Market WRAP: Nifty closes above 17,600; M&M, SBI Life and Bajaj Finance emerge as top gainers

Rohit Kale
/ Categories: Trending, Mkt Commentary
Market WRAP: Nifty closes above 17,600; M&M, SBI Life and Bajaj Finance emerge as top gainers

With Fed meeting in two days, volatility is expected to persist across global markets.

Market update at 3.30 PM: Broader Indices closed on a higher note as financials, FMCG, media, and auto led a fantastic short-covering rally. Nifty bounced off nearly 200 points from its day’s low to close above the 17,600 level. The benchmark index rose 0.52 per cent while Sensex climbed 300 points. On the contrary, Nifty Midcap closed flat while Nifty Smallcap lost nearly a per cent.   

M&M, SBI Life Insurance Company, and Bajaj Finance emerged as the top gainers while Tata Steel, Tata Motors & Britannia turned out to be the top losers.   

With Fed meeting in two days, volatility is expected to persist across global markets.

 

Market update at 12.15 PM: Indices witnessed a good short-covering rally as Nifty surged above the 17,600 level. The benchmark index has jumped 0.65 per cent while Sensex soared 360 points. Meanwhile, Nifty Midcap and Nifty Smallcap are trading on a flat note.   

Financials, IT, and auto are the top performers in the sectors. M&M, Adani Ports, and Bajaj Finance are the top gainers from Nifty 50 stocks while Cipla, Tata Motors & Asian Paints are the top losers for now.   

Stocks like Escorts Kubota, Ambuja Cements, IndusInd Bank, and Varun Beverages have hit their respective fresh 52-week high levels.   

 

Market update at 10.10 AM: Indices have soared from the day’s low as Nifty jumped above the 17,600 level. Nifty is currently up by 0.69 per cent while Sensex has gained 370 points. Nifty Midcap and Nifty Smallcap have surged 0.40 per cent & 0.25 per cent, respectively  

M&M, Adani Ports, and SBI Life Insurance are the top gainers from Nifty 50 stocks.  

 

Market update at 9.30 AM: Indices have plunged at the beginning of the session with Nifty slipping 0.55 per cent. Sensex has tumbled 350 points while the mid-cap, as well as the small-cap stocks, witnessed severe selling pressure.   

PSU banks are slightly higher while realty and pharma are weak. 

Meanwhile, India VIX has jumped 6 per cent.   

 

Pre-market update: The US markets are in a correction mode for the last few days as fears of aggressive interest rate hikes to tame inflation, followed by a rise in bond yield and dollar index weighed investors’ sentiment. Nasdaq tumbled 0.90 per cent while Dow Jones lost 139 points in the last trading session. Meanwhile, the Asian markets opened on a cautious note on Monday, and SGX Nifty indicates a slightly higher opening of about 20 points for Nifty. The OMC stocks such as Reliance, ONGC, IOC, and BPCL are likely to be in focus today after the government announced a cut in windfall tax on locally-produced crude oil from Rs 13,000 per tonne to Rs 10,500 per tonne. The dollar index has spiked above the 110-mark and is at its highest since 2002. In the last trading session, the FIIs sold heavily to the tune of Rs 3,260 crore while the DIIs bought shares worth Rs 36 crore. Nifty is expected to open above 17,500 and this level shall act as immediate support. 

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