Nifty closes above 17,200; supported by media, metal, and IT
Nifty Media delivered a standout performance and surged nearly 6 per cent
Market update at 3.30 PM: Indices closed lower amid volatility. In the end, Nifty lost about 22 points and closed marginally lower while Sensex lost over 88 points. However, Nifty Midcap and Nifty Smallcap closed higher by about 0.59 per cent & 0.43 per cent, respectively.
Among the sectoral indices, Nifty Media delivered a standout performance and surged nearly 6 per cent while the auto & banks were weak today. Dr Reddy’s Laboratories, Coal India, and Hindalco emerged as the top gainers while Kotak Mahindra Bank, Titan Company & HDFC Bank were weak today.
On the technical chart, 17,100 emerged as the strong support level; however, selling pressure was seen at higher levels. Thus, a tug-of-war between the bulls and the bears is intensifying.
Market update at 12.20 PM: The indices are trading lower amid volaility. Nifty is currently down by about 0.35 per cent and is below 17,200 while Nifty Midcap & Nifty Smallcap indices are marginally higher.
Among the sectoral indices, Nifty Media is the top performer for today and is up by over 6 per cent. However, the banking and auto sectors are trading lower.
Dr Reddy’s Laboratories, Hindalco, and Cipla are the top gainers while Kotak Mahindra Bank, HDFC Bank & ICICI Bank are weak today.
Market update at 9.25 AM: Major indices have opened lower amid weak global cues. Nifty opens unexpectedly lower by 150 points and is currently trading near 17,130. Nifty Midcap and Nifty Smallcap are also trading flat.
Among the sectoral indices, Nifty Media has surged significantly and is up by over 2.5 per cent. Meanwhile, Nifty Bank has fallen over 1.5 per cent.
Kotak Mahindra Bank is the top loser currently due to the block deal while ONGC and Coal India are the top gainers among Nifty stocks.
With this negativity, India VIX has surged over a per cent.
Pre-market update: Last night, the US markets closed lower, with NASDAQ slipping about 1.32 per cent while Dow Jones lost about 450 points.
Crude oil has risen above USD 123 per barrel, causing a rise in inflation fears.
Thus, with such weak global cues, the Asian markets have opened lower and SGX Nifty indicates a 50-point loss for Nifty.
Canadian Pension Fund is going to offload Rs 5,000 crore worth of Kotak Mahindra Bank shares in the form of a bulk deal. Thus, Kotak Mahindra Bank is likely to open lower.
Meanwhile, the IT department has raided two offices of Hero MotoCorp in Gurugram and Delhi, which also, includes the CEO's residence. However, the company has declared this as a routine check and a part of business protocols. Thus, Hero MotoCorp is likely to be in focus today.
In the last trading session, the FIIs have bought for Rs 481 crore while the DIIs sold for about Rs 284 crore worth of equity.
Nifty is likely to open around 17,200 and this level is an important support level to watch out for!