Nifty closes above 17,000; metal, realty and financial services support the market

IndusInd Bank, Coal India, Power Grid Corp, Tata Steel, and ITC emerged as the top gainers

Market update at 3.30 PM: Indices underwent a recovery mode towards the end as Nifty gained about 70 points in the last one hour. In the end, the benchmark index closed marginally lower by 0.20 per cent while Sensex lost around 90 points. Meanwhile, Nifty Midcap and Nifty Smallcap plunged about 0.59 per cent & 1.34 per cent, respectively.  

Among the sectors, metals, realty, and financial services witnessed a good recovery towards the end and also, supported the market. However, the IT and auto sectors remained weak throughout the day.  

IndusInd Bank, Coal India, Power Grid Corp, Tata Steel, and ITC emerged as the top gainers while Apollo Hospitals, Titan Company & Eicher Motors were weak today.  

Nifty formed a bullish candle on the technical candle and took the support of its 16,900 and 17,000 levels. However, the broader picture is that the index is still consolidating in the range of 16,900-17,400. Meanwhile, the global cues will continue to dictate the market trend in the upcoming days.  

Market update at 2.45 PM: Nifty has surged past the 17,000-mark and inches towards the level of 17,100. However, it is down by 0.18 per cent while Nifty Midcap and Nifty Smallcap have slipped 0.57 per cent & 1.29 per cent, respectively. 

Market update at 10.40 AM: Indices are trading lower after the first hour of the session. Nifty is down by 120 points and is near the 17,000-mark. Nifty Midcap and Nifty Smallcap have slipped by 0.64 per cent & 1.10 per cent, respectively. 

Nifty Realty is marginally higher whereas Nifty IT is down by over 1.70 per cent. 

IndusInd Bank and HDFC have gained over a per cent each and are currently the top gainers among Nifty stocks. Meanwhile, Wipro and Eicher Motors have plunged over 2 per cent each. 

Market update at 9.25 AM: Indices have opened lower amid weak global cues. Nifty is down by 0.70 per cent and is at 16,980 while Sensex has lost about 400 points. The mid-cap and small-cap indices are trading in red as well. 

All the sectors were weak at the time of opening. Nifty Metal and Nifty IT have fallen over a per cent each. 

With this, India VIX has risen over 7 per cent. 

Pre-market update: Last Friday, the US markets closed significantly lower. NASDAQ tumbled over 4 per cent and registered the worst monthly performance in many months while Dow Jones tanked about 940 points. With this, the Asian markets have opened lower and SGX Nifty indicates a gap-down opening of about 250 points on the account of weaker global cues.

In the last trading session, the FIIs have sold to the tune of Rs 3,648 crore while the DIIs bought to the tune of Rs 3,490 crore.

Tata Motors reported an increase of 74 per cent YoY in sales for the month of April. Its EV plans have become the talk of the town lately and thus, is the hot stock for today!

IndusInd Bank posted a profit of Rs 1,361 crore, which is about a 55 per cent increase YoY. The bank has announced a dividend of Rs 8.50 per share.

HDFC is set to declare quarterly numbers today and hence, will be in focus.

Meanwhile, the GST collection for April sets the all-time high at Rs 1.68 lakh crore.

Besides, Nifty is likely to open around the level of 16,850 and stock-specific action is expected.