Nifty closes above 17,650! Axis Bank, Bajaj Finance and HDFC emerge as top gainers

India VIX crashed by over 6 per cent on a positive day.   

Market update at 3.30 PM: Indices closed on a higher note as positive global cues led to a strong rally in the Indian equity market. Nifty soared over 0.71 per cent to close above 17,650 while Sensex jumped 515 points. The broader indices performed well too as Nifty Midcap and Nifty Smallcap surged 0.87 per cent each.   

Financials, IT, and realty played a prominent role in supporting the market at higher levels. Meanwhile, slight profit booking was seen across FMCG, media & auto sectors.  

From Nifty stocks, Axis Bank, Bajaj Finance, and HDFC emerged as the top gainers while Tata Consumer Products, Apollo Hospitals & ITC were weak today.   

Meanwhile, India VIX crashed by over 6 per cent on a positive day.   

The road to recovery is much stronger and we can expect Nifty to test 17,800 levels sooner. 

Market update at 11.15 AM: Indices are trading higher while Nifty soared over 0.86 per cent. It trades near the 17,700 level while Sensex has jumped nearly 600 points. Nifty Midcap and Nifty Smallcap also climbed a per cent each.   

Financial and IT lead the rally while FMCG is slightly down today. Meanwhile, India VIX continues to slip and is down by nearly 4 per cent.  

Tech Mahindra, Wipro & Axis Bank are the top gainers amongst Nifty stocks while Tata Consumer Products, Apollo Hospitals, and ITC are weak today.   

The advance-decline ratio stands at 1,223:678, indicating a strong grip of the bulls over the market sentiment.   

Market update at 9.30 AM: Indices have opened higher amid positive global cues. Nifty is up by nearly a per cent and currently, trades near the 17,700 level. Sensex jumped over 540 points while Nifty Midcap and Nifty Smallcap have also risen by 0.75 per cent each  

All sectors are trading higher whereas India VIX has slipped over 3 per cent.  

Pre-market update: US inflation data was released on Wednesday evening wherein, CPI stood at 8.5 per cent for July, which was 9.1 per cent in June. The inflation has cooled off from its 40-year high. The market had expected inflation to be around 8.7 per cent, which came to be better than expected. Now that the inflation seems to be peaked out, analysts expect a moderate rate hike of 50 bps from Fed in its September meeting.

The yield curve was seen flattening and the dollar dropped against other currencies as investors chose riskier assets.
Nasdaq rallied 2.89 per cent and Dow Jones surged 535 points. Most of the Asian markets have opened significantly higher on positive cues, and SGX Nifty indicates a gap-up opening of about 250 points for Nifty on the day of the weekly expiry.
In the last trading session, the FIIs bought to the tune of Rs 1,061 crore while the DIIs sold for Rs 768 crore worth of equity.
IT stocks are likely to be in focus after Nasdaq witnessed a strong short-covering rally.
Crude oil prices dipped after the data showed a rise in US oil inventories.
Nifty is likely to open near 17,750 and expiry volatility is expected to kick in.