Nifty closes above 17,800; Pharma, IT and auto sector stocks rally

Divis Lab, Eicher Motors and Bajaj-Auto are the top gainers while Power Grid, Nestle and NTPC were the top losers amongst Nifty 50 stocks.

Market update at 3.30 PM:  

Nifty closed around the day's high after filling the opening gap. It closed higher around 90 points or 0.51 per cent to close around the 17,812 level. 

BSE Sensex rallied more than 235 points and closed just below the important resistance of the downward-sloping trendline on the daily timeframe. Nifty Midcap 100 and Nifty Smallcap 100 rallied 0.65 per cent and 0.53 per cent, respectively.  

Sectors like Pharma, IT and Auto outperformed the Nifty while PSU Banks and Media sector remained weak for the day.         

Divis Lab, Eicher Motors and Bajaj-Auto are the top gainers while Power Grid, Nestle and NTPC were the top losers amongst Nifty 50 stocks.      

Indices witnessed a strong rally from the last 8 consecutive sessions and today it closed around the last swing high.

Market update at 1.10 PM: Indices have been trading on a higher note amid strong buying sentiments in the market. Nifty Smallcap and Nifty Midcap have soared 0.71 per cent and 0.53 per cent respectively.  

Nifty 50 index is up 0.36 per cent to trade at the day's high near the 17,800 level. Meanwhile, S&P BSE Sensex is up 150 points.  

Nifty Pharma has surged over 2 per cent. Pharma stocks have seen renewed buying interest after positive export data. Auto and IT index are also among the top performers.

Market update at 11.20 AM: Indices have been trading on a positive note despite strong volatility in the market. NSE Nifty 50 index has slipped nearly 50 points from the day’s high and is currently up by 0.15 per cent. S&P BSE Sensex is up 60 points while the broader market has seen strong buying interest. Nifty Midcap and Nifty Smallcap have risen 0.51 per cent and 0.66 per cent respectively.  

Pharma and auto are the top performers from the sectors while FMCG and PSU Banks are weak today.  

About 1302 stocks are advancing as against 697 stocks that are declining, thus showing positive momentum in the broader market.  

Divis Laboratories, Adani Enterprises, and Tata Motors are the top gainers from the Nifty 50 stocks while ONGC, IndusInd Bank, and Powergrid Corporation are weak today.  

The level of 17,700 happens to be a strong support for Nifty while the day’s high level of 17,780 shall be an immediate resistance.  

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 is up a quarter per cent to trade above 17,700 levels while BSE Sensex has risen 100 points. Stock-specific action continues in the broader market. 

Pharma and metals are trading higher while FMCG stocks are slightly weak. India VIX has surged over 1 per cent. 

Pre-market update: The Dow Jones Industrial Average rallied 98 points or 0.29 per cent close at 33,586 level above the last 4 day's consolidation zone and Nasdaq 100 Index dropped 0.87 per cent to close again in its previous consolidation range. Meanwhile, CBOE VIX closed flat after the rebound from lower levels. 

In global commodities market, Gold closed 0.6 per cent higher from its trendline support zone and Silver closed in green at the higher levels of previous consolidation range. 

Brent crude futures are consolidating in a smaller range just below the important technical level and it closed at the higher side of this range in the last session. Move beyond this range can set the next direction.  

In Tuesday’s trading session, FIIs bought Rs 342.84 crore and DIIs sold Rs -264.02 crore in equity segment. 

In Derivative segment as compared to previous session, DIIs are in wait and watch mood for the day. Clients and PROs unwinded their longs and added shorts in index futures. While on flip side FIIs added longs from last few sessions and covered their shorts in last session. With this action FIIs index long positions now came to neutral zone around 28.35 per cent from oversold zone of 7.75 per cent. 

Now SGX Nifty indicates Nifty likely to open flat. Yesterday bulls managed to cross the important resistance of falling trendline on daily charts and closed around the day high levels. Further up move can be seen in indices if it sustains above the nearest support level of 17,700.