Markets recovered strongly from day’s low; Auto and banking stocks led the recovery

Prasad Chavan
/ Categories: Trending, Mkt Commentary
Markets recovered strongly from day’s low; Auto and banking stocks led the recovery

Eicher Motors, Mahindra and Mahindra and IndusInd bank were the top gainers while BPCL, Hindalco and Power grid were the top losers amongst Nifty 50 stocks

Market update at 3.30 PM:     

Today markets witnessed selling pressure in its initial hours and then it recovered from day’s low strongly to close around the day’s high. Nifty closed 17 points higher above the closing level of last trading session at 18,314 level.  

S&P BSE Sensex closed 123 points higher at 62,027.90 level. Nifty Midcap 100 and Nifty Small cap 100 witnessed profit booking on higher levels. It closed 0.40 per cent and 0.75 per cent lower.   


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Banks and Auto sector traded strong for the day while Metal and Media sector stocks remained weak. 

Eicher Motors, Mahindra and Mahindra and IndusInd bank were the top gainers while BPCL, Hindalco and Power grid were the top losers amongst Nifty 50 stocks.       

Today, Nifty recovered exactly from the technical and derivative support 18,200 level. It may gain more strength once it starts trading above today’s day high decisively.  


Market update at 1.15 PM: Indices have been trading on a flat note amid strong volatility. NSE Nifty 50 index and Sensex are trading flat after a strong recovery. Nifty is trading at 18,300 levels while Sensex has recovered over 400 points from day’s low. Nifty Midcap and Nifty Smallcap show similar action.   

FMCG stocks have witnessed good buying interest, along with Auto and financials. India VIX has slipped over 2 per cent.


Market update at 11 AM: Indices have been trading on a mixed note amid strong volatility. Strong buying interest is seen across the auto stocks and financials, while metal stocks are weak today. Stock specific approach is the theme of the market as corporate results and business developments remain watchful.  

NSE Nifty 50 index is down 0.13 per cent and has recovered about 80 points from day’s low. 18,200 level stood as important support level for the day. Meanwhile, S&P Sensex has slipped 70 points so far. Nifty Midcap and Nifty Smallcap are trading flat.  

About 1,032 stocks are advancing as against 888 stocks that are declining, thus showing positive market sentiment.   

Eicher Motors, Bajaj Auto and HCL Technologies are the top gainers from the Nifty 50 stocks while BPCL, Hindalco and Powergrid Corporation are weak today.   


Market update at 9.30 AM: Indices have been trading lower amid poor global cues. NSE Nifty 50 index has slipped 0.33 per cent to trade near 18,200 levels while S&P BSE Sensex has plunged 200 points so far. Midcap and Smallcap stocks are also trading on a weaker note.  

Auto stocks have seen fresh buying interest while metals and media stocks are weak today. India VIX has jumped nearly 2 per cent upon opening.  


Pre-market udpate: Dow Jones Industrial Average slipped more than 221 points below yesterday’s close. Somehow it recovered from day’s low and closed around 33,309-level. Meanwhile, the Nasdaq 100 Index closed in green at 13,389 level, 0.31 per cent higher above the consolidating range in the last trading session.  

Precious metals like Gold and Silver melted 0.71 per cent and 4.8 per cent respectively. while Brent crude futures retraced its previous rally. 

On Thursday, Foreign Institutional Investors (FIIs) bought 837.21 crore and Domestic Institutional Investors (DIIs) sold 200.09 crore in equity segment. 

In Derivative segment as compared to last trading session, Clients increased longs while other participants increased shorts position in index. Now FIIs index long position came to 47.13 per cent from 48.86 per cent. 

According to SGX Nifty, Nifty is expected to open gap down more than 60 points.  

Important earnings to watch out for the day include CIPLA, DLF, Hindustan Aeronautics Ltd, Hindustan Petroleum Corporation Limited, Tata motors ltd and Vedanta Ltd

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