Nifty closes above 17,500; Mahindra and Mahindra, Hindalco, and Coal India emerge as top gainers

M&M, Coal India & Hindalco were the top gainers while BPCL, SBI, and UltraTech Cement emerged as top losers amongst Nifty stocks

Market update at 3.30 PM: Indices closed higher on Monday as Nifty soared above the 17,500-level. The benchmark index closed higher by 0.73 per cent while Sensex jumped 465 points. Meanwhile, the broader market also performed well as Nifty Midcap and Nifty Smallcap closed higher by 0.35 per cent each.   

Metals, private sector banks, and energy outperformed while IT & PSU banks were weak today. M&M, Coal India & Hindalco were the top gainers while BPCL, SBI, and UltraTech Cement emerged as top losers amongst Nifty stocks.   

Tuesday is a holiday for the Indian market. Thus, the focus will now shift towards the global market to anticipate the trend. 

Market update at 12.20 PM: Nifty has crossed the 17,500-mark and climbed 0.67 per cent. Sensex jumped 430 points while Nifty Midcap and Nifty Smallcap are higher by 0.42 per cent & 0.22 per cent, respectively.  

Coal India, HDFC Bank, Hindalco, and M&M are the top supporters of Nifty. Meanwhile, India VIX, which was 5 per cent higher in the morning, has now cooled to 2 per cent.  

Market update at 11 AM: Indices are trading higher after nearly two hours into Monday’s trading session. Nifty climbed 0.35 per cent while Sensex surged over 250 points. Nifty Midcap and Nifty Smallcap are also trading marginally higher by 0.10 per cent each.   

Private banks are leading among the sectors. HDFC Bank emerged as the top gainer amongst Nifty stocks after it hiked rates by 5-10 bps across all loan tenures. Axis Bank also turned out to be one of the top gainers, along with M&M, NTPC, and Hindalco. Meanwhile, IT and PSU banks are weak today. BPCL, SBI, and Britannia are the top losers for now.   

Some stocks like Deepak Fertilisers, GE Shipping, HAL, and M&M have hit a fresh 52-week high as strong buying is seen across these stocks.   

The advance-decline ratio is in the favour of the bulls and currently, stands at 1,169:737.   

The level of 17,500 is likely to act as tough resistance for Nifty while 17,400 is a good support. 

Market update at 9.30 AM: Indices have opened lower whereas Nifty gained 10 points. Sensex surged about 50 points while Nifty Midcap & Nifty Smallcap are trading on a flat note.  

Metals and auto are supporting the market while IT & financials are weak today.  

Meanwhile, India VIX has surged over 5 per cent.   

Pre-market update: US jobs data, which was released last Friday, showed that US employers added 5,28,000 jobs in July. The unemployment rate fell to a five-decade low of 3.5 per cent. However, this came as a bad sign because it would further aggravate the rise in inflation. Besides, it also signals a further rate hike by the US Fed to tame inflation.
Thus, the US markets closed mixed with a negative bias. Nasdaq slipped 0.50 per cent whereas Dow Jones climbed 76 points. European markets also closed marginally lower. So, following the global cues, the Asian markets opened lower on Monday, and SGX Nifty indicates a gap-down opening of about 50 points for Nifty.
The key companies like Bharti Airtel, Adani Ports, and Power Grid are set to declare their results today. Thus, these stocks shall be in focus today.
Meanwhile, the FIIs have bought to the tune of Rs 1,605 crore while the DIIs sold for Rs 495 crore worth of equity. Interestingly, the FIIs have remained consistent buyers for some time now, which shall also help to strengthen the rupee.
Crude oil continues to trade lower amid recession fears as WTI crude oil falls below the 89-level while Brent crude currently trades near USD 95 per barrel.
The US inflation data, along with local CPI data, is set to release this week. Hence, volatility is expected to persist in the global markets.