Nifty closes above 17,500; ITC, Adani Ports and HDFC emerge as top gainers

Investors eagerly wait for the US non-farm payroll data, which is set to release later in the evening.

Market update at 3.30 PM: Indices closed on a mixed note as Nifty slipped 3 points whereas Sensex gained 36 points. Profit booking was seen in Nifty Midcap and Nifty Smallcap as they plunged 0.36 per cent & 0.17 per cent, respectively.

NBFCs and media supported the market while energy & PSU banks were weak.   

ITC, Adani Ports & HDFC emerged as the top gainers from Nifty 50 stocks while BPCL, Shree Cement, and Hero MotoCorp were the top losers.   

Nifty formed an inside bar candle on Friday, which indicates indecisiveness. Investors eagerly wait for the US non-farm payroll data, which is set to release later in the evening. Investors shall anticipate the next course of action by Fed, based on this data. Meanwhile, global markets shall be on the watch to anticipate further trends in the market

Market update at 2.15 PM: Indices are trading higher as Nifty surged past the 17,600 level. Sensex has soared over 300 points while strong buying is seen in the mid-cap as well as the small-cap stocks.   

India VIX has slipped over 3 per cent. Meanwhile, media, metals, and finances are the top-performing sectors.  

Market update at 11.15 AM: Indices are trading flat amid volatility. Nifty is marginally down by 0.10 per cent while Sensex has lost 70 points. Nifty Midcap and Nifty Smallcap are also trading higher by half a per cent each.   

Auto, realty, and media are trading higher while metals & PSU banks are weak today.   

Apollo Hospitals, M&M, and HDFC Life Insurance Company are the top gainers from Nifty 50 stocks while Shree Cement, Hindalco & ONGC are weak today.   

The advance-decline ratio stands at 1,143:777, which indicates strong strength in the market.   

Only buyers were seen across Omax Autos, Country Club, Pansari Developers, Agro Phos India, and Aurum Proptech. 

The 17,500 level is likely to act as strong support for Nifty and any fall below this level can trigger fresh short positions in the market.   

Market update at 9.30 AM: Indices have opened higher as Nifty climbed 7 points while Sensex gained 30 points. The mid-cap and small-cap indices are also trading on a flat note. 

FMCG and pharma sectors are higher while PSU banks are weak today. India VIX has slipped nearly a per cent. 

Pre-market update: The US markets witnessed a good short-covering rally after recovering most of the losses in the last trading session. Nasdaq, which plunged over 2 per cent at the beginning of the session, closed 0.26 per cent at the end. Meanwhile, Dow Jones gained 146 points.  

The significant economic data i.e. the US employment data is set to release Friday evening local time. With this, the Asian markets have opened cautiously ahead of the event. Besides, SGX Nifty indicates a flat opening for Nifty.  

GST collections for the month of August rose 28 per cent against the same term last year.  

Oil prices climbed on Thursday as the fear of OPEC cutting supplies prevailed.  

In the last trading session, the FIIs sold to the tune of Rs 2,290 crore while the DIIs bought shares worth Rs 951 crore.  

Nifty is likely to open near 17,550 and with the weekend coming up, volatility is expected to persist throughout the day.