Nifty closes at 18,200 level; Sensex jumps over 300 points as Metals and realty shine
Tata Steel, Hindalco Industries and ONGC were the top gainers from the Nifty 50 stocks
Market update at 3.30 PM: Indices inched higher towards the end of the session as strong buying lifted the sentiments. NSE Nifty 50 index surged half a per cent to end at 18,200 level and closed at day’s high, while S&P BSE Sensex managed to gain over 300 points. Nifty Midcap and Nifty Smallcap climbed 0.88 per cent and 0.69 per cent respectively.
Metals, realty and media emerged as the top sectors supporting the market whereas pharma was the only sector that closed negatively.
Tata Steel, Hindalco Industries and ONGC were the top gainers from the Nifty 50 stocks while Asian Paints, Titan Company and Divis Laboratories were the top losers.
On the technical chart, Nifty formed an inside bar candle and signifies lesser trading activity. A jump above 18,300 can see fresh long position being initiated while a slip below 18,080 can be detrimental for the index.
Market update at 11.20 AM: In the first trading session of the year, the broader market has seen strong buying sentiment as fresh buying interest has been seen across midcap and Smallcap segments. NSE Nifty 50 index has surged half a per cent to trade at 18,200 level while Sensex has surged about 300 points. Nifty Midcap and Nifty Smallcap have jumped 0.74 and 0.60 per cent respectively.
Metals and PSU Banks are the top performers amongst the sectors whereas pharma and IT trade with minor weakness.
About 956 stocks are advancing as against 706 stocks that are declining and this indicates positive market breadth.
Stocks that have hit fresh 52-week high levels are REC Limited, Canara Bank and Jindal Steel.
A good rise about 18,200 level can take Nifty higher to test 18,300 levels.
Market update at 9.30 AM: Indices have been trading on a mixed note at the start of the session. NSE Nifty 50 index and S&P BSE Sensex are flat while midcap and Smallcap stocks also traded slightly negative.
Metals are the top performers amongst the sectors while pharma and media are weak today. India VIX has surged over 3 per cent.
Pre-market update: With most of the emerging markets being shut down on account of the new year, the domestic market is expected to show miniscule trading activity. Trends on SGX Nifty indicate a minor loss of about 20 points.
Crude oil prices witnessed a roller coaster ride in 2022 on the backdrop of Russia-Ukraine war while rising COVID cases at top importer's home kept demand at bay. Brent crude oil price rose 3 per cent in the last trading session to settle at USD 85 per barrel.
In the last trading session, the FIIs sold to the tune of Rs 2,950 crore while the DIIs bought shares worth Rs 2,266 crore.
Nifty is expected to open around 18,100 levels and the first hour of price action shall be keenly watched.