Nifty ends above 17,350; India VIX crashes 10 per cent!

The top gainers among Nifty stocks include Tata Motors, Eicher Motors, and Shree Cement

Market update at 3.30 PM: What we saw today was a spectacular turnaround by Nifty as the benchmark index managed to rise from its ruins to close higher by over 3 per cent. The index gained about 509 points to close at 17,352. Meanwhile, Sensex gained about 1,736 points to close at 58,142. It was a broad-based rally as Nifty Midcap and Nifty Smallcap rose 2.86 per cent & 2.51 per cent, respectively.  

To add further, all the sectoral indices closed in green. With such positivity, India VIX crashed 10 per cent. The top gainers among Nifty stocks include Tata Motors, Eicher Motors, and Shree Cement while there were just two stocks that remained weak namely, Cipla & ONGC.  

According to a report, some of the Russian troops have returned to their bases after completing their drills. This has been taken positively by the European markets, which are currently trading higher by nearly a per cent. Further developments will be keenly watched and any positivity will help markets soar. 

Market update at 2.15 PM: There has been a stupendous rally in the afternoon as Nifty crossed above 17,300 and is up by over 2.5 per cent. Sensex has gained all the 1,600 points, which it had lost on Monday. It can be called a dramatic recovery as the broader markets have also lit up. Nifty Midcap and Nifty Smallcap have climbed over 2 per cent each.  

All the sectoral indices have turned green. Nifty Bank, Nifty Auto, Nifty Media, and Nifty PSU Bank are up by over 3 per cent each. Moreover, India VIX has crashed nearly 7 per cent with such recovery.  

Bulls have cheered up and with this, Nifty found its way up!

Market update at 12.15 PM: Nifty is going strong on Tuesday as it has soared about 1.39 per cent while Sensex gained over 800 points. With this, the indices recovered about half of Monday’s fall.  

The broader market is also trading higher with Nifty Midcap and Nifty Smallcap gaining about half a per cent each. Moreover, all the sectoral indices, apart from Nifty Metal, are trading in green. This has led to a fall in India VIX of about 6 per cent.  

With such positivity, Nifty is within the touching distance of 17,100. Any movement above 17,100 can be taken positively.  

Market update at 10.15 AM: Nifty opened higher by about 90 points and traded with volatility. However, the indices are witnessing selling pressure towards the end of the first hour. Nifty is currently below 16,900 and is trading near Monday’s close. Sensex is up by about 120 points.  

The sectoral indices such as Nifty Bank, Nifty Pharma, Nifty Auto, and Nifty Media are trading lower while Nifty IT & Nifty FMCG are inching higher.  

Pre-market update: US market ended slightly lower amid volatility. The geopolitical tension in Eastern Europe has been the main driving force of the global sell-off. The markets are trying to factor in the latest updates coming from the region. Thus, the sell-off is largely news-based. 

On Tuesday morning, the Asian markets have opened mixed with SGX Nifty indicating a 100-point higher opening. 

In the last trading session, the FIIs sold for about Rs 4,253 crore while DIIs have bought about Rs 2,170 crore worth of equity. 

India’s CPI inflation has risen to 6.01 per cent in January, which is the highest in seven months. However, RBI expected such figure due to unfavourable base effect. 

Crude oil has hit a seven-year high as market fears the Russian attack on Ukraine. 

With a lot of news flow, Nifty is likely to make volatile moves. The level of 17,000 shall hold a key level to watch out for.