Nifty snaps three-day losing streak; Grasim and Adani Ports emerge as top gainers

Grasim, Adani Ports, and SBI Life Insurance Company emerged as the top gainers among Nifty stocks

Market update at 3.30 PM: Indices have closed higher, thanks to positive RBI MPC outcome. Nifty has surged 0.82 per cent to close at 17,784.35 while Sensex gained about 400 points. Meanwhile, Nifty Midcap & Nifty Smallcap gained about 0.98 per cent and 0.39 per cent, respectively.  

All the sectors closed in green. Grasim, Adani Ports, and SBI Life Insurance Company emerged as the top gainers among Nifty stocks whereas Cipla, NTPC & Tech Mahindra were the top losers. With this, India VIX crashed by about 6.89 per cent.  

Nifty has formed a Doji-like candle on the weekly chart and indicates indecisiveness. Global factors are likely to dictate the further trend in the market.

Market update at 2 PM: Indices are trading higher and Nifty has reclaimed its 17,800 level. The benchmark index is currently up by a per cent while Nifty Midcap and Nifty Smallcap have surged 1.13 per cent & 0.63 per cent, respectively. 

All the sectoral indices are trading in the green while metals and PSU banks have helped the market inch higher. 

Grasim, JSW Steel, and SBI Life Insurance Company are currently the top gainers while Cipla, Tech Mahindra & Maruti Suzuki remain weak. 

With such positivity, India VIX has crashed more than 7 per cent. 

Market Update at 12.25 PM: The Indian benchmark indices are back in green and were seen trading with gains of about half a per cent on Friday. Meanwhile, Nifty is trading above the 17,700 mark.   

Interestingly, all the sectoral indices were trading green, led by Nifty Metal and Nifty Energy.   

The broader market indices are seen relatively outperforming the frontline gauges with Nifty Midcap and Smallcap advancing 1.04 per cent & 0.78 per cent, respectively.   

On the options front, the highest open interest on the put side stands at the 17,700 Put option for the April 13 weekly expiry. Hence, the level of 17,700 is likely to act as good support for the day.   

Market update at 10.30 AM: Indices are trading flat amid volatility. RBI has decided to keep the repo rate unchanged at 4 per cent. However, the reverse repo rate has been increased by 50 bps to maintain liquidity. Also, the stance remains accommodative and is focussed on growth.  

With this, India VIX has slipped by 2 per cent.  

Coal India, SBI Life Insurance Company, and IndusInd Bank have become the top gainers among Nifty stocks while Cipla, Sun Pharma & NTPC are weak.  

Market update at 9.45 AM: Indices have opened higher but are experiencing selling pressure. Nifty has wiped all its pre-market gains and is currently trading flat whereas Nifty Midcap & Nifty Smallcap are trading higher by over a per cent each. 

Among the sectors, energy, media, and metal are trading higher while pharma & financials are weak. India VIX is almost flat. 

Pre-market update: Last night, the US markets closed flat. However, most of the Asian markets opened lower but SGX Nifty indicates a nearly flat opening for Nifty.

All eyes today would be on the RBI monetary policy committee outcome. RBI Governor is expected to maintain the ‘status quo’; however, the stance may change from ‘accommodative’ to ‘neutral’. Moreover, the key focus will be on the Governor's statements regarding imported inflation and the global crisis.

Meanwhile, in the last trading session, the FIIs have sold for about Rs 5,009 crore while the DIIs bought about Rs 1,774 crore worth of equity.

Nifty is likely to open near 17,650 and the RBI policy outcome is expected to further dictate the market.