Market WRAP: Nifty closes at 17,800; Shree Cement, Axis Bank and BPCL emerge as top gainers

Nifty PSU Bank rose 2.51 per cent and outperformed the sectoral indices and India VIX crashed 5.50 per cent to 18.30.  

Market update at 3.30 PM: Indices witnessed a good rally towards the end as Nifty gained over 100 points to close at 17,800. The benchmark index surged a per cent while Sensex jumped 659 points. Nifty Midcap and Nifty Smallcap climbed 0.18 per cent & 0.96 per cent, respectively.  

Nifty PSU Bank rose 2.51 per cent and outperformed the sectoral indices. Nifty Metal slipped 0.90 per cent amid profit booking. Meanwhile, India VIX crashed 5.50 per cent to 18.30.  

Shree Cement, BPCL, and Axis Bank emerged as the top gainers while Hindalco, Tata Steel & Coal India turned out to be the top losers.   

Nifty closed at a crucial level of 17,800. Besides, the global cues are likely to be in focus.   

Market update at 2.45 PM: Indices are trading at their day’s high as Nifty soared 0.90 per cent. Sensex has jumped 600 points as positivity is reflected across the broader market.   

Financials are the top performers along with the IT sector. Meanwhile, India VIX has crashed by nearly 5 per cent. 

Market update at 10.55 AM: Indices continue to trade amid volatility. Nifty has climbed 0.65 per cent but faced resistance at higher levels. Sensex has gained 430 points while Nifty Midcap and Nifty Smallcap surged 0.42 per cent & 0.76 per cent, respectively.  

Financials are the top performers amongst the sectors while on the contrary, metals are weak. 

Shree Cement, BPCL, and M&M are the top gainers from Nifty 50 stocks whereas SBI Life Insurance, Hindalco & Tata Steel are the top losers.   

Meanwhile, only buyers are seen across Vaswani Industries, Vinyl Chemicals, Total Transport, Future Consumer, Servotech Power, and Kritika Wires.  

Immediate support lies at 17,700 while the day’s high of 17,792 shall act as tough resistance.  

Market update at 9.45 AM: Indices are trading higher amid positive global cues and Nifty is trading near the 17,800 level. It climbed 0.82 per cent while Sensex soared 550 points. Strong buying is seen across the mid-cap as well as the small-cap stocks.   

All the sectors are shining, apart from media, which has seen some profit booking.  Meanwhile, India VIX has slipped over 2 per cent.   

Pre-market update: The US indices saw a fantastic short-covering rally as investors shrug off US Fed's hawkish tone. Nasdaq soared 2.14 per cent while Dow Jones jumped 435 points. 

With this, most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 100 points for Nifty. 

Crude oil falls yet again and this time, it’s below the level of 90 amid recession fears. 

In the last trading session, the FIIs bought to the tune of Rs 758 crore while the DIIs sold shares worth Rs 138 crore. 

Nifty is likely to open above 17,700 but intraday volatility cannot be ignored.