Nifty closes above 16,300; media and realty indices outperform

Nifty closed at 16,345.35, up by 2.05 per cent while Sensex gained about 1,223.24 points.

Market update at 3.30 PM: It was a remarkable day for the Indian market as the major indices closed nearly at the day’s high.

Nifty closed at 16,345.35, up by 2.05 per cent while Sensex gained about 1,223.24 points. Even Nifty Midcap and Nifty Smallcap closed higher by about 2.16 per cent & 2.38 per cent, respectively.  

Among the sectoral indices, Nifty Media was the star performer, which soared about 4.04 per cent. Nifty Realty gained 3 per cent while the auto and banking indices gained nearly 2 per cent each. Asian Paints, Reliance, Bajaj Finance, and M&M emerged as the top gainers while the ones that were weak today include Shree Cements, ONGC & Power Grid Corporation. With such positivity, India VIX has fallen nearly 4 per cent.  

Market update at 1.30 PM: Indices witnessed sharp upside momentum in the last one hour. Nifty has gained over 1.81 per cent and is hovering around 16300, while Sensex has gained over 1000 points. Meanwhile, Nifty Midcap and Nifty Smallcap have surged over 1.93 per cent and 1.84 per cent, respectively. 

All the sectoral indices apart from Nifty Metal are trading higher. Nifty Media has surged nearly 4 per cent, while Nifty Realty, Nifty Pharma, Nifty Auto, and Nifty IT have gained nearly 2 per cent, each.  

M&M, Reliance, Adani Ports, UltraTech Cements, Grasim, and Bajaj Finserv, each have soared over 3 per cent.  

With such positive sentiment, India VIX has fallen over 2 per cent. 

Market update at 10.15 AM: Indices have extended their gains and Nifty moved above 16,150. The benchmark index is currently up by 0.86 per cent while Sensex has gained over 500 points. The mid-cap and small-cap indices have surged about 1.21 per cent & 1.43 per cent, respectively.  

Among the sectors, media, IT, and pharma are trading strong while metal is the only sector that is trading lower.  

India VIX has fallen nearly 3 per cent while Nifty is expected to gain points as the day progresses.  

Market update at 9.25 AM: Indices on Wednesday morning opened slightly higher. Nifty opened higher by 64 points while Sensex gained about 370 points.   

Most of the sectoral indices are trading in green. IT and Media indices are up by a per cent each while banks & NBFC indices are trading slightly lower. Moreover, India VIX fell over 2 per cent in the initial minutes of the trade.   

Pre-market update: Last night, the US market traded with huge volatility; however, it closed marginally negative. NASDAQ slipped about 0.28 per cent while Dow Jones lost around 186 points. Moreover, the European markets closed on a mixed note.
With this, the Asian markets have opened mixed and SGX Nifty indicates a flat opening.
The US has banned the imports of Russian oil, and thus, levied severe sanctions. The European nations have decided to phase out the ban on Russian oil by the end of this year.
Meanwhile, LIC public issue gets SEBI nod and is expected to be listed soon.
Last night, the FIIs have sold for about Rs 8,142 crore while the DIIs bought around Rs 6,485 crore worth of equity.
The level of 16,000 is significant support for Nifty and hence, price action shall be keenly watched here.