Share Market update: Sensex rises 284 pts, Nifty above 16,600; IndusInd, Bajaj twins gain

The Indian market ended higher for the fifth session today. Sensex rose 284 points to 55,681 and Nifty ended 89 points higher at 16,610. Benchmark indices ended higher for the fourth straight session on Wednesday led by a surge in IT and banking stocks. Sensex rose 630 points to 55,397 and Nifty gained 180 points to 16,520. Buying in index majors Reliance Industries and Infosys also supported sentiment.

Stocks in news: Wipro, IndusInd Bank, Havells India, ITC and more

Here's a look at live market updates today.

3:34 pm: Market close

Sensex rises 284 points to 55,681 and Nifty closes 89 points higher at 16,610.

3:25 pm: PVR shares rise 5% on record net profit, revenue in Q1

Shares of PVR Ltd gained nearly 5 per cent today after the multiplex operator reported a profit of Rs 68 crore in Q1 against a loss of Rs 142 crore in the corresponding quarter of the previous fiscal. The company said Q1 was the best one in PVR's history in terms of highest quarterly revenue, EBITDA and PAT.

Shares of PVR have gained after three days of consecutive fall. The stock touched an intraday high of Rs 1,977, rising 4.88 per cent to Rs 1,977 against the previous close of Rs 1,884.95 on BSE.

PVR shares are trading higher than the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has gained 48.76 percent in a year and risen 49 per cent in 2022. In a month, the stock has climbed 8.48 per cent.

2:25 pm: Market update

Sensex rose 137 points to 55,535 and Nifty gained 43 points to 16,564.

2:22 pm: Expert take

Sahaj Agrawal, Head of Research-Derivatives at Kotak Securities

"Nifty has conquered a critical medium term level and is expected to witness increased volatility going ahead. It trades with a positive  for the July series. Immediate support is seen at 16,490 - breach of the same on closing basis can invite selling pressure. Infra, banking and FMCG trade with a positive bias. Selective participation expected in the midcap space."

1:28 pm: ITC stock crosses Rs 300-mark for first time in 3 years; how far will it go?

Shares of ITC crossed the Rs 300 mark for the first time in three years today amid higher broader markets. ITC stock hit a fresh 52-week high of Rs 302.2 today against the previous close of Rs 298.10 on BSE. ITC stock was trading higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.   

Shares of ITC have gained 45.5 per cent in a year and risen 38.03 per cent since the beginning of this year. In a month, the stock has gained 11.51 per cent. Total 3.04 lakh shares of the firm changed hand amounting to a turnover of Rs 9.02 crore on BSE. The market cap of the firm rose to Rs 3.71 lakh crore.   

The stock hit a 52-week low of Rs 204.50 on August 26, 2021.   

12:33 pm:  Rakesh Jhunjhunwala, Dolly Khanna, other ace investors increased stakes in these firms in Q1

Seasoned equity investors raised their stake in a couple of stocks during the June quarter when the benchmark equity indices BSE Sensex and NSE Nifty retreated over 9 per cent due to rising uncertainty over inflation and heavy outflow by foreign institutional investors. Here’s what they bought during the April-June quarter on Dalal Street.

12:08 pm: Rupee hits all-time low at 80.06 against US dollar in early trade

The rupee depreciated 1 paisa to its all-time low of 80.06 against the US dollar in opening trade on Thursday amid demand for dollar from oil importers and firm crude oil prices.
     
Forex traders said the rupee is hovering around 80 level as the overall gains in crude prices in the last few days, wherein Brent has risen above $106 per barrel mark, is putting pressure on the local unit.
     
Moreover, rising current account deficit and trade deficit also weighed on investor sentiments. At the interbank foreign exchange, the rupee opened at 80.03 against the US dollar, then fell to a record low of 80.06, registering a decline of just 1 paisa over the last close.

11:50 am: Tata Communications shares zoom 9% post Q1 earnings

Tata Communications shares rose 9 per cent today after the firm announced a 83.6 per cent year-on-year rise in net profit to Rs 544 crore in Q1 from Rs 296 crore in Q1 FY22.

Stock of Tata Communications gained 9.07 per cent to Rs 1,068.55 against the previous close of Rs 979.70  on BSE. The stock has gained after two days of consecutive fall. It opened 9.01 per cent higher at Rs 1,010 on BSE. Total 2 lakh shares of the firm changed hands amounting to a turnover of Rs 20.84 crore on BSE.

Tata Communications stock trades higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.

10:31 am:  Market update

Sensex rises 131 points to 55,528 and Nifty gains 38 points to 16,559.

