Adani Enterprises, Divis Laboratories and NTPC emerged as the top gainers from the Nifty 50 stocks
Market update at 3.30pm: The benchmark index NSE Nifty 50 and BSE Sensex also rose today. The Nifty rose 0.76 percent while the Sensex gained 380 points to close above the 61000 level. Both the indices had closed above their previous swing highs, which was quite positive. Nifty Midcap and Nifty Smallcap closed on a mixed note.
Nifty Pharma and Nifty Metals, both closed over 2 percent and were the best performers among the sectoral indices. Meanwhile, Nifty PSU banks experienced profit booking after posting a strong performance last week.
Adani Enterprises, Divis Laboratories and NTPC emerged as the top gainers among the Nifty 50 stocks while Axis Bank, UPL and Eicher Motors were the top losers.
Asian markets are showing strength while western markets will be in focus amid Fed events and key economic data points. Locally, corporate earnings will remain the main driver for stock-specific action on D-street.
Market update at 1.05 PM: The index is at today’s highs and has experienced selling pressure at higher levels. The Nifty is now up by 0.40 percent while the Sensex is up 200 points. However, Nifty Smallcap is trading in negative territory.
Media and Auto were found to suffer from weaknesses and underperformed. Meanwhile, India’s fear gauge VIX has surged nearly 2 percent.
Market update at 11.15am: The index has traded higher amid volatility. The NSE Nifty 50 index has risen 0.83 percent to trade above the 18100 level while the Sensex has surged 500 points. An interesting scenario that has been observed over the past few days is that large-cap and luxury stocks have outperformed the broader market. Nifty Midcap and Nifty Smallcap jumped half a percent each.
Leading sectors leading the rally were pharma, financials and IT. Moreover, all other sectors are trading in the green amid positive outlook in the market.
Divis Labs, NTPC and Powergrid Corp were the top gainers among the Nifty 50 stocks while Axis Bank, Tata Steel and Eicher Motors were weak today.
Stocks that have hit new 52-week highs today are Bank of Baroda, NTPC, Bharti Airtel, Cipla, Eicher Motors, Sun Pharma and Trent.
The forward decline ratio is now at 1228:881, which shows a firm grip on the market.
Market update at 9.25 AM: The benchmark indices NSE Nifty 50 and BSE Sensex once again opened higher amid positive global cues. The Nifty has surged above the 18100 level while the Sensex has gained almost 300 points. Nifty Midcap and Nifty Smallcap rose almost half a percent each.
Pharma, IT and Auto are top performing sectors when open. Meanwhile, India’s VIX has plunged 2 percent and is trading at 15.50.
Pre-market updates: US indices fell amid volatility in the last trading session as investors chose to book profits ahead of the Fed event. The Nasdaq fell 1 percent while the Dow Jones lost 128 points. However, Asian markets have opened positively ahead of the Australian policy rate decision on Tuesday, and the SGX Nifty showed a gap opening of about 80 points for the Nifty.
Major companies like Sun Pharma, Adani Ports, Tech Mahindra and UPL are all set to declare their results today. Therefore, this stock will be the focus.
In the last trading session, FIIs bought shares in a big way worth Rs 4,178 crore while DIIs sold off equity worth about Rs 1,107 crore.
India’s eight core sectors grew 7.9 percent in September, up from an upwardly revised 4.1 percent in August, according to India’s commerce ministry.
Nifty is likely to open above 18000 and the first hour of price action will be closely watched to understand the trend.