Markets witnessed strong recovery from lower levels; Adani Ports and Tata Motors emerged as star performers

Nifty rebounded strongly from lower levels to close around day’s high. It recovered more than 150 points from day’s low and closed 73 points to close at 18,203 level

 Market update at 3.30 PM:  

Nifty rebounded strongly from lower levels to close around day’s high. It recovered more than 150 points from day’s low and closed 73 points to close at 18,203 level. 

S&P BSE Sensex also jumped 295.99 points and closed at 61,734 level. Nifty Midcap 100 and Nifty Small cap 100 also recovered strongly and closed nearly flat 0.06 per cent and 0.48 per cent, respectively. 

Adani Port Special, Tata Motors and Tech Mahindra were the top gainers while Tata Consumer products, Divis Lab and Britannia were the top losers amongst Nifty 50 stocks.      

Nifty recovered strongly from day’s low and closed marginally higher above the gap up opening. Today’s low will act as a support for upcoming sessions. 

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Market update at 2.10 PM: Indices have seen recovery from the day’s low after strong buying interest in the IT, realty and auto stocks uplifted market sentiment. NSE Nifty 50 index has recovered over 100 points from day’s low to trade above 18,100 levels while S&P BSE Sensex has gained 150 points. However, Nifty Midcap and Nifty Smallcap are trading 0.25 per cent lower each.   

Pharma and FMCG are seeing strong weakness. India VIX has slipped 2 per cent. 

Market update at 11.15 AM: Indices have been trading on a lower note amid strong volatility. NSE Nifty 50 index has slipped 0.17 per cent to trade at 18,100 levels while S&P BSE Sensex has lost 80 points so far. Nifty Midcap and Nifty Smallcap have plunged 0.35 per cent each.   

Nifty IT is the top performer, having surged over 1.37 per cent. Meanwhile, metals and pharma stocks are weak.   

About 725 stocks are advancing as against 1,241 stocks that are declining, thus showing negative market breadth.   

The IT bellwethers like Infosys, HCL Technologies, Wipro and Tech Mahindra are the top gainers from the Nifty 50 stocks while Tata Consumer Products, JSW Steel and Britannia are weak today.   

Nifty bounced off from its 20-DMA support level and it would be interesting if it can sustain above its day’s low level of 18,060 for the rest of the day.

Market update at 9.30 AM: Indices have witnessed selling pressure upon opening as Nifty shredded 50 pre-opening points to trade on a flat note. Stock specific action continues in the broader market. 

IT and PSU Bank stocks are trading higher while FMCG and realty are weak today. India VIX has slipped over 2 per cent

Pre- Market Update: Dow Jones Industrial Average traded strong and closed 115 points higher around 33,535-level. Meanwhile, the Nasdaq 100 Index also showed decent strength and closed around day’s high at 13,834 level, 1.81 per cent. 

Precious metals like Gold and Silver witnessed selling pressure and closed 1.19 per cent and 1.12 per cent lower respectively while Brent crude futures traded in range and ready to register breakout of trend reversal pattern.

On Thursday, Foreign Institutional Investors (FIIs) bought 970.18 crore and Domestic Institutional Investors (DIIs) sold 849.96 crore in equity segment. 

In Derivative segment as compared to last trading session, Clients and DIIs added shorts while FIIs and PROs increased longs position with covering their existing shorts in index. Now FIIs index long position came to 49.06 per cent from 47.46 per cent.

According to SGX Nifty, Nifty is expected to open nearly flat with positive bias. 

Important earnings to watch out for the day include Bandhan Bank Limited, Cochin Shipyard Limited, Crompton Greaves Consumer Electricals Limited, Dalmia Bharat Sugar and Industries Limited, Delhivery Limited, Glenmark Pharmaceuticals Limited, Godrej Industries Limited, Hindustan Copper Limited, IRB Infrastructure Developers Limited, JK Lakshmi Cement Limited, JSW Steel Limited, Kirloskar Oil Engines Limited, Motherson Sumi Wiring India Limited, Muthoot Finance Limited, NTPC Limited, Punjab National Bank, Power Grid Corporation of India Limited, Sun TV Network Limited, Vinati Organics Limited, Welspun Enterprises Limited, West Coast Paper Mills Limited and Zomato Limited.