10:19 am: IndusInd Bank shares rise 5% post Q1 earnings

Shares of IndusInd Bank gained nearly 5 per cent today after the firm reported a 64.4 per cent YoY rise in net profit. Net profit rose to Rs 1,603 crore in Q1 against profit of Rs 975 crore in the year-ago period. IndusInd Bank stock gained 4.79 per cent intraday to Rs 921 against the previous close of Rs 878.90 on BSE. IndusInd Bank shares were trading higher than the 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

In a year, the stock has lost 6.63 per cent but risen 3.3 per cent in 2022. Total 1.04 lakh shares of the firm changed hands amounting to a turnover of Rs 9.42 crore on BSE.

Market cap of the firm rose to Rs 71,123 crore. Net interest income climbed 15.8 per cent to Rs 4,125 crore in Q1 against Rs 3,563.7 crore in the same period last year.

10:13 am: Expert take on rupee

Hitesh Jain, Senior Vice President - Institutional Research, YES SECURITIES

"INR has been under steady depreciation pressure throughout this calendar year, courtesy of monetary policy tightening by the DM economies and the consequent FPI outflows from capital markets. India's widening trade gap and capital outflows also raised the risks for the rupee.  Nevertheless, RBI is aggressively intervening in FX markets to stem the weakness in INR, resorting to sell/buy swaps in the spot and forward market. Moreover, there has been a slew of measures taken by the central bank and the government to boost inflows of Forex and arrest the Rupee fall. In terms of the INR outlook for the rest of this calendar year, we sense that the worst is priced in the currency, with the value likely to be peaking around 80.5-81 against the greenback. 

We say this because there is a growing indication that inflation across the globe has peaked given the wide retreat in Food prices, Oil and other industrial commodities. Stress in the global supply chain is also reported to have eased, while global aggregate demand is slowing, manifested by a downgrade in global economic forecasts. Consequentially, markets are tapering the expectations on the quantum of Fed rate hikes, which can be characterised by a retracement in US 10yr yields to 2.9% from the peak of 3.4%. The buoyancy in the dollar index seems to be petering out, wherein Euro is now seeing a strong reversal from the parity. On India's foreign capital portfolio flows as well, July trends show FII outflows from the Equity markets have slowed during the first fortnight, while Indian markets have managed to fetch some gains during the last 30 days, even when pain persists in global equities. Perhaps a change in trend indicates FIIs are having a change of heart for India. All these developments allude to lesser downward pressure on the INR, with the USDINR due for some mean reversion or possibly a consolidation around the 79 mark."

10:00 am: Raghav Productivity Enhancers, Capital Refractories to supply silica ramming mass in global market

Home-grown Raghav Productivity Enhancers and UK-based Capital Refractories have partnered for world-wide supply of silica ramming mass to foundry and casting industry. Silica ramming mass, a refractory product, is used for melting carbon steel having more than 0.1 per cent carbon content. In a statement, Raghav Productivity said it has entered into an arrangement with Capital Refractories to partner for sale of silica ramming mass to foundry and casting industry world-wide.

As part of the arrangement, Capital Refractories will leverage its global distribution set-up to grow the business of silica ramming mass with its foundry and casting customers, it said. "The product packaging shall be exclusively designed to have our logo with the statement 'produced by Raghav Productivity Enhancers Ltd' along with the artwork of Capital Refractories leading to a co-branding arrangement," the company statement said.

 9:56 am: Expert take

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"With around 8.5% rally from the June lows, Nifty is likely to consolidate around the present levels before making its next move, which will be influenced by the outcome of the ECB and Fed meetings due on 21st and 27th July respectively. The Fed is likely to raise the rate by 75 bp and ECB, perhaps, by 50 bps. But more important than the rate hikes, their commentary on the trajectory of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is likely to trend down, markets would respond positively. If not, the market response would be negative. In the domestic market, the biggest positive is FIIs turning buyers. Even if they turn sellers at higher levels, the intensity of selling will be much lower than in the last several months. IT and financials which bore the brunt of FII selling are the likely beneficiaries of the change in strategy of FIIs."

9:17 am: Market opens lower

Sensex falls 70 points to 55,327 and Nifty loses 7 points to 16,513 in early trade.

8:34 am: Expert take

Osho Krishan, senior Analyst - Technical & Derivative Research, Angel One

"Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long positions. We might also witness major traction outside the indices in the broader market space. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Meanwhile, keeping a close tab on global and domestic macro developments is advisable."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rise 42 points to 16,539. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Benchmark indices ended higher for the fourth straight session on Wednesday led by a surge in IT and banking stocks. Sensex rose 630 points to 55,397 and Nifty gained 180 points to 16,520. Buying in index majors Reliance Industries and Infosys also supported sentiment.