In line with global peers, Indian indices traded higher today and notched fresh highs today. Nifty Bank performance with gain of 2 percent, is said to be now coming out of its underperformance so far. On the substantial gains, India VIX which is a measure of volatility has inched lower by 1.45%. Meanwhile, broader indices traded with similar gains, with Nifty Midcap 100 up close to 2 percent at 1.88%.
At the close, Sensex ended higher by 765 points at 56,890 points while Nifty ended with gains of close to 1.5% or 226 points at 16,931.
Probably, the rally today has been a broad based one with buying across sectors.
At fresh highs, Axis Bank, Divis Labs, Tata Steel, ONGC and Coal India are among the top gainers on the Nifty, while Nifty top losers included stocks like Tech Mahindra, TCS, Infosys, Nestle and Eicher Motors.
In firm trade, all of the sectoral indices barring IT traded with gains of over 2 percent on the metal, pharma, PSU Bank and realty indices.
Sunil Mittal, Chairman of Airtel in the conference call today said India is moving on an digital path at an accelerated pace. The company has received approval for Rs. 21000 crore rights issue.
Rupee has been performing well and market views it to stand further stronger and move to levels of 66 per US dollar. Last the Indian unit traded 73.27 per dollar. The equities strength as well as Fed's dovish stance where it is unlikely that the interest rate will be pulled off the record low have been supporting rupee.
"The immediate supports for Nifty are placed around 16,600 and 16,500 while the levels to watch on the upside will be 16,800 and then 17,000-mark. Recently we have seen that when everything looks hunky-dory, we see some volatile stock-specific moves. Also, how the global markets shape up in the near term due to events can have an impact on our markets. Hence, one should keep track of the global developments and also book timely profits in trading positions.", said an analysts.