Indices witness profit booking at higher levels; IT and metal sector support the markets

ONGC, Tech Mahindra, Hindalco and HDFC Life are the top gainers while Hero MotoCorp, Ultratech cement and Sun Pharma were the top losers amongst Nifty 50 stocks.

Market update at 3.30 PM:  

Nifty witnessed profit booking on higher levels. However, it managed to close in green around 0.46 per cent at the 18,147 level. 

S&P BSE Sensex closed near to opening levels at 61,354 level. Nifty Mid Cap 100 and Nifty Small Cap 100 traded strongly for the day and closed around 0.97 per cent and 0.69 per cent, respectively.  

IT, Energy and Metal sectors traded strong while FMCG and Pharma sectors remained weak for the day.          

ONGC, Tech Mahindra, Hindalco and HDFC Life are the top gainers while Hero MotoCorp, Ultratech cement and Sun Pharma were the top losers amongst Nifty 50 stocks.      

Nifty closed above its prior swing high of 18,135 level which is a positive sign for the bulls and can expect some more bullishness once it crosses today’s day high decisively.

Market update at 2.45 PM: Domestic equity bourses have been trading firmly in the green, thanks to strong buying sentiment in the broader market. Metals, IT and energy stocks have seen fresh buying interest, along with midcap and smallcap stocks.  

NSE Nifty 50 index has jumped 0.54 per cent to trade near 18,200 levels while S&P BSE Sensex has surged 300 points. Nifty Midcap and Nifty Smallcap have soared 1.05 per cent and 0.84 per cent, respectively.  

Market update at 11.10 AM: Indices have been trading on a positive note amid strong buying interest in the broader market. NSE Nifty 50 index has jumped half a per cent to trade at 18,150 levels while S&P BSE Sensex has risen 300 points. Nifty Midcap and Nifty Smallcap have surged 0.70 per cent and 0.93 per cent, respectively.  

IT and Metal stocks are the top performers while pharma and FMCG are trading flat. India VIX has surged over 8 per cent.  

About 1387 stocks are advancing as against 630 stocks that are declining, thus showing positive market breadth.  

Tech Mahindra, ONGC and UPL are the top gainers from the Nifty 50 stocks while Hero MotoCorp, Kotak Mahindra Bank, and UltraTech Cement are weak today.  

Market update at 9.30 AM: Indices have witnessed a strong gap-up opening amid positive global cues. NSE Nifty 50 index has jumped 0.60 per cent to trade above 18,100 levels while S&P BSE Sensex has risen 350 points so far. Nifty Midcap and Nifty Smallcap have climbed 1 per cent each.

All the sectors are trading in green, with energy and PSU Bank stocks emerging as the top performers. Meanwhile, India VIX has jumped over 7 per cent.

Pre-Market Update: 

Dow Jones Industrial Average saw more than a 200-point fall from its day high, closing around the 34,051 level due to profit booking from higher levels. Meanwhile, the Nasdaq 100 Index closed neutral at 13,231 level, 0.11 per cent lower in the last trading session. 

Gold and Silver closed within their previous range following volatile moves, while Brent crude futures attempted a rebound from recent lows, ending with a gain of around 1 per cent in last 2 trading sessions.

On Friday, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) supported the market rally, buying Rs 3,304.32 crore and Rs 264.27 crore, respectively. 

In the last trading session, Nifty closed above the psychological level of 18,000. Going forward, the nearest technical support level will be at 17,885. According to SGX Nifty, Nifty is expected to open with a gap up of more than 100 points in the first trading session of May. Bullish investors can gain more strength if they manage to sustain above the level of 18,300. 

Important earnings to watch out for on the domestic front for the day include PNB, UCO Bank, Ambuja Cement, TATA STEEL, and VBL. 

Investors should also keep an eye on significant events scheduled for the week, including the release of USA Job Opening Data on Tuesday (May 02), the FED Interest Rate Decision on Wednesday (May 03), and China Manufacturing PMI Data and USA Balance of Trade on Thursday (May 03).