Nifty closed above 18,100 level.; Sensex soared nearly 400 points as Metals and NBFCs shine
Hindalco Industries, Tata Steel and Larsen and Toubro emerged as the top gainers from the Nifty 50 stocks
Market update at 3.30 PM: Indices inch higher yet another day, amid improving investors’ confidence and strong earnings expectations from key companies. NSE Nifty 50 index jumped 0.62 per cent to close above 18,100 level while S&P BSE Sensex rose nearly 400 points. Nifty Midcap climbed half a per cent while Nifty Smallcap ended flat.
Metals and NBFC stocks were outstanding during Wednesday’s trading session and supported the market throughout the day. Meanwhile, PSU Banks experienced weakness after a strong rally recently.
Hindalco Industries, Tata Steel and Larsen and Toubro emerged as the top gainers while Tata Motors, HDFC Life Insurance Company and UltraTech Cement were the top losers today.
Nifty formed a bullish bar for the second consecutive day and demonstrates improving sentiment among the market sentiment. Meanwhile, corporate earnings along with global markets shall be in focus.
Market update at 11.15 AM: Indices have been trading higher amid positive sentiment in the market. NSE Nifty 50 index has surged half a per cent to trade above 18,100 level while S&P BSE Sensex has soars over 300 points. Nifty Midcap and Nifty Smallcap have also jumped 0.25 per cent and 0.158 per cent respectively.
Metals, along with private banks and NBFCs are the top performers among the sectors. Meanwhile, PSU Banks and realty are weak.
About 1,195 stocks are advancing while 747 stocks are declining, thus indicating positive market breadth.
Market update at 9.50 AM: Indices have been trading higher at the start of the session. NSE Nifty 50 index has surged 0.25 per cent while Sensex has gained about 150 points. Midcap and Smallcap indices also see good strength.
Metals are the top performers while PSU Banks and realty experience weakness. India VIX trades marginally lower.
Pre-market update: The Wall Street indices ended Tuesday's volatile session on a weaker note as poor earnings from Goldman Sachs dented investors' sentiment. Dow Jones Industrial Average plunged nearly 400 points while the tech-heavy Nasdaq closed flat. With this, the Asian markets have opened on a mixed note and trends on SGX Nifty indicate a minor gain of about 30 points.
Crude oil jumped nearly a per cent amid postive demand outlook from China. Brent crude oil price rose to nearly USD 86 per barrel.
IndusInd Bank, Central Bank of India and Persistent Systems are among the key companies to declare results today.
In the last trading session, the FIIs turned net buyers, along with the DIIs, who bought shares worth Rs 211 crore and Rs 90 crore respectively.
Nifty is expected to open around 18,100 level and first hour of price action shall be keenly watched to anticipate further trend.