Share Market update: Sensex rises 37 pts; HDFC, ITC, L&T top gainers

The Indian market closed marginally higher today. Sensex rose 37 points to close at 58,803 in volatile trade and Nifty slips 3 points to settle at 17,539. Benchmark indices closed lower on Thursday amid weak global cues and a sell-off in IT stocks. Sensex fell 770 points to close at 58,766 and Nifty declined 216 points to settle at 17,542. Reliance Industries, TCS, Sun Pharma, Tech Mahindra and HUL were the top Sensex losers, falling up to 2.99 per cent. Bajaj Finserv, Asian Paints and Bharti Airtel were the top Sensex gainers, rising up to 2.58 per cent.

IT, oil and gas and metal shares were the top sectoral losers with their BSE indices falling 484 points, 359 points and 298 points, respectively.

Stocks in news: Adani Enterprises, Route Mobile, Eicher Motors, Hero MotoCorp and more

Here's a look at live market updates today.

3:40 pm : Sensex rises 37 points to close at 58,803 in volatile trade; Nifty slips 3 points to settle at 17,539.

3:02 pm: Indian Hotels shares zoom 100% in a year, what's fuelling the rally?

Shares of Indian Hotels have doubled during the last one year on the back of good earnings show and aggressive expansion plans. The stock, which closed at Rs 142.54 on September 1 last year hit a record high of Rs 298.70 in today's session, translating into gains of 209 per cent during the period. Late investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held 3 crore shares or 2.12 per cent stake in Indian Hotels in the last quarter. While Jhunjhunwala owned 1.11 per cent or 1.57 crore shares, his wife Rekha held 1.01 percent or 1.42 crore shares in the June quarter.

1:33 pm: Reliance Power shares jump 37% in two straight sessions, hit fresh 52-week high

Shares of Reliance Power on Friday extended their gains to hit a fresh 52-week high of Rs 23.75. The stock jumped as much as 17.11 per cent in intraday deals today from its previous close of Rs 20.28. In just two trading sessions, it has moved 37 per cent higher.

As of 12:12 pm, Reliance Power was trading 9.96 per cent up at Rs 22.30. On NSE, the stock was up 10.92 per cent at Rs 22.35. Market capitalisation (m-cap) of RPower rose to Rs 5,661.21 crore on BSE. Total 455.90 lakh shares of the firm changed hands amounting to a turnover of Rs 101.23 crore.

On August 29, Business Today had reported that foreign institutional investors (FIIs) were returning in the Indian equity markets. And, Reliance Power was among the 32 listed stocks in which FIIs had increased their stake by at least 3 per cent in the last one year.

12: 23 pm: IndusInd Bank joins hands with ADB 

IndusInd Bank has today announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India. The Bank has entered into a partial guarantee programme with ADB with an initial outlay of $70 million (Rs 560.0 crore), exclusively towards promoting Supply Chain Finance solutions in India.

12:00 pm: Market update

Sensex rises 32 pts to 58,798 and Nifty gains 5 points to 17,548 in noon session.

11:45 am:  Adani Enterprises shares hit all-time high on Nifty inclusion, Shree Cement in the red

Shares of Adani Enterprises hit all-time high today after National Stock Exchange of India (NSE) announced that the Adani Group firm would be included in Nifty 50 index, replacing Shree Cement, from September 30. On the other hand, shares of Shree Cement were trading in the red. Adani Enterprises stock hit a record high of Rs 3,289.55, rising 1.75 percent in early trade against the previous close of Rs 3,232.75 on BSE.

Earlier, Adani Enterprises stock opened higher at Rs 3,263 on BSE. Adani Enterprises shares have gained 107.64 per cent in one year and risen 90.76 per cent since the beginning of this year. Market cap of Adani Enterprises rose to Rs 3.71 lakh crore on BSE. Total 0.55 lakh shares of the firm changed hands amounting to a turnover of Rs 18.15 crore. Adani Enterprises stock hit a 52-week low of Rs 1,344.60 on October 28, 2021.

10:46 am: NTPC shares hit 52-week high; top gainers on Sensex, Nifty

Shares of NTPC their hit 52-week high today amid reports that ArcelorMittal, Brookfield and Canada Pension Plan Investment Board emerged among over dozen entities that expressed interest to purchase stake in the firm's green energy arm -- NTPC Green Energy (NGEL). Sentiment was also upbeat around the stock as the state run electricity generator's plan to raise Rs 12,000 crore. The shareholders of the firm have given nod to raise funds through issuing of non-convertible debentures on a private placement basis for capital expenditure, working capital and general corporate purposes.

9:17 am: Market update

Sensex rises 253 points to 59,020 and Nifty gains 77 points to 17,619 in early trade.  

9:10 am: Preopen comment

 Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd

"Local benchmark indices are likely to log gains in early trades Friday amid mixed Asian market cues, and if global cues improve then there is a bright chance that Nifty could scale higher. The effect of Jackson Hole is still revolving across financial markets with a soaring dollar and falling equities as the main themes. Overnight, the US Dollar index spiked to a fresh multi-decade high near 110.00, while the U.S. Treasury yields rising again with the 2-year/10-year yield curve remaining inverted at around 26 basis points, which is a key recession warning. Technically, Nifty is likely to be in a trading range of 16500-18500 zone, while the 18000 mark will be Nifty's crucial resistance zone."

8:29: Expert take

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend remains range bound with high volatility. There is a possibility of an upside bounce from near the lower support of 17,350-17,300 levels in the short term. Immediate resistance is placed at 17,650 levels."

Rupak De, Senior Technical Analyst, LKP Securities

"The momentum indicator is in a bearish crossover indicating bearishness. On the lower end, 17,400 may continue to act as crucial support, below which the index may become weak again. On the higher end, resistance is visible at 17,700."

8:25 am: SGX Nifty

The Indian market is likely to open flat today as SGX Nifty rose 8 points to 17,576. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:10 am: Market on  Thursday

Benchmark indices closed lower on Thursday amid weak global cues and a sell-off in IT stocks. Sensex fell 770 points to close at 58,766 and Nifty declined 216 points to settle at 17,542. Reliance Industries, TCS, Sun Pharma, Tech Mahindra and HUL were the top Sensex losers, falling up to 2.99 per cent. Bajaj Finserv, Asian Paints and Bharti Airtel were the top Sensex gainers, rising up to 2.58 per cent.