Closing Bell: Rebounding From Lows
Indian equity markets, which at one point looked set to snap its seven-day record breaking run, managed to recoup all its losses to end near the highest point of the day and gain for the eighth straight session.
The S&P BSE Sensex ended 0.7% higher at 43,593 while the NSE Nifty 50 index ended 1% higher at 12,757.
The Nifty Bank added another 270 points to the 4,700 points it had gained over the last seven trading sessions. The eight-day gaining streak for the banking index is the longest since March 2019.
The outperformers for the session though were Pharma and Metal stocks. Both the indices ended with gains of 3.5% each.
Other gainers were the Nifty Auto and Nifty I.T. index, which gained 1.6% each while the Nifty FMCG index too ended 1.2% higher.
The PSU Bank index ended 0.5% lower. Also underperforming was the Nifty Media index, which fell 0.3%.
Broader markets continued to lag the benchmarks this week. The Midcap index ended with gains of 0.4% while the Smallcap index gained 0.7%.
India Volatility Index gained for the second straight day, ending 2.1% higher at 22.
Market breadth was in favour of the gainers. 1,001 stocks on the NSE ended with gains while 820 stocks declined.
How Did The Sectoral Indices Fare
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Markets At 2:10 P.M.
- Benchmark indices fluctuate between gains and losses
- Nifty up 0.5% at 12,694
- Sensex up 0.3% at 43,421
- Nifty Bank up 0.3% at 28,693
- Nifty Midcap index up 0.2%
- Nifty Smallcap index up 0.4%
- India Volatility Index up 2.7% to 22.1
- Nifty Pharma remains the top sectoral gainer; up 3.2%
- Nifty Metal is the other major gainer; up 2.4%
- Nifty Auto index up 1.5% while Nifty I.T. index gains 1%
- Nifty Media and Nifty PSU Bank are the only sectoral laggards; down 0.5% each
- Tata Steel is the top Nifty gainer; up 5%
- 40 out of the 50 Nifty constituents advance
- IndusInd Bank remains the top Nifty laggard; down 6%
- 876 stocks on the NSE trade with gains while 896 decline
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Nifty Pharma Is The Top Sectoral Gainer
Markets At Noon
- Benchmark indices give up gains to slip into the red
- Nifty down 0.3% at 12,596
- Sensex down 0.4% at 43,085
- Nifty Bank down 0.3% to 28,507
- Nifty Midcap index down 0.2%
- Nifty Smallcap index down 0.1%
- India Volatility Index up 3.4% to 22.3
- Nifty Pharma index remains the top sectoral gainer; up 2.5%
- Nifty Auto is the other sectoral gainer; up 1.1%
- Nifty Realty is the top sectoral laggard; down 0.8%
- Hindalco is the top Nifty gainer; up 3.2%
- IndusInd Bank is the top Nifty laggard; down 5.2%
- 985 stocks on the NSE trade with losses while 770 are gaining
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S Naren's Market Outlook
Markets At 10:10 A.M.
- Benchmark indices gain for the eighth day, scale new record highs
- Nifty up 0.8% at 12,726
- Sensex up 0.7% at 43,565
- Nifty Bank off the day's high but up 0.5% at 28,758
- Nifty Midcap index up 0.8%
- Nifty Smallcap index up 0.75%
- India Volatility Index up 0.7% to 21.73
- Nifty Pharma is the top sectoral gainer; up 2.2%
- Nifty Autp and Nifty Media are the other sectoral gainers; up 1.2% each
- Nifty I.T. and Nifty PSU Bank index gain 0.7% each
- Hero MotoCorp is the top Nifty gainer; up 3.2%
- 41 out of the 50 index constituents are trading with gains
- IndusInd Bank is the top Nifty laggard; down 2.4%
- 1,108 stocks on the NSE are trading with gains while 570 stocks are declining
Opening Bell: A Subdued Start
As compared to the last seven days, Indian equity markets have begun on a subdued note, but have opened higher for the eighth straight day.
The S&P BSE Sensex opened 0.4% higher at 43,444 while the NSE Nifty 50 index opened 0.4% higher at 12,680. The index has gained 1,000 points in the last seven trading sessions.
Among the sectoral indices, the Nifty Pharma index has opened 1% higher while the Nifty Auto and PSU Bank index are up 0.5% each. Rest of the indices have opened flat but with a positive bias.
Broader markets too have had a subdued start to the trading day after underperforming the benchmarks on Tuesday. The Midcap index has opened 0.45% higher while the Smallcap index has gained 0.1% at the start of trading.
Current Market Update
Gains For Eighth Day?
Good Morning!
The last seven trading sessions have been very eventful for the Nifty 50. It turned positive for the year, reclaimed the 12,000 mark, hit a record high and has gained 1,000 points during this record-breaking run.
The scenario is no different for the Sensex, which has gained 3,520 points, and the Nifty Bank index, which has surged close to 5,000 points, during the last seven sessions.
Futures indicate that the markets may open higher for the eighth session in a row. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 12,708 as of 8:15 a.m. on Wednesday.
Aarti Industries, Bata, InfoEdge, Tata Power and NMDC, among others, may react to quarterly results reported after market hours on Tuesday. NMDC will also be in focus owing to its share buyback announcement.
Power Grid, Coal India and Shree Cement are the three Nifty 50 companies that will report quarterly results today. Non-Nifty companies declaring financials today include Apollo Hospitals, Aurobindo Pharma, Bharat Forge, GIC Housing Finance, Godrej Industries, Indiabulls Housing Finance, Indraprastha Gas and Metropolis Healthcare, among others.
Asian markets are mixed this morning, with Japan and Australia climbing over 1%, while those in China and Hong Kong retreating.
Futures on the Dow Jones are trading 80 points higher. The index ended with gains of 0.9% on Tuesday. The Nasdaq composite underperformed, ending 2% lower as the selloff in technology shares continued.
West Texas Intermediate crude rose 0.7% to trade near a two-month high of $41.66 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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