Indices closed around day’s high; HDFC twins and ITC pulled the markets

L&T, ITC, HDFC and HDFC Bank are the top gainers while Eicher Motors, M&M and IndusInd Bank were the top losers amongst Nifty 50 stocks.   

Market update at 3.30 PM:   

Nifty traded higher and closed around the day's high by rallying 159 points or 0.91 per cent to close around 17,557 level.  

S&P BSE Sensex also closed around the day’s high with more than 600 points rise. Nifty Midcap 100 consolidated in a small range throughout the day while Nifty Small cap 100 rallied 0.72 per cent.   

Nifty weekly PCR (1.37) now came to neutral zone.       

Defensive sectors like FMCG showed decent strength compared to other sectors while PSU Banks and Auto witnessed some profit booking in today’s session.           

L&T, ITC, HDFC and HDFC Bank are the top gainers while Eicher Motors, M&M and IndusInd Bank were the top losers amongst Nifty 50 stocks.       

Today markets opened gap up and traded higher throughout the day before the weekly expiry and important event of RBI policy. We may experience a volatile session because of these events scheduled for tomorrow. 

Market update at 11 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has surged half a per cent to trade near 17,500 levels and S&P BSE Sensex has risen 360 points so far. Nifty Midcap trades marginally lower while Nifty Smallcap have climbed 0.65 per cent.

NBFC and IT stocks have seen strong buying interest and are the top performers amongst the sectors. Meanwhile, PSU Banks have seen profit booking.

About 1536 stocks are advancing as against 497 stocks that are declining. This shows overall positive sentiment in the market.

L&T, HDFC Bank and HDFC are the top gainers from the Nifty 50 index while Adani Enterprises, Eicher Motors, and IndusInd Bank are weak today.

Market update at 9.30 AM: Indices have been trading higher upon opening. NSE Nifty 50 index has jumped 0.35 per cent to trade above 17,400 levels while S&P BSE Sensex has surged 250 points. Strong buying interest is seen across the broader market.

Realty and NBFC stocks have seen fresh buying while PSU Banks are under pressure. India VIX has jumped over a per cent.  

Pre-market update: Bank of America has warned investors to position defensively with the U.S. economy heading into a downturn, adding that recent efforts to stabilize banks has given investors “another opportunity today to take profits in overvalued bonds & stocks.” After this US markets witnessed strong profit booking. 

The Dow Jones Industrial Average cracked 198 points or 0.59 per cent to close around 33,402 level and Nasdaq 100 Index dropped around 48 points on Tuesday’s session. Meanwhile, CBOE VIX closed flat.  

In global commodities market, Gold has been registered a breakout from pennant pattern on daily chart and rallied 1.84 per cent while silver also surpassed its important resistance zone of previous swing high by rallying around 4.43 per cent to close above it.  

After the strong rally from last few days, BRENT Crude touched its previous swing high with a rise of around 0.4 per cent. 

On the opening session of the week, markets opened gap up and witnessed sharp profit booking after some oil exporting countries announced cuts in oil production. Nifty closed 38 points or 0.22 per cent above from previous close after sharp profit booking of morning session and closed around 17,398 level.   

S&P BSE Sensex closed around the day’s high with a rise of 152 points. Nifty Midcap 100 and Nifty Small cap 100 soared 0.44 per cent and 0.74 per cent respectively.    

Nifty weekly PCR (1.14) now came to neutral zone. 

On the same trading session, FIIs bought Rs 321.93 crore on the other hand DIIs sold Rs 328.24 crore in equity segment. 

In Derivative segment as compared to previous session, Clients and PROs reduced their participation while DIIs unwinded some longs but FIIs added some shorts along with longs in index futures. With this action FIIs index long positions now came to 11.87 per cent. 

Government slashed windfall tax on domestic crude to zero from Rs 3,500 per tonne thus OMC stocks like ONGC and Reliance are likely to be in focus.