Indices close at days high, led by IT, energy, and auto sectors
Tech Mahindra, BPCL, Tata Motors and Reliance emerged as the top gainers for the day
Market update at 3.30 PM: Indices extend their gains in the last one hour of the trade and closed at the day’s high. Nifty recovered about 300 odd points from its low to close at 17,315.60, up by 1.16 per cent. Sensex also gained about 696 points at the end of the day. However, Nifty Midcap and Nifty Smallcap closed marginally higher.
Among the sectoral indices, Nifty IT, Nifty Auto & Nifty Bank witnessed strong recovery and closed about a per cent higher. However, Nifty FMCG, and Nifty Realty closed slightly lower. Tech Mahindra, BPCL, Tata Motors and Reliance emerged as the top gainers for the day while the top losers include FMCG giants such as HUL, Nestle & Britannia. With such positivity, India VIX fell over 2 per cent.
Nifty formed a strong bullish candle with a longer wick at the lower end, indicating strong supports at the lower level. The level of 17,000, as mentioned earlier, acted as a strong support level while the index bounced back sharply thereafter. The level will continue to remain a strong support for the upcoming days.
Market update at 1.15 PM: Indices have recovered sharply from their day’s low. Nifty is currently up by 0.70 per cent while Sensex has gained about 400 points. However, Nifty Midcap and Nifty Smallcap are trading on a mixed note.
The IT, energy, and metal sectors are trading higher while FMCG & realty are weak. Meanwhile, ONGC, Reliance, Tech Mahindra, and IOC are the top gainers among Nifty stocks.
With such emerging positivity, India VIX has slipped over a per cent.
Market update at 11.15 AM: The indices have been trading lower amid volatility. Nifty is currently down by 60 points and trades around 17,050 while Nifty Midcap & Nifty Smallcap are trading on a mixed note.
Among the sectors, metals, media and IT are trading higher while FMCG & realty are the top sectors that are dragging the market down.
Oil Marketing Companies (OMC) and energy stocks are also trading higher amid rising crude prices. ONGC, IOC, and Reliance are the top three gainers among Nifty stocks.
India VIX has surged over 1.5 per cent and is placed just below the 25-mark.
Market update at 9.30 AM: On expected lines, Nifty has opened flat and currently, trades lower by 30 points. Nifty Midcap and Nifty Smallcap are trading lower by nearly half a per cent each.
Among the sectors, metals, energy, and media are trading higher while realty & FMCG are weak in the initial minutes of the session. With this, India VIX has risen by a per cent.
Pre-market update: Last night, the US markets closed lower amid volatility. NASDAQ slipped about 0.4 per cent while Dow Jones Industrial Average shredded about 201 points. However, the Asian markets have opened mixed, and SGX Nifty indicates higher opening of 9 points for Nifty.
Meanwhile, Crude oil surged to USD 115 per barrel amid rising supply fears.
Diesel prices have been hiked for bulk users by Rs 25 per litre, which has caused a rise in inflation fears.
In the last trading session, the FIIs turned net sellers again, and sold for about Rs 2,962 crore while the DIIs bought equity worth Rs 252 crore.
Nifty is likely to open around 17,100 while the level of 17,000 is the next major support level to watch out for! Besides, the level of 17,250 shall act as resistance.