Sensex up 150 points as IT and PSU Banks shine

Indices have been trading on a higher note amid strong volatility. NSE Nifty 50 index has jumped 0.28 per cent to trade at 18,250 levels while S&P BSE Sensex has gained 150 points so far. Stock specific action continues in the broader market.

IT and PSU Banks are the top performers while media stocks are weak today. India VIX has surged nearly 3 per cent upon opening.

Pre- Market Update: Dow Jones Industrial Average dropped 109 points and closed at 33,426-level, Nasdaq 100 Index also ended lower at 13,803.49 level, 0.22 per cent.

Precious metals like Gold and Silver rebounded strongly from lower levels and closed 1 per cent and 1.58 per cent lower, respectively. This action formed bullish candlestick pattern on daily charts. Meanwhile Brent crude futures witnessed some selling pressure on higher levels and closed 0.32 per cent lower.

On Friday, Foreign Institutional Investors (FIIs) sold 113.46 crore and Domestic Institutional Investors (DIIs) bought 1071.35 crore in equity segment.

In Derivative segment as compared to last trading session, Clients, PROs and DIIs covered shorts while FIIs increased short position with unwinding their existing longs in index. Now FIIs index long position came to 47.64 per cent from 49.06 per cent.

Now, according to SGX Nifty, Nifty is expected to open gap down more than 20 points.

Important earnings to watch out for the day include Aditya Birla Fashion and Retail Limited, Bharat Petroleum Corporation Limited, Camlin Fine Sciences Limited, CESC Limited, Gujarat Alkalies and Chemicals Limited, Indiabulls Housing Finance Limited, Ramco Industries Limited, SHREE CEMENT LIMITED, Spencer’s Retail Limited, SJVN Limited.