Indices closed higher ahead of FOMC meeting; PSU banks and Pharma hold the markets

Indices closed higher ahead of FOMC meeting; PSU banks and Pharma hold the markets

Prasad Chavan
/ Categories: Trending, Mkt Commentary

Pharma and PSU Banks traded strong in today’s session. Meanwhile, Media and Realty remained weak for the day.

Market update at 3.30 PM: Indian markets witnessed a range bound session for the day. NSE Nifty 50 rose 44.40 points or 0.26 per cent to close at 17,152 level while S&P BSE Sensex closed around the opening levels with gains of more than 150 points. Nifty Midcap 100 and Nifty Smallcap 100 rose 0.28 per cent and 0.54 per cent respectively.         

Nifty weekly PCR (0.92) still remains in oversold zone.       

Pharma and PSU Banks traded strong in today’s session. Meanwhile, Media and Realty remained weak for the day.          

HDFC Life, Bajaj Finserv and Sun Pharma are the top gainers while PSUs like NTPC, Coal India and BPCL were the top losers amongst Nifty 50 stocks.       

Important event from US markets i.e., “FOMC Meeting” is due tonight, expecting next trigger from this meeting.    

Nifty exactly closed on important resistance zone around 17,150 protected by bears from last 5 trading sessions. It would be interesting to watch if bulls can hold these levels or not.   

 

Market update at 11 AM: Indices have been trading higher on Wednesday, mainly led by the gains in PSU Banks, auto and metals. Except for media, all other sectors are trading positive.   

NSE Nifty 50 index has surged quarter per cent to trade above 17,100 levels while S&P BSE Sensex has jumped 120 points. Nifty Midcap and Nifty Smallcap have soared 0.41 per cent and 0.69 per cent respectively.   

About 1416 stocks are advancing as against 545 stocks that are declining, thus showing positive market sentiment.   

Bajaj twins, i.e., Bajaj Finance and Bajaj Finserv are the top gainers along with HDFC Life Insurance Company from the Nifty 50 stocks while BPCL, Coal India and Cipla are weak today.   

A move above the day’s high of 17,207 can take Nifty to scale further highs while 17,100 shall act as immediate support.   

 

Market update at 9.35 AM: Indices have been trading higher upon opening amid positive global cues. NSE Nifty 50 index has jumped 0.20 per cent to trade above 17,100 levels while S&P BSE Sensex has surged 100 points. Nifty Midcap and Nifty Smallcap have risen half a per cent each.  

Metal and auto indices are trading higher while FMCG appears under pressure. India VIX has surged over a per cent.  

 

Pre-market update: US markets rally continued for the second day before FOMC meeting. Dow Jones Industrial Average rallied 316 points or 0.98 per cent and closed around 32,560 level. Nasdaq 100 closed at 12,762.61, rose 178 points on the day. Meanwhile, CBOE VIX cooled off (11 per cent) for the second day as rally continued in last trading session.   

In the global commodities market, Gold and Silver witnessed profit booking on higher levels and dropped 1.96 per cent and 0.76 per cent respectively.  

WTI Crude closed around the levels of $69.96 by rising 2.51 per cent  

In Tuesday's trading session, Indian markets remained strong throughout the day. NSE Nifty 50 rose 119 points or 0.70 per cent to close at 17,107 level while S&P BSE Sensex successfully closed above 58,000. Nifty Midcap 100 and Nifty Smallcap 100 rose 0.59 per cent and 0.66 per cent respectively.         

Nifty weekly PCR (0.90) still remains in oversold zone.   

In domestic market, FIIs sold 1454.63 crore and DIIs bought 1946.06 crore.   

The OI data revealed that Client and DIIs added long positions, however PROs adopted a sell on rise strategy, leading to their net long positions to 39.28 per cent. While FIIs net long positions further declined to 8.42 per cent indicating their negative bias in the market.  

Yesterday, Nifty has closed below the important resistance zone (17,120 to 17,160), protected by bears from last 5 trading sessions. Bulls may gain more strength after surpassing this resistance zone.   

Markets are expected to open in green as SGX Nifty indicates positive opening around 40 points. Thus 17,160 and 17,000 level shall be tracked closely for the day.  

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