Indices close at days high: Nifty surges over 2 per cent, Sensex climbs 1,500 points!

Bajaj Finserv, Bajaj Finance, and IndusInd Bank emerged as the top gainers amongst Nifty 50 stocks

Market update at 3.30 PM: It was a stellar rally across all the indices as strong short-covering put bulls back into the driver’s seat. Nifty surged 2.50 per cent to close above the 17,700 level. Sensex soared 1,500 points while Nifty Midcap and Nifty Smallcap climbed 2 per cent & 1.26 per cent, respectively.  

All the sectors closed positively amid strong buying sentiment. Bajaj Finserv, Bajaj Finance, and IndusInd Bank emerged as the top gainers amongst Nifty 50 stocks while no stocks closed in the red.   

Such a strong furious rally indicates that the market is unlikely to see a major correction from here on. Meanwhile, global trends shall continue to be in focus.  

Market update at 12.45 PM: Indices are at their day’s high as Nifty touched the 17,600 level. Nifty is up by 1.68 per cent while Sensex has soared over 1,000 points. Strong buying is being witnessed in the mid-cap as well as the small-cap space.   

Nifty Auto surged 2.50 per cent and became the top performer among the sectoral indices.  

Meanwhile, India VIX has crashed over 4 per cent.  

Market update at 11 AM: Indices soared on Tuesday as a strong-covering rally propelled Nifty above the 17,500 level. The benchmark index is up by 1.25 per cent while Sensex has surged over 700 points. Meanwhile, Nifty Midcap and Nifty Smallcap have climbed 1.34 per & 1.11 per cent, respectively.  

All the sectors are trading in green. Auto, realty, and metals are the top-performing sectors. Bajaj Finserv, Maruti, and Bajaj Finance are the top gainers among Nifty 50 stocks whereas no stock is trading in red, which is a positive sign.   

Meanwhile, some stocks like Adani Enterprises, Bajaj Auto, Bank of Baroda, Federal Bank, M&M, and Page Industries have hit their respective fresh 52-week highs. Besides, micro-cap stock like Haryana Capfin is also at its 52-week high level.  

The advance-decline ratio currently stands at 1,619:298, meaning that bulls are in full control of the market.   

From a technical perspective, it would be quite positive if Nifty sustains above the level of 17,500.  

Market update at 9.30 AM: As expected, indices opened higher as Nifty climbed 0.85 per cent. Sensex surged 470 points while the mid-cap and small-cap indices inched higher by over a per cent each. 

All sectors are in green while India VIX crashed over 4 per cent.

Pre-market update: The global markets continued to show weakness as Nasdaq slipped over 1 per cent while Dow Jones lost 185 points. The European markets also plunged over half a per cent. However, volatility was witnessed as the indices swung at both ends.  

Most of the Asian markets have shown recovery after opening lower on Tuesday while SGX Nifty indicates a gap-up opening of about 100 points for Nifty.  

Brent crude oil is trading over 104 level amid volatility. The possibility of OPEC cutting supplies in its next meeting has induced volatility in the prices.  

Meanwhile, in the last trading session, the FIIs sold to the tune of Rs 561 crore while the DIIs bought equity worth Rs 144 crore.  

Volatility is expected to persist in the market, and price action at the 17,400 level shall be keenly watched.