Nifty closes above 17,150! SBI Life, Tata Steel and Hindalco emerge as top gainers

Nifty decisively closed above the 200-DMA for the first time in 65 trading sessions. It is well off from its June low and we can expect further upside in the times to come.

Market update at 3.30 PM: Indices continued the bull run on Friday as Nifty surged above the 17,150-mark. It jumped 1.35 per cent while Sensex gained 712 points. Nifty Midcap and Nifty Smallcap also traded higher by 1.42 per cent & 1.70 per cent, respectively.  

Metals were the star performer for the day as most of the metal stocks traded higher. Tata Steel, JSW Steel, and Hindalco emerged as the top gainers amongst Nifty stocks. Meanwhile, Dr Reddy’s Laboratories, SBI, and Kotak Mahindra Bank were weak today.   

Nifty decisively closed above the 200-DMA for the first time in 65 trading sessions. It is well off from its June low and we can expect further upside in the times to come.

Market update at 1 PM: Indices are trading higher amid volatility. Nifty is back to its prior level i.e. above 17,100 and is up by 1.10 per cent. BSE Sensex has surged 570 points while Nifty Midcap and Nifty Smallcap climbed 1.25 per cent & 1.44 per cent, respectively.   

Nifty Metal surged over 4 per cent while IT, media & auto have also seen buying emerging. Meanwhile, India VIX slipped nearly 2 per cent.   

Besides, SBI Life, Tata Steel, and Hindalco have emerged as the top gainers among Nifty stocks.  

Market update at 10.50 AM: Indices have faced resistances at higher levels while Nifty fell about 100 points from its day’s high. The benchmark index is up by 0.72 per cent and hovers just above 17,000.

 Meanwhile, Sensex has jumped 375 points while Nifty Midcap and Nifty Smallcap are higher by 0.80 per cent each.

SBI Life Insurance Company, Tata Steel and Hindalco are the Top Gainers while Dr Reddy’s Labs, Sun Pharma & Cipla are the Top Losers for now amongst Nifty stocks.

Metals, IT and auto are trading higher while pharma & financials are feeling the pressure.

The advance-decline ratio is in the favour of bulls and currently, stands at 1,330:551.

Market update at 9.30 AM: Indices have opened higher while Nifty raced towards the 17,100-level. It is up by a per cent and Sensex has climbed over 550 points. Nifty Midcap and Nifty Smallcap have also risen by nearly a per cent each.   

Auto, IT & metals are trading higher while pharma is weak today.  Meanwhile, India VIX has slipped 0.70 per cent.   

Pre-market: The US GDP data, released on Thursday, showed that the economy shrunk by 0.9 per cent. This has put the US economy officially into recession, as per its US definition of showing negative growth in two consecutive quarters. However, the US markets saw a huge short-covering rally as Nasdaq soared 1.08 per cent while Dow Jones jumped 332 points.
With this, most of the Asian markets have opened higher, and SGX Nifty indicates a gap-up opening of about 220 points for Nifty.
Primarily, the relief rally can be attributed to US President Joe Biden’s statement which stated that the US economy is on the right path despite the negative GDP.
HDFC, NTPC, Sun Pharma & IOC are some of the key companies that are set to declare their results today.
Nifty is likely to open above 17,100, which is above its 200-DMA. It would be interesting to see if it sustains above its key indicator.