Market WRAP: Nifty closed just below 17,500; SBI and Adani Ports emerge as top gainers

PSU banks, media, and auto were the top performers.     

Market update at 3.30 PM: The broader markets closed positively on Tuesday amid positive investors’ sentiment. Nifty surged 1.03 per cent to close just below 17,500 level while Sensex rose 550 points. Nifty Midcap and Nifty Smallcap jumped 1.16 per cent & 0.75 per cent, respectively.  

All the sectors closed positively while PSU banks, media, and auto were the top performers.  

SBI, Adani Ports, and Eicher Motors were the top gainers from Nifty 50 stocks while NTPC, HDFC & Sun Pharma were the top losers.   

Corporate results shall continue to be in focus while global cues shall decide the further trend of the market.   

Market update at 11.15 AM: Indices have experienced some weakness at higher levels. Nifty has retraced nearly 60 points from its day’s high of 17,527.80. Sensex has jumped 550 points while the mid-cap and small-cap stocks remained strong.   

PSU banks are the top performers among the sectors. The media and auto sectors are also trading higher. Meanwhile, pharma remained weak.   

Adani Ports, SBI, and M&M are currently the top gainers from Nifty 50 stocks while BPCL, NTPC & Sun Pharma are weak today.   

The advance-decline ratio stands at 1388:514, indicating a firm grip of the bulls over the market.   

The level of 17,400 shall act as strong support while 17,500 is expected to be tough resistance for Nifty.   

Market update at 9.30 AM: Indices have opened higher amid positive global cues. Nifty jumps 0.95 per cent while Sensex soared 560 points. Nifty Midcap and Nifty Smallcap are up by half a per cent each.   

All the sectors are in green while India VIX has slipped over 3 per cent.   

Pre-market update: The US indices soared on Monday after Britain reversed course on its economic plan and Bank of America delivered strong Quarterly Results. Nasdaq climbed 3.43 per cent while Dow Jones jumped 550 points. With such positive global cues, the Asian markets have opened sharply higher, and SGX Nifty indicates a gap-up opening of over 150 points.  

Dollar dips after strong UK budget. The dollar index is currently placed at 112.17.  

Crude oil prices are in a downtrend and have plunged amid demand drop fears. Besides, Brent crude is currently trading around the 91 level.  

In the last trading session, the FIIs sold to the tune of Rs 372 crore while the DIIs bought shares worth Rs 1,582 crore.  

Nifty is expected to open above 17,400 while the first hour of price action shall be keenly watched.