Nifty and Sensex close marginally higher; Media stocks gain, Metals and IT slip

BPCL, Asian Paints and Nestle were the top gainers of the day from the Nifty 50 stocks while Hindalco, Tata Steel and IndusInd Bank were the top losers.  

Market update at 3.30 PM: After a slight gap up opening, sharp profit booking was witnessed in the first hour of the trading session because of sell off in Metal and IT sector. It is where the bulls took charge and markets bounced with major gains led by Banks and financials. Thus, NSE Nifty 50 index recovered about 135 points to close at 16,985 level. This volatile action formed dragon fly doji candle on daily charts. S&P BSE Sensex successfully closed in green around 57,634 level. Interestingly, Nifty Midcap 50 showed relatively good strength and closed around 0.52 per cent up today.           

In the commodities market, the Gold is again near to lifetime high and Silver is trading 0.25 per cent up. After yesterday’s breakdown, Crude is 2.1 per cent up but still trading below important support level.            

BPCL, Asian Paints and Nestle were the top gainers of the day from the Nifty 50 stocks while Hindalco, Tata Steel and IndusInd Bank were the top losers.              

Meanwhile, global cues shall be in focus as Jobless claims and housing data is due in the evening which shall be closely watched by the analysts.   

Market update at 1.50 PM: Indices have been trading amid weekly expiry volatility. NSE Nifty 50 index is down 0.17 per cent while S&P Sensex has slipped 80 points. Stock specific action continues in the broader market. 

Metal index has plunged over 2.50 per cent while media stocks are currently the top performers.

Market update at 11.15 AM: Indices are off day’s low as buying sentiment kicked in at lower levels. NSE Nifty 50 index has recovered over 150 points to trade above 17,000 level. The benchmark index has jumped 0.35 per cent while S&P BSE Sensex has gained over 200 points. Nifty Midcap and Nifty Smallcap are trading on a flat to bearish territory.   

Interestingly, Media, Pharma, Energy and FMCG indices have soared above 1 per cent each while Nifty Metal has plunged over 2.50 per cent.   

About 759 stocks are advancing as against 1226 stocks that are declining, thus, the broader market breadth still remains on a weaker note.   

BPCL, Titan Company and Nestle India are the top gainers from the Nifty 50 stocks while Hindalco, Tata Steel and JSW Steel are weak today.   

Considering the weekly expiry day, volatility is expected to persist throughout the trading session.   

Market update at 9.30 AM: Indices have opened on a mixed note amid strong volatile global markets. NSE Nifty 50 index is trading marginally lower below 17,000 level while S&P BSE Sensex has lost about 100 points. Nifty Midcap and Nifty Smallcap have plunged 0.57 per cent and 0.75 per cent respectively.  

Pharma stocks have seen good buying interest while metals and banks continue to fall. India VIX has surged over 3 per cent amidst volatility.  

Pre-market update: After the selloff in opening session, sharp recovery has been seen in US Markets. Dow Jones Industrial Average plunged 280 points or 0.87 per cent. Interestingly it recovered around 440 points from day’s low to close around 31,874 level which formed bullish candlestick pattern on daily charts. Tech-heavy Nasdaq 100 also successfully closed 0.42 per cent up after gap down opening and closed around the 12,251 level. Meanwhile CBOE VIX surged 10 per cent.  

In the commodities market, the precious metals like Gold and Silver remained volatile for the day and closed in its previous consolidation zone. WTI Crude witnessed sharp selloff around 4.5 per cent. 

After yesterday’s gap up opening, strong profit booking has been seen in the Indian markets. NSE Nifty 50 index is down around 71 points which is around 0.42 per cent. FIIs sold 1271.25 crore and DIIs bought 1823.94 crore in domestic market. 

As per the OI Data, Clients & DIIs added longs aggressively in the bearish falling markets from last 2 consecutive days. DIIs added a mark able long in index through options also. 

FIIs and Pros covered their shorts and FIIs unwinded some longs as well in index.  

Now FIIs index longs came to 11.87 per cent which is too low.  

Dow futures are now trading in green, SGX Nifty indicates that Nifty is likely to open gap up. 

Relief rally for the bulls can be seen if we sustain this gap up.