Indices end higher; Hindalco becomes the top performer of the day!
Market update at 3.30 pm: Nifty and Sensex end the day by gaining 1.5 per cent each. Nifty Midcap and Nifty Smallcap went up by 1.5 per cent & 1.21 per cent, respectively.
The sectoral indices ended positively too with Nifty Metal emerging as the top performer, gaining about 3.13 per cent. The top contributors to Nifty rally are Hindalco and Tata Steel, which soared 5.15 per cent & 4 per cent, respectively. Overall, it was a magnificent day for the Indian market and the bulls would certainly like to see more of it in the times to come.
Market update at 1.15 pm: Nifty extended its gains and faced the 17,200-resistance. It is up by 250 points while Sensex is up by over 800 points. Nifty Bank, Nifty PSU Bank, and Nifty Private Bank, etc. all are up by over 2 per cent each!
Meanwhile, India VIX has crashed about 7 per cent. The advance-decline ratio is firm at 1454:373. The overall market looks strong, so far!
Market update at 10.30 am: After a gap up of about 130 points, Nifty is holding on to its gains and facing a resistance of 17,100. It is up by a per cent while Bank Nifty is up by almost 2 per cent.
India VIX crashed over 5 per cent. All the sectoral indices are trading in the green, except for Nifty Pharma, which is trading flat. The advance-decline ratio is going good with 1,467 advancing and just 321 stocks declining. Crude and natural gas are also up by 1 per cent each while precious metals were seen to be marginally negative early in the morning.
Nifty began Monday’s session a tad lower but it extended the fall as the day progressed. As a result, it settled near its lowest point of the day with a loss of 1.65 per cent. All the sectoral indices ended in red with Nifty IT being the top loser for the day as it recorded a fall of 2.70 per cent.
The broader market indices as well ended the day in red with Nifty Midcap 100 and Smallcap 100 losing 1.42 & 1.09 per cent, respectively. Along with this sharp fall in the index, India VIX had seen sharp surge of 8.79 per cent, closing above the 20-mark.
The price action of the day had formed a big bodied bearish candle on the daily chart, indicating sheer dominance of bears right from the start to end of the session.
FIIs selling continued to sell as they turned net sellers to the tune of Rs 3,361.28 crore. Meanwhile, the DII turned net buyers to the tune of Rs 1,701.56 crore.
One of the key takeaways for the bulls from Monday’s trading session is that despite witnessing a sharp fall, the index did not breach the panic low of November 29. So, a pullback rally is likely on the cards and given the fact that the index is in oversold territory in the short term, a relief rally is possible. However, on the upside, the zone of 17,200-17,350 is likely to act as a stiff resistance.
Meanwhile, on the downside, the level of 16,740-16,800 may offer a good support in the short term.