Sensex jumped 555 points; Nifty witnessed strong short covering on weekly expiry, Financial services and PSU Banks emerged as pullers of the day

Bajaj Finance, HDFC Life and SBI Life were the top gainers while UPL, Nestle and IndusInd bank were the top losers amongst Nifty 50 stocks. 

Market update at 3.30 PM:     

Nifty rallied one way after the gap down opening because of global cues. The strong results of index heavy weight stocks like HDFC, Adani enterprises triggered short covering. It rallied 165 points to close 0.92 per cent higher at 18,255 level.  

S&P BSE Sensex jumped 555 points and closed at 61,749 level. Nifty Midcap 100 and Nifty Small cap 100 traded strong for the day to close around 0.58 per cent and 0.79 per cent higher respectively.   

Financial services, PSU Banks and Metal sector traded strong while FMCG sector closed in red after the weak results of Dabur.           

Bajaj Finance, HDFC Life and SBI Life were the top gainers while UPL, Nestle and IndusInd bank were the top losers amongst Nifty 50 stocks.       

Nifty regained its momentum after the pause of 2 trading sessions. Now today’s closing is the highest closing of the year 2023 and can gain more strength if bulls hold 18,100 level in the upcoming sessions.

Market update at 11.20 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index is up 0.35 per cent to trade at 18,150 levels while S&P BSE Sensex has jumped 200 points so far. Nifty Midcap and Nifty Smallcap have risen 0.41 per cent and 0.61 per cent respectively.   

Metals and PSU Banks are the top performers amongst the sectors. Metal index is up over a per cent. Meanwhile, realty and FMCG stocks are slightly weak.  

About 1,481 stocks are advancing as against 498 stocks that are declining, thus indicating positive market sentiment.   

Adani Enterprises, SBI Life Insurance Company and BPCL are the top gainers from the Nifty 50 stocks while Powergrtid Corporation, Tata Consumer Products and IndusInd Bank are weak today.   

Highest open interest is seen at 18,100 strike on the put side while highest OI addition is seen at 18,200 strike on the call side. Nifty is expected to trade in this range for the rest of the weekly expiry.  

Market update at 9.40 AM: Indices have been trading on a mixed note amid strong volatility on the weekly expiry day. NSE Nifty 50 index and S&P Sensex trade flat while stock specific action continues in the broader market.  

PSU Banks and Metals trade higher while real estate stocks are weak today. India VIX has jumped over a per cent amidst the volatility.  

Pre- Market Update:  

Dow Jones Industrial Average cracked 270-points to close around the 33,414-level due to hawkish commentary of FED chairman after announcement of 0.25 per cent rate hike. Meanwhile, the Nasdaq 100 Index closed in red at 13,030 level, 0.64 per cent lower in the last trading session.  

Gold and Silver rallied around 1.29 per cent and 0.88 per cent respectively, while Brent crude futures dropped yet another session more than 4 per cent. 

In Wednesday's trading session, FIIs bought Rs 1338 crore and DIIs sold Rs 583.99 crore in equity segment. In Derivative segment as compared to last trading session, DIIs, Clients and PROs added longs while FIIs added shorts with covering their existing longs in index future before the event of FED decision on interest rate. Now FIIs index long position came to 45.90 per cent from 51.15 per cent. 

According to SGX Nifty, Nifty is expected to open with a gap down of more than 50 points. Nearest psychological and technical support zone will be 17,900 – 18,000 level.  

Important earnings to watch out for the day include HDFC, ADANIENT, DABUR, HEROMOTOCO, FSL, IDFC, TVSMOTOR, TATAPOWER and UBL