Market WRAP: Nifty closes at 17,200; Sensex gains nearly 700 points as IT and banks rally

IT and banks emerged as the top performers from the sectors while realty & media lost ground towards the end.

Market update at 3.30 PM: Indices saw a magnificent short-covering rally on Friday despite a slight sell-off witnessed in the last hour. Nifty climbed 1.01 per cent to close at 17,200 while Sensex soared 685 points. However, Nifty Midcap and Nifty Smallcap closed on a flat note.   

IT and banks emerged as the top performers from the sectors while realty & media lost ground towards the end.   

Infosys, HDFC Bank, and HDFC were the top gainers while ONGC, M&M, and JSW Steel were the top losers.   

The corporate results are likely to be in focus this weekend while trends in the global market shall determine the next course of action.   

Market update at 11 AM: Indices have been trading higher and sustained the gap-up opening in the initial hours of the trading session. Nifty currently trades at 17,300 level and is up by 1.54 per cent while Sensex has jumped 1,000 points. Nifty Midcap and Nifty Smallcap also climbed a per cent each.   

All the sectors are in green while Nifty IT has soared nearly 3 per cent amidst such positivity. The fear gauge, i.e., India VIX has crashed over 8 per cent.   

The advance-decline ratio currently stands at 1561:361, indicating a strong grip of the bulls over the market.   

Interestingly, none of Nifty 50 stocks are trading negatively and the top gainers’ list includes Infosys, HCL Technologies, and Tech Mahindra.  

Market update at 9.20 AM: Indices have witnessed a huge gap-up amid positive global cues. Nifty has jumped 1.59 per cent and trades at 17,300 level while Sensex rose nearly 1,000 points. The mid-cap as well as small-cap stocks are also witnessing strong buying. 

All the sectors are in green while India VIX has slipped over 7 per cent.  

Pre-market update: The US indices witnessed a massive short-covering rally after Nasdaq climbed 2.23 per cent and Dow Jones jumped 827 points post US inflation release.
The US inflation slowed slightly to 8.2 per cent in September as against 8.3 per cent in August. However, the inflation is still well above the target limits of US Fed, and thus, further aggressive rate hikes cannot be ignored.
The Asian markets have thus opened sharply higher on the back of good global cues and SGX Nifty indicates a gap-up opening of about 300 points for Nifty.
Oil skidded amid fears of demand drop due to recession. The US crude and gas inventory has witnessed a jump, which led to a fall in prices. Brent crude currently trades near 94-level.
In the last trading session, the FIIs sold to the tune of Rs 1,636 crore while the DIIs bought shares worth Rs 753 crore.
Companies that are set to declare results on Friday as well as during the weekend include Shree cement, Bajaj Auto, HDFC Bank, and Federal Bank.
Nifty is likely to open above 17,200 while the first hour of price action shall be keenly watched.