Nifty closes above 18,000; PSU Banks, media, realty, and auto stock rally

Market update at 3.30 PM: It can be considered a spectacular closing as Nifty managed to close above 18,000. Nifty has surged about 1.07 per cent while Sensex gained around 622 points. Nifty Midcap and Nifty Smallcap too ended about a per cent higher. 

All the sectoral indices ended in green with PSU Banks, media, realty, and auto indices rallying over a per cent each. Meanwhile, UPL and Titan Company emerged as the top gainers on Monday.  

With the closing being above 18,000, a bullish view can be maintained for the rest of the week. 

Market update at 12.45 PM:  The first half of the session turned out to be quite volatile as Nifty continued to swing in both directions. Nifty trades near 17,950 and the next target is 18,000.  

It is a broad-based rally as both, the mid-cap, as well as small-cap indices, are trading in the positive territory. Apart from this, all the sectoral indices are also trading in green.  

UPL, Maruti and Infosys have become the top gainers for Nifty while the ones that are weak today include Wipro, Asian Paints & Nestle.  

We can witness further rally in Nifty if it manages to cross the 18,000 resistance.  

Market update at 10 AM: Indices have extended early gains as Nifty surged over 0.8 per cent while Sensex gained nearly 500 points. Nifty Midcap and Nifty Smallcap climbed nearly a per cent each!  

All the sectoral indices are trading in the green and the prominent leaders include banking, auto, realty & media indices, which have gained over 1 per cent each.  

Nifty currently trades above 17,900 while the 18,000-level will act as a major resistance to overcome.  

Pre-market update: Asian markets opened higher on Monday morning with SGX Nifty indicating a gap-up opening of about 90 points. 

Last week, the US markets ended lower due to weaker-than-expected job data, which further fuelled anticipation of monetary policy tightening by the Fed. However, the banking stocks ADRs were higher on Friday, which shifts the focus towards the banking stocks in India. 

On the last trading session, the FIIs were net buyers, and have bought for Rs 496 crore while the DIIs turned out to be the net sellers, which sold about Rs 115 crore worth of equity. 

Crude Oil is down by about 1 per cent due to the rising COVID cases while the precious metals are trading higher by about half a per cent. 

Volatility is expected this week as a lot of US and Indian economic data points such as IIP data, GDP data are to be released. Along with this, the corporate results season is all set to kick off with TCS, Infosys & Wipro declaring their results on Wednesday.