Nifty closes above 17,800 level; Sensex soars nearly 900 points as Banks and auto rally

Adani Ports, Titan Company, Bajaj Finserv and Bajaj Finance emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices witnessed strong rally in the latter half of the session amid good short covering in Adani group stocks, followed by huge buying interest in Banks and auto. NSE Nifty 50 index rose 1.38 per cent to close above 17,800 level while S&P BSE Sensex jumped nearly 900 points. Nifty Midcap and Nifty Smallcap showed a subdued performance as they slipped 0.35 per cent and 0.18 per cent.  

Nifty PSU Bank surged 3 per cent and was the top performing sectoral index. India VIX crashed over 8 per cent following the strong recovery.  

Adani Ports, Titan Company, Bajaj Finserv and Bajaj Finance emerged as the top gainers from the Nifty 50 stocks while Divis Labs, BPCL and Tata Consumer Products were the top losers.  

Nifty formed a strong bullish bar with a larger wick at the bottom, thus indicating strong buying sentiment in the market. Meanwhile, the heads shall turn towards the US markets with the upcoming US jobs data to anticipate the US Fed’s next course of action.  

Market update at 2 PM: Indices have witnessed strong recovery following bounce back in Adani stocks and good sentiment in banks and auto stocks. NSE Nifty 50 index has soared above 17700 level while Sensex has jumped 600 points. However, weakness still persists in the broader market.   

India VIX has crashed over 7 per cent following the recovery. 

Market update at 10.45 AM: Indices have erased early gains amid continued sell-off in Adani group stocks. NSE Nifty 50 index currently trades flat at 17,600 level. Nifty Midcap and Nifty Smallcap have plunged nearly 1 per cent.   

Banks and NBFC stocks are trading higher while metals and energy indices are down. Adani group stocks have witnessed continued free fall, following its inclusion in ASM list.   

About 376 stocks are advancing as against 1584 stocks that are declining, thus indicating poor market breadth.   

Any fall below 17,600 level can trigger fresh short positions in Nifty. 

Market update at 9.30 AM: Indices have been trading higher upon opening amid positive global cues. NSE Nifty 50 index trades above 17,600 level while Sensex has surged 300 points. Strong buying is seen in the broader market. 

Banks are the top performers while Energy and metal stocks are lower. Adani group stocks witness severe sell-off following the ASM entry.  India VIX has slipped nearly 3 per cent. 

Pre-market update: The Wall Street indices ended on a higher note after positive US Fed commentary and strong surge in Meta Platforms. The tech-heavy Nasdaq climbed over 3 per cent and S&P 500 index rose 1.5 per cent. With this, trends on SGX Nifty indicate a gain of 100 points.

NSE puts Adani group stocks in ASM framework amid stock rout.

ITC, State Bank of India and Divis Laboratories are some of the key Nifty 50 companies set to declare results today and during the weekend. 

In the last trading session, the FIIs sold to the tune of Rs 3065 crore while the DIIs bought shares worth Rs 2371 crore.

Nifty is expected to open near 17,700 level and stock specific action is likely.