Nifty at all-time high: Nifty closes above 18,800; Hindalco and Tata Steel become top gainers
Stocks that have hit fresh 52-week high are L&T, Cummins India, Lemon Tree Hotels, Apollo Tyres, Cochin Shipyard and Mazagon Dock Shipbuilders.
Market update at 3.30 PM: The broader indices inched higher on the day of weekly expiry. NSE Nifty 50 index jumped 0.29 per cent to close at 18,800 level while BSE Sensex soared nearly 200 points. Nifty Midcap and Nifty Smallcap rose 0.77 per cent and 0.43 per cent respectively.
IT, media and metal indices emerged as the top performers from the sectoral indices while energy and FMCG stocks remained under pressure.
UltraTech Cement, Grasim Industries, Hindalco Industries and Tata Steel emerged as the top gainers from the Nifty 50 stocks while UPL, ICICI Bank and Eicher Motors were the top losers.
Nifty formed a bearish bar after 3 days of sharp rally. The level of 18,900 shall act as strong resistance for the benchmark index to overcome. Meanwhile, global cues shall continue to be in focus.
Market update at 11.10 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has marked a fresh all-time high at 18,887.60 and has jumped 0.43 per cent while BSE Sensex 30 has soared over 300 points. Nifty Midcap and Nifty Smallcap have soared 0.52 per cent and 0.80 per cent respectively.
IT, media and metals have seen a strong buying interest and are the top performers among the sectors. Nifty IT has soared nearly 3 per cent amid strong short covering rally. FMCG and pharma, on the other hand, exhibit weakness.
Stocks that have hit fresh 52-week high are L&T, Cummins India, Lemon Tree Hotels, Apollo Tyres, Cochin Shipyard and Mazagon Dock Shipbuilders.
From the Nifty 50 stocks, Hindalco, TCS and Tech Mahindra are the top gainers while Bajaj Auto, Cipla and UPL are weak today.
Immediate support for Nifty lies at 18,800 followed by previous day’s close of 18,750.
Market update at 9.30 AM: Indices have been trading positively amid good global cues. NSE Nifty 50 index has jumped 0.60 per cent while BSE Sensex 30 has gained nearly 400 points. Strong buying is seen across midcap and Smallcap stocks.
IT and metals are the leaders in this rally. India VIX has slipped nearly 2 per cent amidst such positivity.
Pre-market update: The Wall Street indices ended sharply higher after the US Federal Reserve chairman Jerome Powell stated that Central bank might ease its pace of rates hike as early as December. He cautioned that the fight against inflation is far from over but how far the interest rates shall rise remains a question. Nasdaq rallied 4.41 per cent while Dow Jones rose 737 points.
Meanwhile, the positivity is reflected in the Asian markets as well and trends on SGX Nifty indicate a gap-up opening of over 70 points for Nifty.
India's GDP falls to 6.3 per cent in Q2FY22-23 as against 13.5 per cent of Q1FY22-23 due to base effect.
In the last trading session, the FIIs pumped in Rs 9,010 crore while the DIIs sold equity shares worth Rs 4,056 crore.
With good global cues, the broader market is expected to trade in green but volatility cannot be ruled out given the weekly expiry day.
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