Nifty closed at days high; India VIX crashes 10 per cent!

India VIX crashed by over 10 per cent due to such positivity.  

Market update at 3.30PM: Indices saw a fantastic short-covering towards the last one hour of the trading session. Nifty gained about 1.18 per cent to close at 17,670.45 while Sensex gained around 708 points. It was a broad-based rally as Nifty Midcap and Nifty Smallcap gained about 1.49 per cent & 1.68 per cent, respectively.   

Among the sectoral indices, Nifty PSU Bank and Nifty Realty were the outperformers while Nifty Pharma & Nifty IT closed flat. NTPC, BPCL, and IndusInd Bank emerged as the top gainers while Hero MotoCorp, Tech Mahindra, and Divi’s Labs were weak today.   

Nifty formed a strong bullish candle on the technical chart and has decisively taken out the level of 17,500-mark. Interestingly, India VIX crashed by over 10 per cent due to such positivity.  

Market update at 11.20 AM: Indices are trading higher amid volatility. Nifty is currently up by 0.42 per cent and is placed at the 17,550-mark while Sensex has gained over 255 points. Nifty Midcap and Nifty Smallcap have soared about 0.86 per cent & 1.45 per cent, respectively.    

Among the sectors, Nifty PSU Banks, Nifty Media, and Nifty Energy are trading higher by over a per cent each. NTPC, Power Grid Corp, and BPCL are the top gainers among Nifty stocks. With such positivity, India VIX has crashed by over 3 per cent.  

Market update at 9.40 AM: Indices have opened marginally lower but gained upside momentum thereafter. Nifty is currently higher by 15 points while the mid-cap and small-cap indices are also trading higher. 

Among the sectors, metal and energy are strong today while IT is marginally down. Hero MotoCorp has fallen over 5 per cent in the initial hour. With this, India VIX has slipped over 2 per cent. 

Pre-market update: Last night, the US markets closed lower with NASDAQ slipping about 1.54 per cent while Dow Jones lost around 550 points. Amid weak global cues, most of the Asian markets have opened lower while SGX Nifty indicates a loss of 80 points for Nifty. 

In the last trading session, the FIIs have bought equity for about Rs 3,088 crore, which is the highest in many days. Meanwhile, the DIIs have also bought for about Rs 1,145 crore. 

Brent crude hovers in the range of 102-105 dollars per barrel. 

Auto companies would be in focus as they are expected to report their monthly sales data today.

Nifty is likely to open around 17,400 and the initial hour remains an important one to understand the day's trend.