Nifty closes at days high; Bajaj Finserv, Eicher Motors, Mahindra and Mahindra become top gainers
PSU banks, auto, and metals saw good buying interest while IT remained weak. India VIX closed on a flat note.
Market update at 3.30 PM: Indices witnessed a sharp recovery towards the end as Nifty surged 100 points in the last hour. It closed near the 15,600 level, higher by 0.50 per cent. Sensex surged 260 points while Nifty Midcap and Nifty Smallcap climbed 1.15 per cent each.
PSU banks, auto, and metals saw good buying interest while IT remained weak. India VIX closed on a flat note.
M&M, Bajaj Finserv, and Eicher Motors emerged as the top gainers while Infosys, TCS, & Divi’s Labs were the top losers today.
Nifty closed at the day’s high while the global cues remained positive and would be in focus.
Market update at 2.20 PM: Indices have recovered and are at their day’s high. Nifty traded with volatility and is up by 0.53 per cent while Sensex has surged 290 points. Meanwhile, Nifty Midcap and Nifty Smallcap have climbed 0.84 per cent & 0.93 per cent, respectively.
PSU banks, auto, and metals are prominent sectors in supporting the market. Meanwhile, the IT sector remains weak.
Market update at 11.05 AM: Indices are having a roller-coaster ride as Nifty jumped over 200 points from its intraday low, only to lose 170 points thereafter. Currently, the benchmark index trades below 17,500 and has plunged 0.28 per cent. Sensex has tanked 200 points while Nifty Midcap and Nifty Smallcap are trading on a mixed note.
PSU banks, auto & pharma are outperforming the sectors while IT, energy, and media are weak today. IT stocks are on a free fall and Tech Mahindra, Infosys, and TCS are the top losers amongst Nifty stocks. Meanwhile, Bajaj Finserv, Eicher Motors, and M&M are strong.
The advance-decline ratio is in the favour of bulls, which currently, stands at 1,024:863.
Stocks like BEL and Eicher Motors have hit their respective new 52-week highs today.
Nifty has strong support placed at 14,400 while volatility is expected to persist.
Market update at 9.30 AM: Indices have opened mixed as Nifty slipped 0.20 per cent while Sensex lost over 125 points. However, Nifty Midcap and Nifty Smallcap have climbed 0.60 per cent & 0.40 per cent, respectively.
IT and financials are weak today but metal & auto are trading higher. Meanwhile, India VIX has plunged over 1 per cent.
Pre-market update: The US markets were on a free fall last night as fear of an aggressive Fed hike gripped the market. Nasdaq tumbled 2.55 per cent while Dow Jones tanked 643 points. With this, Asian markets have opened sharply lower, and SGX Nifty indicates a loss of 80 points for Nifty.
In the last trading session, both the FIIs as well as DIIs remained net sellers and sold to the tune of Rs 453 crore & Rs 85 crore, respectively.
Meanwhile, a Deutsche Bank report says that RBI is likely to slow down the pace of interest rate hikes in the forthcoming MPC meetings.
Hyperinflation is gripping England, and Citi warns that this could go up to 18 per cent as early as 2023.
Besides, OPEC is expected to cut short its supplies in the upcoming meeting, which led to an increase in the oil prices on Monday.
Nifty is likely to open near 17,400; thus, this level is expected to act as good support.