Market WRAP: Nifty closes above 17,800; Sensex surges over 100 points, IT becomes top performer
Tech Mahindra, IndusInd Bank, and Adani Ports emerged as the top gainers from Nifty 50 stocks while UltraTech Cement, SBI Life Insurance, and M&M were the top losers.
Market update at 3.30 PM: Indices felt pressure at higher levels but managed to close on a positive note. Nifty closed above 17,800 and climbed 0.169 per cent. Meanwhile, Sensex surged 105 points while Nifty Midcap and Nifty Smallcap inched higher by 0.35 per cent & 0.06 per cent, respectively.
Nifty IT was the star performer as it rallied 2.21 per cent while realty & energy saw weakness.
Tech Mahindra, IndusInd Bank, and Adani Ports emerged as the top gainers from Nifty 50 stocks while UltraTech Cement, SBI Life Insurance, and M&M were the top losers.
Nifty closed above 17,800, which is a positive sign. Meanwhile, the global markets shall be in focus to anticipate the further trend in the market.
Market update at 1.25 PM: Indices have witnsessed sell-off from higher levels and lost their early gains. Nifty and Sensex are now trading on a flat note while the mid-cap and small-cap are in negative territory.
Media and realty experienced profit booking while financials are supporting their gains.
Market update at 11 AM: Indices have been trading higher amid volatility as Nifty soared 0.52 per cent and trades at the 17,900 level. Meanwhile, Sensex has surged 250 points while Nifty Midcap and Nifty Smallcap climbed 0.75 per cent & 0.54 per cent, respectively.
While all the sectors are in green, PSU banks, FMCG and metals have been outperforming.
Shree Cement, IndusInd Bank & Adani Ports have emerged as the top gainers from Nifty 50 stocks, while BPCL, Bajaj Finserv, and M&M are weak today.
The advance-decline ratio stands at 1,167:752 thereby, indicating positive sentiment.
Meanwhile, only buyers were seen in Shradha Infraprojects, Future Consumer, Sikko Industries, Servotech Power, and FCS Software.
Market update at 9.30 AM: Indices have opened higher amid good global cues. Nifty climbed 0.53 per cent and hovers around the 17,900 level while Sensex has surged 250 points. Nifty Midcap and Nifty Smallcap have also inched higher by half a per cent each.
All the sectors are trading in the green while India VIX has slipped over 3 per cent.
Pre-market update: The US indices continued their diet covering rally on Thursday as Nasdaq climbed 0.60 per cent while Dow Jones jumped 193 points to close the day on a higher note.
With this, the Asian markets have opened positively, and SGX Nifty indicates a gap-up opening of about 100 points for Nifty.
European Central Bank (ECB), in its Thursday meeting, raised interest rates by 75 bps to tame inflation. It is the bank’s highest-ever interest rate hike in history.
Meanwhile, the Indian Government is likely to acquire Vodafone Idea at a share price of above Rs 10.
In the previous trading session, the FIIs pumped in Rs 2,913 crore while the DIIs sold shares worth Rs 212 crore.
Nifty is likely to open above the level of 17,900 while the first hour of price action would be keenly watched.