Indices close at days high! Banks steal the show

Market update at 3.30 PM: It has been a spectacular day for Nifty as it continued to gain points as the day progressed. Nifty has surged about 283 points or 1.57 per cent. Sensex gained nearly 950 points. Even the mid-caps and small-caps participated in this broad-based rally.  

The top gainers for today include Coal India and Eicher Motors, which were up by over 6 per cent & 4 per cent, respectively. The banking indices namely, Nifty Bank, Nifty PSU Bank, and Nifty Private Bank surged over 2.5 per cent each.  

Huge addition of open interest has been seen at 17,500 and thus, the resistance has now turned into support.   

Market update at 2.30 PM: Nifty is showing no signs of halting as it breaks the 17,600 barrier and marches forward. Nifty and Sensex are up by over 1.5 per cent each. The broader markets too are soaring higher. 

Eicher Motors and Tata Motors are putting in no brakes as both have surged over 5 per cent & 3 per cent, respectively. 

Apart from Nifty FMCG trading flat and Nifty Pharma being marginally down, all the sectors are trading much higher i.e. by over 1 per cent. 

Such a splendid rally is a good start to January and has to be taken positively. 

Market update at 12.30 PM: Indices are trading near the day’s high and what we see is a replica of Friday’s trading session. Nifty as well as Sensex are surging as the session progresses and along with them, Nifty Midcap & Nifty Smallcap are also trading higher by over 1 per cent each.  

Apart from Nifty Pharma, which is marginally down, all other trading indices are trading in green with Nifty Auto, Nifty Realty, and Nifty Bank gaining by over 1 per cent. Thus, it is a broad-based rally.  

Eicher Motors, Coal India, and Tata Motors are the top gainers for Nifty today.  

With Nifty decisively trading above 17,500, huge addition of put options has been witnessed at 17,500, which was earlier at 17,300. This shows the bullish sentiment among the market movers.  

Market update at 10 am: Indices are trading higher in the initial hour with Nifty nearing a major resistance of 17,500 while Sensex was seen surging 350 points. 

All the sectoral indices are trading in green with Nifty Auto, Nifty Realty, and Nifty IT soaring above 1 per cent each. 

The 17,300 put options have the highest open interest while 18,000 had the highest open interest on the call side. The maximum addition of put open interest is seen at 17,400 while the same is for the 17,500 call option. 

Pre-market update: Asian markets opened mixed on the first trading day of 2022. SGX Nifty indicates flat to positive opening. 

The US market futures are trading higher on Monday while European Futures are slightly down amid the absence of major global cues. 

Auto stocks will remain in focus with their monthly auto sales data releasing today. Good numbers are expected due to the festive season. 

GST revenue collected in the month of December stood at Rs 1.29 lakh crore, which is higher by 13 per cent YoY. 

On the last trading day i.e. on December 31, the FIIs became net buyers and bought for Rs 575 crore worth of equity while the DIIs were also net buyers, as they bought equity worth Rs 1,165 crore; thus, propelling the market higher. 

With FIIs, as well as DIIs, turning buyers on the same day of January series, Nifty is expected to take a bullish stance for the short term. Let’s see how it pans out!