Nifty closes above 17,600; Hindalco, JSW Steel and NTPC emerge as top gainers
Nifty Midcap and Nifty Smallcap rose 0.38 per cent & 1.19 per cent, respectively
Market update at 3.30 PM: Indices soared throughout the day and closed near the day’s high. Nifty surged 0.72 per cent while Sensex jumped 442 points. Nifty Midcap and Nifty Smallcap rose 0.38 per cent & 1.19 per cent, respectively
All the sectoral indices closed in green, which indicated broad-based positivity. Hindalco, JSW Steel, and NTPC were the top gainers while Bajaj Auto, Nestle & Britannia were the top losers today.
While most of the Asian markets close positively, European markets are bleeding as DAX tumbled over 2 per cent and France’s CAC slipped more than a per cent amid rising energy concerns. Global cues shall thus, continue to be in focus.
Market update at 2.15 PM: Indices at trading at the day’s high as Nifty advanced 0.75 per cent. Sensex has surged over 450 points while Nifty Midcap and Nifty Smallcap climbed 0.41 per cent & 1.16 per cent, respectively.
Metal, metals, and financials are the top performers. Meanwhile, India VIX is up by nearly a per cent.
Market update at 11 AM: Indices are trading strong and are at their day’s high with Nifty rising 0.60 per cent. The benchmark index currently trades above the 17,600 level while Sensex has climbed nearly 400 points. Nifty Midcap and Nifty Smallcap have soared 0.90 per cent & 0.33 per cent, respectively.
While all the sectors are trading in green, media, metal, and financials are seen outperforming. Hindalco, Kotak Mahindra Bank, and JSW Steel are the top gainers amongst Nifty 50 stocks while Eicher Motors, Power Grid Corp & Bajaj Auto are weak today.
The advance-decline ratio is at 1,435:513, which shows the firm grip of the bulls over the market.
Meanwhile, stocks like Adani Enterprises, Ashok Leyland, Federal Bank, ITC, and Bank of Baroda have hit their respective fresh 52-week high levels.
Immediate support for Nifty remains at 17,600 while the next resistance lies at 17,700.
Market update at 9.30 AM: Indices have opened higher as Nifty surged above the 17,600 level, climbing 0.45 per cent. Sensex jumped 300 points while Nifty Midcap and Nifty Smallcap inched higher by 0.37 per cent & 0.91 per cent, respectively,
Media, metal, and realty sectors are outperforming while pharma & auto are weak. Meanwhile, India VIX has risen nearly 2 per cent.
Pre-market update: The US markets closed negatively after concern over the European energy crisis dominated the early gains from US payroll data. Nasdaq slipped 1.31 per cent while Dow Jones lost 337 points to close the week on a negative note.
However, the Asian markets seem to outperform the western markets as the former opened on a mixed note with a slightly positive bias. Meanwhile, SGX Nifty is down by 30 points.
As per the US payroll data, the hiring has been slowed down by the employers amidst higher inflation and rising costs, having added just 3,15,000 jobs in August month as against 5,26,000 jobs in July.
The energy crisis in Europe has worsened as the delay in the supplies from Russia in Nord Stream 1 has impacted the energy needs of various countries.
Meanwhile, positive news came from RBI Governor, saying that inflation will soon be on a downward trajectory in India.
In the last trading session, the FIIs sold minutely for Rs 8 crore while the DIIs remained net sellers and sold equity worth Rs 668 crore.
Nifty is likely to open near the level of 17,500 and intraday volatility is expected to persist.