Market WRAP: Nifty closes above 17,100, Sensex soars nearly 500 points; financials, FMCG and realty shine

Stocks that have hit their fresh 52-week high levels include IDFC, Kalpataru Power Transmission, KRBL, and ZFCV India. 

Market update at 3.30 PM: Indices closed on a positive note ahead of Fed FOMC minutes. Nifty jumped 0.82 per cent to close above 17,100 level. Sensex soared 480 points while Nifty Midcap and Nifty Smallcap rose 0.62 per cent & 0.80 per cent, respectively.  

All the sectors, apart from media, closed higher. The top performers included banks, FMCG, and realty.   

Power Grid Corp, Axis Bank, and Coal India emerged as the top gainers from Nifty 50 stocks while Asian Paints, Adani Enterprises, and Dr Reddy’s Laboratories were the top losers.   

The focus shall be turned towards the global markets, and with US FOMC minutes to be released later in the evening, the global markets are likely to be volatile.   

Market update at 12.10 PM: Indices are trading higher amid volatility as Nifty approached the 17,100 level. The benchmark index has jumped 0.60 per cent while Nifty Midcap and Smallcap are trading marginally higher.  

FMCG and IT are the top performers among the sectors.  

Meanwhile, stocks that have hit their fresh 52-week high levels include IDFC, Kalpataru Power Transmission, KRBL, and ZFCV India. 

Market update at 10.10 AM: Indices have witnessed selling pressure at higher levels as Nifty and Sensex lost early hour gains. Nifty Midcap and Nifty Smallcap are also trading on a flat note.   

Media & metals are weak today while IT and banks are holding onto their gains. With this, India VIX has risen nearly a per cent.   

Asian Paints, Adani Enterprises & Bharti Airtel are the top losers from Nifty 50 stocks while Power Grid Corp, HCL Technologies, and BPCL are the top gainers.  

Market update at 9.35 AM: Indices are trading higher amid volatility at the beginning of the session. Nifty has jumped 0.43 per cent while Sensex soared 265 points. Nifty Midcap and Nifty Smallcap are also trading higher by 0.50 per cent each. 

Banks and IT are the top performers while media is weak. Meanwhile, India VIX has plunged over a per cent. 

Pre-market update: Major global indices plunged on Tuesday as economic slowdown and aggressive rate hikes dented market sentiment. Nasdaq slipped 1.10 per cent whereas Dow Jones gained merely 36 points. Most of the Asian markets have opened weak and SGX Nifty indicates a cautious opening, higher by 10 points.
The US FOMC minutes are set to be released today, which is likely to keep markets in a jitter mode.
Crude oil falls further amid recession fears and China COVID curbs. Currently, Brent crude oil trades below the 94 level.
Wipro and HCL Technologies are set to declare their results today. Thus, IT stocks are likely to be in focus.
In the last trading session, the FIIs sold to the tune of Rs 4,612 crore while the DIIs bought shares worth Rs 2,430 crore.

Nifty is likely to open near 17,000 while stock-specific action is likely to continue on D-Street.