Nifty closed above 18,400 levels; Sensex surged nearly 500 points as auto, FMCG and metals shine

Rohit Kale
/ Categories: Trending, Mkt Commentary
Nifty closed above 18,400 levels; Sensex surged nearly 500 points as auto, FMCG and metals shine

Adani Ports, Eicher Motors and M&M became the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices traded higher throughout the day as strong short covering rally led Nifty above 18,400 levels. The benchmark index climbed 0.83 per cent while S&P BSE Sensex surged nearly 500 points. Nifty Midcap and Nifty Smallcap climbed about half a per cent each.  

Auto, FMCG and metals emerged as the top performers from the sectors while IT remained weak.  

Adani Ports, Eicher Motors and M&M became the top gainers from the Nifty 50 stocks while TCS, Infosys and ONGC were the top losers.  

Nifty formed a strong bullish bar with a lower shadow, thus indicating strong support at lower levels. Meanwhile, focus shall turn towards the global markets to anticipate further trends.  

 

Market update at 11.20 AM: Indices have been witnessing positive sentiment at lower levels and are off their day’s low. NSE Nifty 50 index has surged above 18,300 levels and has climbed 0.43 per cent, while S&P BSE Sensex has surged 250 points. Midcap and smallcap indices have seen recovery from lower levels and are trading in green.  

Prominent sectors leading this rally are auto, FMCG and metals. On a contrary, IT remains weak.   

Stock specific action is seen across Britannia, GICRE, Kalyan Jewellers, Mahindra CIE Automotive and V-Guard Industries which have hit their fresh 52-week highs.  

The advance decline ratio stands at 1,203:777 and indicates a positive market breadth.   

For Nifty, 18,300 level shall act as strong support while 18,400 level shall act as immediate resistance. 

 

Market update at 9.30 AM: Indices have been trading marginally higher upon opening. S&P BSE Sensex has gained 50 points while NSE Nifty 50 index trades marginally below 18,300 levels. Meanwhile, midcap and Smallcap indices are slightly under pressure.  

FMCG and PSU Banks are the top performers amongst the sectors. India VIX has surged nearly 1 per cent.  

 

Pre-market update: In a fresh start of the week, the Asian markets have opened cautiously after 3 days of continuous fall on the Wall Street. Trends on SGX Nifty indicate a gain of 50 points.

Oil prices trade lower amid volatility as aggressive rate hikes by the Central banks and lack of global demand put downward pressure. Brent crude oil currently trades at USD 80 per barrel.

KFin Technologies IPO is open for subscription on December 19, with a price band of Rs 347-366. The company is expected to raise a total of Rs 2,000 crore via the IPO.

In the last trading session, the FIIs sold to the tune of Rs 1,975 crore while the DIIs bought shares worth Rs 1,542 crore respectively.

Nifty is likely to open positively and volatility is expected to persist throughout the day.

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