Indian markets shed bulk of its gains; broader market outperforms!

Market Update at 3:00PM: Indian markets were seen trading near their lowest point of the day. Nifty had shed bulk of its gains as it has slipped nearly 85 points from the highs of the day. In the afternoon session, it had touched a fresh all-time high of 16,712.45. Besides, India VIX has jumped more than 2 per cent.   

However, the broader markets are seen outperforming the frontline gauge with Nifty Midcap and Smallcap index trading higher by 0.07 per cent & 0.59 per cent, respectively.   

SGX Nifty is trading up by 47.50 points at 16,667 levels. On Tuesday, Nifty hit record closing highs aided by HDFC Bank, ICICI Bank, Bajaj twins and Reliance Industries as combinedly, they have contributed 102 points to Nifty’s kitty. Furthermore, market breadth was in favour of advancers.   

The broader markets also joined the party on D-Street and outperformed the frontline indices with Nifty Midcap 100 and Smallcap 100 surging 1.43 per cent & 2 per cent, respectively.   

Among the sectoral indices, barring Nifty FMCG & Nifty IT, all other indices ended in green with Nifty Metal and Media leading from the front.  

On the daily chart, Nifty formed a bullish candle with a long lower shadow and carried a higher high & higher low as compared to its prior trading session.   

Going ahead, the level of 16,650 is likely to act as immediate resistance and sustaining above this level would open gates for a fresh all-time high level. On the downside, immediate support is seen at around 16,530.   

Nifty Midcap 100 and Smallcap 100 formed a bullish candle on the daily chart. Both the indices formed an inside bar as the price traded within the high-low range of the prior trading session. Hence, it would be interesting to see whether we see a follow-through move in the broader market indices on Wednesday or not.