Indices close at day's high; Nifty ends above 17,100 level as Financials lead the rally

Nifty Financial Services, Nifty Private Bank and Nifty PSU Bank were the star performers in today’s session. Meanwhile, IT and FMCG remained weak for the day.  

Market update at 3.30 PM: Indian markets remained strong throughout the day. NSE Nifty 50 rose 119 points or 0.70 per cent to close at 17,107 level while S&P BSE Sensex successfully closed above 58,000. Nifty Midcap 100 and Nifty Smallcap 100 rose 0.59 per cent and 0.66 per cent respectively.       

Nifty weekly PCR (0.90) still remains in oversold zone.     

Nifty Financial Services, Nifty Private Bank and Nifty PSU Bank were the star performers in today’s session. Meanwhile, IT and FMCG remained weak for the day.        

HDFC Life, Reliance and Bajaj Finance emerged as the top gainers while Hindustan Unilever, TCS and Powergrid Corporation were the top losers amongst Nifty 50 stocks.     

Important event from US markets i.e., “FOMC Meeting” may give next overnight trigger for the Indian markets.  

Nifty has closed below important resistance zone protected by bears from last 5 trading sessions. Bulls may gain more strength after surpassing this resistance zone. Thus, 17,150 and 17,000 level shall be tracked closely in near term.  

Market update at 11 AM: Indices have been trading higher, led by gains from media stocks, PSU Banks and energy. NSE Nifty 50 index has jumped half a per cent to trade above 17,000 levels while S&P BSE Sensex has surged nearly 300 points. Nifty Midcap and Nifty Smallcap have risen 0.36 per cent and 0.80 per cent respectively.   

Nifty Media is the top performer with a gain of about 1.30 per cent, followed by 1 per cent gain in Nifty PSU Bank. Meanwhile, Nifty IT has slipped two thirds of a per cent.   

About 1362 stocks are advancing as against 570 stocks that are declining, thus indicating positive market breadth.   

Top gainers from Nifty 50 index include heavyweights like HDFC Bank, Reliance Industries and Bajaj Finance while Power Grid Corporation, Tech Mahindra and ITC are weak today.   

17,000 level shall act as strong support level while immediate resistance lies at 17,150 level.  

Market update at 9.30 AM: Indices have opened higher on a positive note amid good global cues. Nifty 50 index has surged 0.31 per cent to trade above 17,000 level while S&P BSE Sensex has gained 200 points so far. Stock specific action is seen across the broader market.  

Media and energy stocks are the top perfomers in the early session while IT witnessed slight profit booking.  

Pre-market update: US markets are in consolidation zone from the last 7 days, witnessed technical relief rally in same zone before FOMC meeting. 

Dow Jones Industrial Average rallied 382.60 points or 1.20 per cent and closed around 32,244.59 level. Nasdaq 100 concluded trading at 12,562.61, rose 42.73 points on the day. Meanwhile, CBOE VIX cooled off 5.33 per cent again on the last trading session.  

In the global commodities market, Gold and Silver dropped 0.50 per cent and 0.27 per cent respectively, after one of the largest one-week rally since March 2020. 

WTI Crude also recovered from 15 months' lows around the levels of $67.76. 

On Monday's trading session, Indian markets witnessed a roller coaster ride in which Nifty dropped almost 220 points to touch its recent lows and then bounced 160 points in the second half of the day to close at 16,988 level, while S&P BSE Sensex slipped 297 points and closed at 57,628. Nifty Midcap 100 and Nifty Smallcap 100 fell 1.04 per cent and 0.98 per cent respectively. Nifty weekly PCR is still in oversold zone (0.83). 

FIIs sold Rs.2545.87 crore and DIIs bought Rs.2876.64 crore in domestic market. Here, DIIs bought additional Rs.330 crore.

One of the notable bulk deal included in this data is "GQG Partners Emerging Markets Equity Fund" sold almost Rs.397 crore and "SBI Mutual Fund" bought Rs.757 crore in HDFCAMC. Here, SBI Mutual fund bought additional Rs.360 crore. 

As per the OI Data, Clients & DIIs added additional longs compare to previous sessions. Pros covered shorts with adding some longs as well, on other hand FIIs added notable shorts in index.  

Now FIIs index longs came to 8.52 per cent which indicates FIIs confidence on Indian markets is now lower than pandemic times of Covid-19. 

Global markets are trading in green and SGX Nifty indicates Nifty is likely to open gap up more than 50 points. Nifty recovered sharply in the afternoon session from the support of previous lows. Bulls may remain in action till markets are trading above this support zone of 16,850 to 16,800. 

Meanwhile, the immediate resistance is at 17,150 level and shall be closely watched for today.