Market WRAP: Nifty and Sensex close marginally higher on weekly expiry day; Nifty PSU Bank soars nearly 4 per cent!

Rohit Kale
/ Categories: Trending, Mkt Commentary
Market WRAP: Nifty and Sensex close marginally higher on weekly expiry day; Nifty PSU Bank soars nearly 4 per cent!

Axis Bank, IndusInd Bank and L&T emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: The broader market traded in a range throughout the day amid volatility. Slight recovery towards the end took Nifty above 18,600 levels as it rose 0.28 per cent. BSE Sensex 30 jumped 167 points while Nifty Midcap and Nifty Smallcap surged 0.67 per cent and 0.28 per cent respectively.   

Nifty PSU Bank was the star performer on Thursday as it saw a gain of 3.93 per cent. Private Banks and metals also saw a good rally while pharma remained muted.   

Axis Bank, IndusInd Bank and L&T emerged as the top gainers from the Nifty 50 stocks while Sun Pharma, Powergrid Corporation and Divis Laboratories were the top losers.   

The global cues shall continue to be in focus to anticipate the trend of the market. 

 

Market update at 11.10 AM: The benchmark indices NSE Nifty 50 and BSE Sensex 30, along with broader market, have been trading on a flat note on the weekly expiry day.   

Nifty PSU Bank is the star performer as it soared over 2 per cent amid strong buying interest in PSU Banks. Bank of India (+4.58 per cent), Bank of Baroda (+4.31 per cent) and Central Bank of India (+3.91 per cent) are the key stocks to watch from this sector.   

Stocks that have hit fresh 52-week high levels are Axis Bank, Bank of Baroda, Bank of India, Cummins India, L&T, PFC, REC and UBL.  

About 1,105 stocks are advancing as against 815 stocks that are declining, thus indicating resilience in the broader market.   

Given the weekly expiry day, Nifty is expected to trade with huge volatility towards the latter half of the session. 

 

Market update at 9.35 AM: Indices have been trading flat amid volatility at the start of the session. NSE Nifty 50 and BSE Sensex 30 are trading on a flat note while broader market has seen good buying interest.  

Banks and media remain the top performers while IT and pharma are weak.  India VIX has slipped nearly 3 per cent.

 

Pre-market update: The US indices closed on a flat note as investors remained concerned about the Fed interest rates and direction of the economy. Nasdaq and Dow Jones, both ended flat. The Asian markets have opened on a mixed note and SGX Nifty indicates a loss of 20 points.

Dharmaj Crop Guard to debut on the bourses today with an expectation of a premium listing.

In the last trading session, the FIIs sold to the tune of Rs 1,241 crore while the DIIs bought shares worth Rs 388 crore.

Crude oil prices plunged for yet another day amid lack of global demand and COVID concerns in China. Brent crude prices trade around pre-war levels at USD 77 per barrel.

Today being the weekly expiry day, Nifty is expected to trade with volatility and price action at key level of 18,500 shall be closely watched.

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