Nifty at 52-week high: Nifty closes at 18,350 level; Sensex soars 1200 points as IT, realty and metals rally
Stocks that have hit a 52-week high include Adani Enterprises, Bank of Baroda, Bharat Forge, Federal Bank and ITC.
Market update at 3.30 PM: Indices traded throughout the day amid strong buying sentiment. NSE Nifty 50 index hit a fresh 52-week high level of 18,360 level while closing nearly at day’s high. The benchmark index jumped 1.78 per cent while BSE Sensex rose 1200 points. Nifty Midcap ended flat while Nifty Smallcap rose 0.38 per cent.
Nifty IT was the star performer today, having soared 3.81 per cent. Midcap and largecap IT stocks witnessed short covering rally. Meanwhile, PSU Banks, which showed strong dominance recently, came under slight profit booking as focus shifted towards IT, realty and metals.
HDFC, HDFC Bank, and Infosys emerged as the top gainers from the Nifty 50 stocks while Eicher Motors, Hero MotoCorp and Britannia Industries were the top losers.
Global cues shall continue to remain in focus to anticipate further trends in the world market.
Market update at 2.30 PM: Nifty is currently at its fresh 52-week high of 18,357, having broken its previous level of 18,350. The benchmark index has jumped 1.77 per cent.
HDFC and HDFC bank have soared over 6 per cent, thus supporting the rally from the front.
Market update at 11.30 AM: Indices continue to trade higher and have sustained the gap-up opening in the first half of the session. NSE Nifty 50 index is currently trading at 18,300 level while Sensex has soared 1000 to trade above 61,500 levels. Strong buying is seen across midcap and Smallcap stocks.
The advance decline ratio stands in the favour of the bulls and is at 1283: 641, meaning that 2 stocks are advancing for every 1 stock declining.
Apollo Hospitals, HDFC, HDFC bank, Infosys and HCL Technologies are the top gainers from the Nifty 50 stocks, while Eicher Motors, Britannia Industries and Hero MotoCorp are weak today.
Nifty IT has soared nearly 4 per cent amid strong short covering seen in IT stocks. All other sectoral indices are also trading in green.
Stocks that have hit a 52-week high include Adani Enterprises, Bank of Baroda, Bharat Forge, Federal Bank and ITC.
Market update at 9.30 AM: Indices have opened sharply higher, amid positive global cues. Nifty has surged 1.64 per cent to trade at 18,300 level while Sensex soared 1,050 points. Nifty Midcap and Nifty Smallcap are up 0.80 per cent each.
While all the sectors are in green, IT has seen a massive short-covering as Nifty IT index has jumped nearly 4 per cent. Meanwhile, India VIX has crashed by 5 per cent.
Pre-market update: The much awaited US inflation data came out to be at 7.7 per cent in October versus 8.2 per cent in September, which stood lesser than expected. Many analysts expect higher chances of easing of interest rate hikes in the forthcoming Federal reserve meeting. Massive short covering was witnessed in Nasdaq as it jumped 7.35 per cent while Dow Jones surged 1200 points to close at day's high. Such positivity is also reflected in the Asian market, and trends on SGX Nifty indicate 300-point gap-up opening for Nifty.
While equity markets roared, bond yields and dollar index tumbled sharply in a subsequent effect. Dollar index plunged 1.98 per cent, which has been the highest in 10 years.
The FIIs bought shares worth Rs 36 crore while the DIIs sold to the tune of Rs 967 crore in the last trading session.
Key companies set to declare results today are Hindalco Industries, M&M, LIC of India, ABB India, and Adani Power.
As Nifty is set for a huge gap-up opening, first hour of price action will be quite interesting to watch if the index sustains the gap-up or not.