Short covering takes Nifty above 17,000 level; all sectors ended in green

Prasad Chavan
/ Categories: Trending, Mkt Commentary
Short covering takes Nifty above 17,000 level; all sectors ended in green

Adani ports, Hero Motocorp and Shree Cement are the top gainers while UPL and Bharti Airtel were the top losers amongst Nifty 50 stocks

Market update at 3.30 PM:     

Nifty closed around the day’s high amidst volatility on monthly expiry trading session. NSE Nifty 50 rallied more than 129 points or 0.76 per cent to close at 17,080.70 level, while S&P BSE Sensex also closed higher with rise of more than 400 points. Nifty Midcap 100 and Nifty Small cap 100 soared 1.54 per cent and 1.73 per cent respectively.         

All sectors showed strength compared to previous session. Nifty Auto and Nifty bank emerged as pullers of the day.          

Adani ports, Hero Motocorp and Shree Cement are the top gainers while UPL and Bharti Airtel were the top losers amongst Nifty 50 stocks.       

On the day of monthly expiry, markets remained volatile for the day with sharp moves. However, Nifty surpassed its short-term resistance 17,050 level and closed above it which is a strong sign for the bulls. It’ll be interesting to see whether Bulls can hold these levels or not.  


Market update at 11 AM: Indices have been trading higher amid strong volatility. 50-share NSE Nifty trades at 17,000 level while 30-share S&P Sensex has jumped 200 points. Nifty Midcap and Nifty Smallcap have risen 0.87 per cent and 1.13 per cent respectively.   

Media, along with metals and auto is amongst the top performers. Meanwhile, energy stocks have seen slight profit booking. Interestingly, India VIX has shrunk over 5 per cent.  

Adani stocks have witnessed strong buying interest on Wednesday. Adani Enterprises and Adani ports are the top gainers from the Nifty 50 stocks. On the other hand, UPL, Reliance Industries and BPCL are weak today.  

About 1530 stocks are advancing while 476 stocks are on a decline, thus showing positive market breadth.   

The volatility in the markets is expected to persist throughout the day given the monthly expiry.   


Market update at 9.30 AM: Indices have been trading higher amid positive global cues. NSE Nifty 50 index has jumped quarter per cent to trade at 17,000 level while S&P Sensex is up 100 points. Smallcap stocks have seen fresh buying interest after two days of weakness.

Auto and realty are the top performers while energy stocks are weak today. India VIX has crashed 3 per cent amidst positivity.


Pre-market update: U.S. markets closed nearly flat. The Dow Jones Industrial Average fell 0.12 per cent to close at 32,394 level, the S&P 500 lost 0.16 per cent and the Nasdaq dropped 0.45 per cent. Meanwhile, CBOE VIX cooled off around 3 per cent. Global commodities market, Gold rallied around 0.8 per cent and silver rose around 1.1 per cent.   BRENT Crude managed to close in green around 0.8 per cent after previous day’s strong rally.   On Tuesday's trading session, after gap up opening, Indices fell sharply to touch yesterday’s low in the first half of the session and consolidated in a smaller range for the rest of the day. Now it closed again just above the important support level protected by the bulls. Small cap along with Adani group stocks dragged the most to close around days low. NSE Nifty 50 closed down around 34 points or 0.20 per cent at 16,951.70 level, while S&P BSE Sensex closed flat around the opening levels with drop of 40 points.  Nifty Midcap 100 and Nifty Small cap 100 dropped 0.35 per cent and 0.91 per cent respectively.           Nifty weekly PCR (0.796) is in oversold zone.   FIIs bought 1531.13 crore and DIIs sold 156.11 crore in domestic market.   As per the OI Data, Clients and PROs decreased some participation before monthly expiry.   FIIs index longs percentage came to 15.85 per cent.  Now, SGX Nifty indicates, Nifty is likely to open green around 20 points.   Indian Markets closed around day’s low, just above the important support level before monthly expiry.  17,060 & 16,900 level will be the trend deciding level of the Nifty for today. 

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