Adani Enterprises FPO was fully subscribed on day 3 and the QIB portion was 1.26 times more subscribed.
Market update at 3:30pm: The benchmark index closed higher ahead of the union budget, led by a strong short covering rally in PSU banking stocks and good buy sentiment in auto stocks. The NSE Nifty 50 and S&P BSE Sensex closed slightly higher, showing strong buying interest across the market. Nifty Midcap and Nifty Smallcap rose 1.63% and 2.91% respectively.
Nifty PSU Bank rose more than 4% and Nifty IT closed down 1%. India’s VIX fell nearly 5% amid positive moves in the broader market.
Adani Enterprises FPO was fully subscribed on day 3 and the QIB portion was 1.26 times more subscribed.
M&M, UltraTech Cement and SBI were the top gainers in the Nifty 50 Index, while Bajaj Finance, TCS and Tech Mahindra were the top losers.
Market update at 11am: Major indices are trading mixed as stock-specific movements continue to be in the spotlight. Small-caps are seen as superior to large- and mid-caps, with PSU Bank and Metals being the top supporters today.
The NSE Nifty 50 Index dropped a quarter percent to trade at the 17,600 level while the Sensex fell 150 points. Nifty Midcap and Nifty Smallcap rose 1% and 1.77% respectively.
About 1412 stocks rose against 541 stocks that fell, indicating a positive market range above the union’s budget.
Strong buying across fertilizer stocks as National Fertilizers Limited, RCF, Kaveri Seeds Corporation Limited and FACT top the broader market.
17,500 will be Nifty’s strong support and 17,700 will be a temporary resistance.
Market update at 9:30 am: The index is trading lower amid the volatility at the beginning of the session. The NSE Nifty 50 Index dropped a quarter to trade at the 17,600 level while the S&P BSE Sensex fell 150 points. Equity-specific movements are seen across mid and small caps.
While metals stocks trade higher, IT and pharmaceuticals appear to be under pressure.
Premarket update: Wall Street plummeted as investors opted to book gains ahead of the US Federal Reserve’s rate hike meeting. The central bank is widely expected to raise interest rates by 25 basis points. The tech-heavy Nasdaq plunged 1.96% while the Dow Jones lost 261 points. This has caused Asian markets to open up in different ways, with SGX Nifty trends showing Nifty up his 60 points.Brent crude is down more than 2% amid strong dollar and Russian oil flows. Brent crude is currently trading near US$84 per barrel.Coal India, Sun Pharma, Powergrid Corporation, ACC and UPL are some of the leading companies to announce results today.In the last trading session, FII offloaded Rs.679.2 billion worth of shares while DII bought Rs.551.2 billion worth of shares.Nifty is expected to open at around 17,700 and volatility is expected to continue throughout the day.
