Nifty closes just below 16,600; FMCG, realty and metal indices support the market
HUL, Tata Steel, Grasim, and SBI emerged as the top gainers among Nifty stocks
Market update at 3.30 PM: It was a volatile day for Nifty as it made a huge swing in both directions towards the end. The benchmark index closed at 16,594.90, up by 1.53 per cent. Sensex gained about 650 points while Nifty Midcap and Nifty Smallcap surged around 0.91 per cent & 1.40 per cent, respectively.
Among the sectoral indices, Nifty FMCG surged over 3 per cent. It was a broad-based rally as most of the sectoral indices closed in green. HUL, Tata Steel, Grasim, and SBI emerged as the top gainers among Nifty stocks while Coal India, Tech Mahindra & Dr Reddy’s Laboratories were the top losers.
Most of the shorts were covered today and we can see the benchmark index trade in a range amid volatility. However, a significant downside is unlikely to appear.
Market update at 12.30 PM: Indices are trading in a range-bound manner while Nifty is unable to find a clear intraday trend. It is currently up by 2.07 per cent while Sensex has gained 1,200 points. Nifty Midcap and Nifty Smallcap have surged about 1.65 per cent & 1.89 per cent, respectively.
Nifty Realty and Nifty Bank are trading nearly 4 per cent higher while Nifty IT is trading flat. India VIX, which was about 12 per cent down in the first hour, has now plunged 8 per cent.
Market update at 10.30 AM: Indices have been trading in a range-bound manner. Nifty is above 16,700, climbing 2.34 per cent. Meanwhile, Sensex has gained over 1,350 points. Nifty Midcap and Nifty Smallcap have surged about 2.09 per cent & 2.43 per cent, respectively.
Among the sectors, banks, auto & realty have been trading higher and their indices have also surged over 4 per cent each. Meanwhile, metals and IT are trading flat. With this, India VIX has now fallen over 12 per cent.
Such rally can be attributed to short covering. Thus, 16,800 will be a key level to watch.
Market update at 9.25 AM: Indices witness a huge gap-up opening on Thursday. Nifty has opened higher by 411.75 points or 2.52 per cent at 16,757. Even Midcap and Smallcap indices are trading higher.
All the sectoral indices are trading significantly higher while Nifty Bank has surged over 3.5 per cent in the early minutes of the trade. With such positivity, India VIX has fallen over 10 per cent.
Pre-market update: The US markets jumped significantly higher on cooling crude prices. NASDAQ surged about 3.59 per cent while Dow Jones gained around 653 points.
Brent crude oil prices slashed by over 12 per cent on Wednesday and is below the 110-level mark.
The UAE has urged the Organisation of the Petroleum Exporting Countries (OPEC) to increase oil production, which has led to a decrease in crude oil prices.
With this, Asian markets have opened higher while SGX Nifty indicates a gap-up opening of about 250 points.
In the last trading session, the FIIs sold for about Rs 4,818 crore while the DIIs have bought around Rs 3,275 crore worth of equity.
Meanwhile, the market is likely to react as per the news flow of the election results, which is all set to be out today!