Nifty closes above 17,200; India VIX crashes over 3 per cent!

Market update at 3.30 PM: It can be called a successful closing for Nifty as it managed to close at 17,233; thus, giving a decisive closing above the key level of 17,200. Sensex and Nifty are up by about 0.85 per cent each while Nifty Midcap & Nifty Smallcap surged over a per cent each. Moreover, India VIX crashed over 3 per cent!  

All the sectoral indices ended in the green, indicating a broad-based rally. Sun Pharma, Asian Paints, and Mahindra & Mahindra emerged as the top gainers while IndusInd Bank and Power Grid Corp were in the top losers’ list today.  

The highest open interest is found out at 17,000, which indicates that market participants are confident about the market positively.  

Market update at 1.15 PM: Nifty is successfully trading above 17,200 and is near the day’s high. Sensex has surged more than 400 points. Even the broader indices of Nifty Midcap and Nifty Smallcap are trading above a per cent each. Moreover, India VIX has fallen over 2 per cent.  

All the sectoral indices at trading in the green while Asian Paints emerged as the top gainer for Nifty.  

The market is strong since morning and let’s see if it continues the same momentum throughout the day.  

Market update at 10.15 AM: The first hour of the session saw Nifty hovering around 17,200 and gaining about 100 points while Sensex surged over 350 points.

Supriya Lifescience has received a blockbuster debut, having listed at over 50 per cent premium over the issue price.

All the sectoral indices are trading positively while the overall market sentiment looks good.

The market will turn even more bullish if Nifty crosses the level of 17,200.

Pre-market update: Asian markets opened mixed on Tuesday morning. However, SGX Nifty indicates 80 points higher opening for Nifty. 

Last night, the US markets ended higher by 1 per cent with S&P 500 hitting a fresh all-time high. Overall, the global sentiment looks good and Omicron's worry might be fading away. 

Meanwhile, Supriya Lifescience IPO will debut on the exchanges today and good listing gains are expected. 

In the last trading session, FIIs sold about Rs 1,038 crore worth of equity while the DIIs bought equity worth about Rs 955 crore.  

The level of 17,200 is likely to be a major resistance for Nifty for the coming days while the price action will be keenly watched at this level.