifty is likely to open above the 18,200 level and stock specific action is to be in focus today.