Nifty closes above 17,300; auto stocks shine

M&M, Tata Motors, and Adani Ports emerged as the top gainers while Sun Pharma, HDFC Life & HUL were weak today.

Market update at 3.30 PM: Indices traded higher throughout the day while Nifty surged above the 17,300 level. It climbed 1.06 per cent while Sensex soared 545 points. Nifty Midcap and Nifty Smallcap indices also jumped 1.80 per cent & 1.67 per cent, respectively.   

Auto, energy, media, and metals traded higher while pharma & FMCG closed nearly flat. M&M, Tata Motors, and Adani Ports emerged as the top gainers while Sun Pharma, HDFC Life & HUL were weak today. Meanwhile, India VIX surged over 5 per cent. 

Nifty closed above 17,300 and is likely to remain volatile ahead of RBI meet.   

Market update at 11.10 AM: Indices soared as most of the sectors witnessed strong buying. Nifty climbed 0.64 per cent while Sensex surged 350 points. Also, Nifty Midcap and Nifty Smallcap inched higher by over a per cent each.   

Auto stocks were expected to be the focus of the day, and in line with this, they are seen delivering strong performance. M&M and Tata Motors emerged as the top gainers amongst Nifty stocks as they jumped 6.73 per cent & 4.10 per cent, respectively. Meanwhile, Sun Pharma, HDFC Life, and HUL are weak today.   

Auto, media, and energy are trading stronger whereas pharma is underperforming.   

The advance-decline ratio stands at 1,462:471, indicating bulls’ firm grip over the market

Market update at 9.30 AM: Indices have opened higher amid good global cues. Nifty climbed 0.33 per cent while Sensex surged over 150 points. Meanwhile, Nifty Midcap and Nifty Smallcap jumped 0.77 per cent & 0.62 per cent, respectively. 

Auto, media, and metals stocks are trading higher. Nifty Auto inched higher by 2.50 per cent. Meanwhile, India VIX has soared over 5 per cent. 

Pre-market update: Last Friday, the US markets closed positively, witnessing a surge of 1.88 per cent on Nasdaq while Dow Jones soared 315 points.
However, most of the Asian markets have opened on a mixed note, and SGX Nifty indicates a gap-up opening of about 30 points for Nifty.
ITC, UPL, and Zomato are set to declare their Quarterly Results today.
Meanwhile, auto companies would also roll out their July sales data. Thus, its stocks would be in focus on Monday.
Oil prices have slipped ahead of the OPEC meeting. Brent crude currently trades near USD 102 per barrel.
In the last trading session, the FIIs bought equity worth Rs 1,046 crore while the DIIs sold for about Rs 90 crore.
Nifty is likely to open above 17,200 and must sustain this level for an upside.