Nifty closes above 16,300; Axis Bank, IndusInd Bank and Bajaj Finserv emerge as top gainers

Rohit Kale
/ Categories: Trending, Mkt Commentary
Nifty closes above 16,300; Axis Bank, IndusInd Bank and Bajaj Finserv emerge as top gainers

The level of 16,200 is generally considered a strong level for Nifty but since it closed above 16,300 today, this level becomes quite significant.

Market update at 3.30 PM: Indices gained momentum in the last hour as Nifty inched higher by 0.38 per cent to close above the 16,300 level. Sensex climbed 190 points while Nifty Midcap and Nifty Smallcap rose 0.67 per cent & 1.02 per cent respectively.   

All the sectors closed in green apart from pharma and media. Axis Bank, IndusInd Bank, and Bajaj Finserv emerged as the Top Gainers while ONGC, HDFC Life & Nestle were the Top Losers.  

The level of 16,200 is generally considered a strong level for Nifty but since it closed above 16,300 today, this level becomes quite significant.

 

Market update at 11.15 AM: Indices have recovered from their day’s low and are trading in the positive territory. Nifty recovered its pre-opening losses and climbed about 0.40 per cent. Sensex gained over 167 points while Nifty Midcap and Nifty Smallcap have climbed 0.60 per cent & 0.79 per cent, respectively.   

Among the sectors, PSU banks, realty, and metals emerged as the frontrunners in supporting the market. Meanwhile, FMCG is weak today. Coal India, Axis Bank & Bajaj Finserv are the top gainers amongst Nifty stocks while HDFC Life, Tata Consumer Products, and Nestle are weak today.   

The advance-decline ratio stands at 1,357:536 thereby, favouring the advances.

 

Market update at 9.30 AM: Indices have opened lower amid weak global cues. Nifty plunged 0.30 per cent while Sensex lost about 100 points. However, Nifty Midcap and Nifty Smallcap are trading on a flat note.   

FMCG, IT, and financials are weak while metals are up today. With this, India VIX has surged nearly 2 per cent.   

 

Pre-market update: Last night, the US markets closed lower despite opening higher. Nasdaq slipped 0.81 per cent while Dow Jones lost about 215 points. So, most of the Asian markets followed the global cues while SGX Nifty indicates a gap-down opening of about 130 points. HUL and HDFC Life Insurance Company along with other key companies such as ICICI Lombard General Insurance Company, Ambuja Cements, L&T Finance Holdings, etc. are set to declare their results on July 19. Reliance Jio is currently leading to acquire 5G spectrum in the auction. Crude oil is hovering around the 100 mark and is likely to remain volatile for some more days. In the last trading session, the FIIs and DIIs both turned net buyers and bought to the tune of Rs 156 crore & Rs 844 crore, respectively. Nifty is likely to open below 16,200 and volatility is expected to persist.

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