Market WRAP: Nifty closes above 17,000; IT and pharma climb, metals drag

Cipla, Tata Consumer Products & Shree Cement emerged as the top gainers whereas Hero MotoCorp, Adani Ports, and Titan Company were the top losers

Market update at 3.30 PM: Indices have closed flat amid volatility. Nifty closed at the 17,000 level while Sensex shredded 37 points at the end of the day. Nifty Midcap and Nifty Smallcap closed marginally higher.  

IT and pharma witnessed strong buying interest while metals were weak today.   

Cipla, Tata Consumer Products & Shree Cement emerged as the top gainers whereas Hero MotoCorp, Adani Ports, and Titan Company were the top losers.   

Nifty closed at a crucial level of 17,000. So far, the benchmark index has managed to hold this level on a closing basis, and also, is above its 200-DMA. Global cues shall continue to remain in focus.

Market update at 1.10 PM: Indices are off their day’s low as Nifty inched above the 17,000 level. The IT sector has revered over 100 points while Sensex soared by 150 points. Nifty Midcap and Nifty Smallcap are also marginally higher.   

Power Grid Corporation, BPCL, and Shree Cement emerged as the top gainers from Nifty 50 stocks while Hero MotoCorp, Tata Steel & Titan Company turned out to be the top losers for now.   

Market update at 10.30 AM: Indices have lost early gains and are trading negatively. Nifty is back at 17,000 levels while Nifty Midcap and Nifty Smallcap have slipped 0.50 per cent & 0.22 per cent, respectively.   

Metal, auto & media have seen strong profit booking while financials and FMCG are trading strong.   

The advance-decline ratio stands at 1052:845, which indicates some positivity.   

Meanwhile, 17,000 is an important support level for Nifty to watch out for!  

Market update at 9.30 AM: Indices have opened higher as Nifty climbed 0.76 per cent. Sensex rose 400 points while strong buying is seen across the mid-cap as well as small-cap stocks.   

All the sectors are in green while India VIX has slipped nearly 2 per cent. 

Pre-market update: The US indices traded with huge volatility on Monday. Nasdaq slipped 0.60 per cent while Dow Jones tanked 329 points. Thus, the Asian markets have opened cautiously with a positive bias, and SGX Nifty indicates a higher opening of about 40 points.  

Crude oil continues to crash amid long recession fears while Brent crude has plunged below USD 85 per barrel.  

The rupee hits a fresh record low of 80.58 against the dollar in the last trading session.  

The FIIs sold massively in the last trading session for about Rs 5,101 crore while the DIIs bought shares worth Rs 3,532 crore.  

Nifty is likely to open above 17,000 and this level is expected to act as strong support.