Nifty closes above 16,600; IndusInd Bank, Bajaj Finance and UPL soar

IndusInd Bank showed a spectacular performance as it soared over 8 per cent.

Market update at 3.30 PM: Nifty closed higher for the fifth consecutive day as it gained about 0.54 per cent. Sensex jumped over 285 points while Nifty Midcap and Nifty Smallcap rose over 1.38 per cent & 0.77 per cent, respectively.  

All the sectors closed in green except pharma, which traded lower. IndusInd Bank showed a spectacular performance as it soared over 8 per cent. Meanwhile, Bajaj Finance, UPL, and Tata Consumer Products also closed higher. Meanwhile, Dr Reddy’s Laboratories, Cipla, and SBI Life Insurance Company were the top losers.  

Nifty advanced above the level of 16,600, which is a positive sign for the market. With this, the level of 16,500 shall act as strong support while Nifty aimed towards the 16,700 level.   

Market update at 11.25 AM: Indices have been trading higher amid volatility. Nifty 50 has seen an upmove of about 50 points while Sensex soared about 150 points. Nifty Midcap and Nifty Smallcap indices have also risen by 1.03 per cent & 0.65 per cent, respectively.  

Most of the sectors are trading in the green while energy is flat. IndusInd Bank is currently the top gainer after it posted better-than-expected results. Hindalco and UPL are also trading higher. However, Kotak Mahindra Bank, Tech Mahindra, and SBI Life Insurance Company are weak today.   

Also, the advance-decline ratio is in the favour of advances and stands at 1,325:566. The level of 16,600 shall act as strong resistance while a move above this level can pave a way for 16,700 and 16,800 levels for Nifty. 

Market update at 9.30 AM: Indices have opened flat and are trading with volatility. Nifty tumbled 4 points whereas Nifty Midcap and Nifty Smallcap are marginally higher. 

Media, realty, and FMCG sectors are extending support to the market while financials & IT are weak today.   

With this, India VIX climbed nearly a per cent.   

Pre-market update: Last night, the US markets closed higher amid volatility. Nasdaq gained 1.58 per cent while Dow Jones climbed 47 points. With this, Asian markets have opened cautiously, and SGX Nifty indicates a slight loss of 5 points since the previous day's closing of Nifty.  

In the last trading session, the FIIs bought to the tune of Rs 1,780 crore while the DIIs sold for Rs 230 crore. Interestingly, the FII outflow had subsided, and they have been buying for three consecutive days, which is a rare sight in the past few months.  

IndusInd Bank posted robust numbers this quarter with the net profit increasing over 60 per cent YoY; however, gross NPA rose sequentially.  

Wipro saw a 21 per cent decrease in net profits YoY but its revenue grew 16 per cent. Besides, its attrition rate stood at 23.3 per cent.  

RBL Bank, IDBI Bank, and PVR are some of the key companies that are set to declare their results today.  

Nifty is likely to open around the level of 16,500, and today being the weekly expiry day, volatility is expected to kick in.