Indices end near days high; Tech Mahindra emerges as top gainer
Market update at 3.30 PM: Nifty surged about 0.49 per cent and closed near the day’s high. Sensex gained nearly 300 points. Moreover, the indices recovered from the day’s low early in the morning and then, rallied upwards throughout the day.
Among the sectors, pharma, banks, IT, auto, and realty supported the market while FMCG, media, and metals showed dismal performance.
The top gainer of the day was Tech Mahindra, which soared over 3.41 per cent.
The level of 17,000 is once again tested and sustained at the end of the day, which shows that Nifty has gained some strength.
Market update at 1 PM: Indices have recovered from their lows and are currently trading at their day’s high. Sensex has gained over 200 points. Broader indices of Nifty Midcap and Nifty Smallcap are also trading in green. However, FMCG, metal, and media are still underperforming.
Tech Mahindra, Cipla, and Dr Reddy’s Laboratories remain as the top gainers while Hindalco, ONGC, and Titan Company turned out to be the top losers.
Market update at 11.15 AM: Nifty recovered from the low of 16,800 and is now trading around the key level of 17,000. Stocks supporting the market include Tech Mahindra, Cipla, and Sun Pharma while IndusInd Bank, Eicher Motors & Hindalco remained as the top losers.
Nifty Midcap and Nifty Smallcap are trading flat amid volatility while Nifty IT & Nifty Pharma are the only sectoral indices trading positively.
Market update at 10.15 AM: The initial hour has been quite volatile one as Nifty fell 170 points, and then, recovered another 100 points. Volatility has been reflected in India VIX too as it surged over 6 per cent!
HP Adhesives receives a stellar opening of 20 per cent premium over its issue price.
Apart from Nifty Pharma, all the sectoral indices are trading in red.
RBL Bank has plunged over 20 per cent due to RBI action on the day of Christmas.
Pre-market update: With Christmas weekend and the absence of major global cues, Asian markets opened mixed on Monday morning. SGX Nifty indicates a lower opening of about 30 points.
Last Friday, US markets ended on a higher note with NADAQ surging nearly a per cent and Dow Jones rising half a per cent. Some markets remained closed on Friday on the occasion of Christmas eve.
In the last trading session, FIIs remained net sellers but their selling was reduced as they sold for Rs 715 crore of equity. Surprisingly, DIIs turned out to be net sellers too as they sold equity worth Rs 43 crore (approx).
HP Adhesives will debut on the exchange today and it is expected that the IPO will receive positive response.
The key stock in focus will be RBL Bank as the news inflow on Christmas would be factored in by the market. So, expect RBL Bank to be volatile today.
With almost a flat opening for the week, it would be interesting how Nifty performs during the last week of the year.