Indices end higher ahead of Union Budget; Nifty IT and Nifty Realty surge nearly 3 per cent each!
It was a good day for the Indian market as Nifty closed higher by about 1.39 per cent
Market update at 3.30 PM: It was a good day for the Indian market as Nifty closed higher by about 1.39 per cent while Sensex gained about 775 points. Moreover, Nifty Midcap and Nifty Smallcap showed a strong upside too as they surged around 1.57 per cent & 1.13 per cent, respectively.
All the sectoral indices ended positively with Nifty IT and Nifty Realty gaining nearly 3 per cent each. Moreover, Tech Mahindra and Tata Motors emerged as the top gainers among Nifty stocks.
Nifty gave a strong closing above 17,300, ahead of Union Budget. The market participants expect the Finance Minister to present a good budget, which will have a positive impact on the Indian markets. Tomorrow’s big event is likely to decide the fate of Nifty for the near future.
Market update at 12.30 PM: Monday is going fantastic for the Indian indices as they are soaring.
Nifty has crossed the 17,400 level and is now trading above it. Meanwhile, Sensex has gained nearly 1,000 points. It is a broad-based rally as Nifty Midcap has gained about 1.55 per cent while Nifty Smallcap is just a per cent higher.
Among the sectoral indices, Nifty IT is up by over 3 per cent after a dismal performance in the past few days. Moreover, Nifty Realty and Nifty PSU Bank indices have surged over 2 per cent each.
The top contributors to Nifty include Tech Mahindra, BPCL & Infosys while IndusInd Bank and Kotak Mahindra Bank remained weak as the market progresses.
On Friday, the market had fallen in the afternoon and closed near the previous day’s close. It remains to be seen whether Nifty experiences a sell-off or holds on to its gains.
Market update at 10.15 AM: Indices are trading higher with Nifty climbing 1.28 per cent while Sensex has gained over 700 points. Moreover, Nifty Midcap and Nifty Smallcap have surged over a per cent each.
This rally is prominently led by Nifty IT, which has shot up by nearly 3 per cent. Furthermore, Nifty Realty has surged about 2.5 per cent. However, such a sudden spike has seen India VIX soaring over 5 per cent.
The top performers in the initial hour of the trade include Tech Mahindra and Divi’s Lab, which are up by 5 per cent & 4 per cent, respectively while IndusInd Bank and Kotak Mahindra Bank are weaker today.
Pre-market update: Last Friday, the US markets closed significantly higher with NASDAQ surging over 3 per cent and Dow Jones gaining more than 550 points.
Moreover, the American futures are also trading higher on Monday morning. Thus, Asian markets have opened higher due to good global cues. SGX Nifty indicates a higher opening of about 150 points for Nifty.
On the last trading session, the FIIs sold for over Rs 5,000 crore, taking tally of about Rs 15,000 crore in just three trading sessions. However, the DIIs have been supportive to the market and bought for about Rs 3,358 crore.
Natural gas surged over 12 per cent on Monday morning while the precious metals are trading mixed.
The key companies declaring results today include BPCL, Tata Motors, IOC, UPL, Sun Pharmaceuticals, and Exide Industries