Nifty closes above 16,000; auto, FMCG and financials shine
Tata Consumer Products, Titan and HUL emerged as the top gainers whereas Tata Steel, Power Grid Corp & HCL Tech were weak today.
Market update at 3.30 PM: Indices witnessed a fantastic short-covering rally in the last hour while Nifty closed 0.69 per cent higher. It closed above 16,000 mark while Sensex gained about 340 points. Nifty Midcap and Nifty Smallcap also rose 0.77 per cent & 0.34 per cent, respectively.
Among the sectors, auto, FMCG and financials led the rally while metals & PSU banks witnessed profit-booking.
Tata Consumer Products, Titan and HUL emerged as the Top Gainers whereas Tata Steel, Power Grid Corp & HCL Tech were weak today.
Market update at 11.15 AM: Indices have lost their pre-opening gains and are trading flat. Nifty 50 and Sensex are flat while Nifty Midcap & Nifty Smallcap are marginally down.
Financials, IT, and metals are the prominent contributors to the sell-off. Meanwhile, auto and FMCG are holding on to their gains.
Tata Consumer Products, Bharti Airtel, and HUL are the top gainers while Wipro, HCL Tech & Coal India are the Top Losers for now.
The advance-decline ratio is 1:1, meaning an equal number of stocks are advancing and declining.
Market update at 9.35 AM: Indices have been trading higher as Nifty inched higher by 0.30 per cent. Sensex has gained about 150 points while Nifty Midcap and Nifty Smallcap are flat.
FMCG and auto sectors are trading higher while metals witnessed profit-booking.
Interestingly, India VIX has slipped over 2 per cent.
Pre-market update: Last night, the US market opened significantly lower but a strong recovery was seen thereafter. Nasdaq closed flat while Dow Jones lost about 146 points. The American futures are higher today, and thus, most of the Asian markets have opened higher. SGX Nifty indicates a gap-up opening of about 80 points for Nifty.
China GDP data shows a strong slowdown in the economy amidst COVID lockdown.
Jindal Steel is set to declare results on Friday while HDFC Bank, which is the leading private sector bank in India, is set to declare its results on Saturday. These stocks are likely to be in focus today.
In the last trading session, the FIIs turned net buyers and bought to the tune of Rs 304 crore while the DIIs sold about Rs 556 crore worth of shares.
Nifty is likely to open near 16,000 and might stay range-bound considering its price action of the past few days.