Market WRAP: Nifty closes above 17,800; Cipla, Sun Pharma and Apollo Hospitals emerge as top gainers
All the sectors closed positively with pharma, metal, and auto emerging as the top performers.
Market update at 3.30 PM: Indices witnessed selling pressure towards the end as Nifty closed above the 17,800 level. The benchmark index jumped 1.10 per cent while BSE Sensex climbed 578 points. Nifty Midcap and Nifty Smallcap rose 1.43 per cent & 1.11 per cent, respectively.
The top gainers from Nifty 50 stocks were Apollo Hospitals, Cipla, and Sun Pharma whereas the top losers included Nestle, Shree Cement & Grasim industries.
All the sectors closed positively with pharma, metal, and auto emerging as the top performers.
Nifty has closed above 17,800 and is a positive sign, which more or less indicates limited downside from here. Meanwhile, global cues shall continue to be in focus as US Federal Reserve meet approaches.
Market update at 11.30 AM: Indices have extended their gains as Nifty climbed 1.41 per cent while Sensex surged over 800 points. Nifty Midcap and Nifty Smallcap rose 1.97 per cent & 1.43 per cent, respectively.
All the sectors are in green. Nifty Auto, Nifty Metal, and Nifty IT have risen over 2 per cent each.
Amidst such positivity, only buyers were seen at Macpower, Sikko Industries, Ram Ratna Wires, and Jindal Worldwide.
Stocks hitting fresh 52-week high levels include Adani Ports, Ambuja Cements, Bharti Airtel, ITC, and Maruti Suzuki.
Market update at 9.35 AM: Indices have opened positively, led by good global cues. Nifty is currently above the 17,800 level and is up by 1.16 per cent. Sensex has climbed 665 points while strong buying is seen across the mid-cap as well as the small-cap stocks.
All the sectors are trading in the green while India VIX has crashed by over 4 per cent.
Pre-market update: A good short-covering rally was witnessed in the US indices in the previous trading session as Dow Jones recovered over 500 points from the day's low. Nasdaq rose 0.76 per cent as traders chose to cover shorts ahead of the US Federal Reserve meeting.
With this, most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 150 points for Nifty.
In the last trading session, the FIIs emerged as net buyers and bought to the tune of Rs 312 crore while the DIIs sold shares worth Rs 94 crore.
Crude oil tumbled on Monday amid recession fears. Brent crude now trades at a sub-92-level while WTI Crude price stands at 85.58 level.
The 10-year bond yields have reached the highest level since 2011 before the expected Fed interest rate hike.
Meanwhile, Nifty is likely to open above 17,700 but volatility is expected to persist.