Nifty closes above 18,000 level; Sensex rallies over 500 points as IT and FMCG dominate
L&T, Hindustan Unilever HDFC, HDFC bank and HCL Technologies emerged as the top gainers from the Nifty 50 stocks
Market update at 3.30 PM: Indices inched higher towards the end as strong buying activity towards the end lifted investors’ sentiment. NSE Nifty 50 index rose 0.89 per cent to close above 18,000 level. Interestingly, the index managed to close above its prior day’s high and formed a strong bullish bar. S&P BSE Sensex rose 562 points while the broader market ended flat.
L&T, Hindustan Unilever HDFC, HDFC bank and HCL Technologies emerged as the top gainers from the Nifty 50 stocks whereas SBI, Bajaj Finserv and IndusInd Bank were the top losers.
Realty, FMCG and IT were the major sectors supporting the market while strong profit booking was seen across PSU Banks.
Global cues shall be in focus to anticipate further trend in the market.
Market update at 11.10 AM: The benchmark indices have been trading higher amid good buying sentiment. NSE Nifty 50 index has climbed half a per cent to trade at 18,000 level while S&P BSE Sensex has soared over 300 points. Nifty Midcap and Nifty Smallcap trade on a mixed note.
IT stocks, along with Energy and auto are trending higher and are the top performers. Meanwhile, media and PSU Banks have experienced some weakness.
About 965 stocks are advancing as against 959 stocks that are declining. The buying activity is primarily seen in the largecap stocks while sentiment remains subdued in the broader market.
Nifty can see fresh buying interest above the level of 18,000, while the 17,900 level shall act as a good support level.
Market update at 9.30 AM: Indices have been trading higher upon opening. NSE Nifty 50 index has climbed 0.30 per cent while S&P BSE Sensex has soared 200 points. Nifty Midcap and Nifty Smallcap trade on a mixed note.
Energy and IT stocks are trading higher while metals remain weak today. India VIX trades flat.
Pre-market update: The Asian markets have opened on a mixed note amid lack of major global cues. A fall of over 200 points from day's high in the previous trading session indicates that weakness persists in Nifty for short term. Trends on SGX Nifty indicate a minor gap-up of about 30 points in Nifty.
Government of India cuts windfall tax on crude oil and Aviation fuel to Rs 1900 per tonne. Thus, stocks like Reliance, ONGC, BPCL and IOC are likely to be in focus.
In the last trading session, the FIIs sold to the tune of Rs 750 crore while the DIIs bought shares worth Rs 685 crore.
Nifty is expected to open postively but first hour of price action shall be keenly watched to anticipate further trends in the market.