Indices end higher; IT stocks become top performers

Market update at 3.30 PM: It was a good day for Nifty as it ended about 0.94 per cent up while Sensex gained around 559 points. Nifty Midcap and Nifty Smallcap too surged over a per cent each. Moreover, India VIX crashed 7.5 per cent!  

Wipro, HCL Tech and Adani Ports were the top gainers of Nifty stocks while Power Grid Corp & Axis Bank were the top losers.  

CE Info Systems, which debuted on the exchange today, ended 35 per cent up by over its issue price.   

With weekly expiry due in two days, we must expect Nifty to make swings in either direction.  

Market update at 1 PM: Nifty and Sensex continue to gain points as Nifty climbed almost 2 per cent while Sensex soared over 1,000 points. It is a broad-based rally as Nifty Midcap and Nifty Smallcap have also gained about 2 per cent each. To add further, India VIX has fallen about 8 per cent!  

Nifty Realty and Nifty Media are leading the way as both have surged over 3 per cent. The top stocks pushing Nifty upwards are Tata Steel, Wipro, and HCL Tech, with each stock surging about 4 per cent.  

It has been a great day for the indices so far and Nifty is expected to continue with the same momentum for the rest of the day.  

Market update at 10.15 AM: Nifty trades higher by 1.24 per cent while Sensex has surged over 700 points. Moreover, India VIX has fallen about 5 per cent.  

Every sectoral index is trading higher with Nifty Metal surging over 3 per cent. Nifty IT and Nifty Realty are up by over 2 per cent each. Broader indices of Midcap and Smallcap soared nearly 2 per cent each.   

The initial hour was great as Nifty sustained the gap-up and is currently, trading near the day’s high.  

Pre-market update: Asian markets opened higher on Tuesday morning with SGX Nifty indicating about 130 points gap-up opening for Nifty.   

Last night, the US markets plunged over 1 per cent and European markets also ended lower. Many European nations continue to impose restrictions to control the spread of the Omicron variant.  

Crude oil plunged over 4 per cent today in the morning while gold & silver are also trading lower. Moreover, the rupee has appreciated against the dollar by 0.24 per cent.  

Bank Nifty will be in focus as it has slipped below its 200-DMA and with the higher opening expected today, it remains to be seen whether Bank Nifty manages to close above its 200-DMA or not.