Stock Market LIVE Updates Today: The Indian market ended lower today amid negative global cues. Sensex slipped 872 pts to 58,773 and Nifty closed 267 pts lower at 17,490. The market snapped its eight-session winning streak on Friday amid profit-booking and weak global cues. Sensex fell 652 points to 59,646 and Nifty lost 198 points to 17,758. Consumer durables, banking and auto shares were the top sectoral losers with their BSE indices falling 499 points, 729 points and 431 points, respectively.
Here's a look at live market updates today.
3:30 pm: Market ends lower for second session
Sensex slips 872 pts to 58,773 and Nifty closes 267 pts lower at 17,490.
3:08 pm: Dreamfolks Services IPO to open on August 24: GMP, lot size, price band and more
The initial public offer (IPO) of Dreamfolks Services will open on August 24 (Wednesday). The firm, which is India's largest airport service aggregator platform, plans to raise Rs 562 crore. The IPO will close on August 26. The company is offering its shares in a price band of Rs 308 to Rs 326 per share. The lot size of Dreamfolks Services IPO is 46 shares for which one will have to spend Rs 14,996.
A retail individual investor can submit bids for up to 13 lots or 598 shares by spending Rs 1,94,948. Equirus Capital Private Limited and Motilal Oswal Investment Advisors Pvt Ltd are the lead managers of the IPO. The allotment of shares will be done on September 1 and they are likely to be listed on BSE and NSE on September 6.
1:37 pm: Market update
Sensex slips 734 pts to 58,911 and Nifty slips 228 pts to 17,529 in afternoon trade.
1:34 pm: Sovereign Gold Bond scheme opens today
The second tranche of the Sovereign Gold Bond scheme opens today. It will be open for subscription from August 22 to August 26. The government is also offering a discount of Rs 50 per gram less than the nominal value for those applying online. The Reserve Bank of India (RBI) said in a statement that the nominal value of the bond works out to be Rs 5,197 per gram of gold.
"The Sovereign Gold Bond Scheme 2022-23 - Series II will be open for subscription for the period from August 22 - August 26, 2022. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA) for gold of 999 purity of the last three working days of the week preceding the subscription period, i.e. August 17, August 18, and August 19, 2022 works out to Rs 5,197/- (Rupees Five thousand one hundred and ninety seven only) per gram of gold," the RBI added.
12:45 pm: Stocks to watch? These firms saw fall in pledged shares in June quarter
The value of the promoters' pledged shares as a percentage of total promoters' holding slipped to 1.5 per cent in the first quarter of 2022-23 in the BSE 500 index. The figure stood at 1.7 per cent in the preceding quarter ended March 2022, according to Kotak Institutional Equities.
The report showed that promoters of 81 companies in the BSE 500 index have pledged part of their holdings in the June 2022 quarter. Only three companies including Thyrocare Technologies, Max Financial Services and Suzlon Energy had more than 80 per cent of their promoter holdings pledged.
12:38 pm: Govt not considering levying charges for UPI services, clarifies Finance Ministry
The Ministry of Finance issued a clarification regarding speculations that charges will be levied on UPI services, following an RBI paper. The ministry said that the government is not considering levying charges for UPI services. It added that the government had, in fact, announced financial support for the digital payment ecosystem.
“UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly," it said in a series of tweets.
12:33 pm: Reliance files petition against SEBI for 'wilful disobedience' of Supreme Court order
Reliance Industries has filed a plea against the Securities and Exchange Board of India (SEBI) in connection with a two-decade-old stock allotment case. The company has alleged that the regulator was in "wilful disobedience" of the apex court's order that asked SEBI to give access to certain documents to RIL.
Meanwhile, SEBI plans to file a review petition against the August 5 order that gave access to relevant documents to RIL. The Mukesh Ambani-led company has also written to the Supreme Court registrar seeking an urgent hearing with Chief Justice of India NV Ramana, according to a report in the Economic Times.
12:13 pm: Adani Power shares hit record high on deal to buy DB Power
Shares of Adani Power hit all-time high today after the Adani Group firm said it would buy DB Power Limited for an enterprise value of Rs 7,017 crore. The stock touched a record high of Rs 429.65, rising 3.83 percent to the previous close of Rs 412.20. A total of 13.97 lakh shares of the firm changed hands, amounting to a turnover of Rs 59.32 crore on the BSE. Market cap of the company rose to Rs 1.64 lakh crore on BSE.
Adani Power stock stands higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages The stock has zoomed 450.87 per cent in a year and risen 327.72 per cent in 2022. The share hit a 52-week low of Rs 69.95 on August 24, 2021.
11:08 am: Market update
Sensex down 599 points to 59,047 and Nifty loses 186 pts to 17,572.
10:30 am: CRUDE OIL RATES
Crude oil prices slipped nearly 1.50% last week and WTI slipped below $90 per barrel on a weekly closing basis amid strong gains in the dollar index and global recession fears. The dollar index surged and reached six week highs amid aggressive interest rate hike plans of the U.S. Federal Reserve. Strength in the dollar index and the U.S. bond yields pushed oil prices lower. Crude oil also plunged amid downbeat economic data from China, EU and UK. The US-Iran nuclear deal talks also pushed oil prices lower last week. However, record exports by the United States and a surprise decline in the oil inventories by more than 7 million barrels supported prices at lower levels. Crude oil prices also hold their support levels after OPEC+ said it will cut output from September if prices remain lower due to weak global oil demand.
10:17 am: Paytm stock rises 4%
Shareholders of One97 Communications, which operates under the Paytm brand, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company, according to the scrutinizer report filed by the firm on Sunday. The stock rose 3.65 per cent to Rs 800 on BSE.
9:40 am: Federal Reserve eyes rate hike
The Federal Reserve officials are in favour of third consecutive 75 basis point interest rate hikes in upcoming policy meetings. The dollar index reached six week highs and the US 10-year bond yields reached one month highs and pushed precious metals lower.
9:29 am: Expert take
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Market is delicately poised with higher downward risk. The sustained FII buying is positive. But FIIs are unlikely to buy aggressively in the present context of rising dollar. The dollar index is back above 108 and the US 10-year bond yield is at 2.99%. This is negative for capital flows to emerging markets. India's impressive GDP growth and favorable leading indicators in the context of global growth slowdown have the potential to attract more FII flows but the rising dollar and bond yields are strong headwinds. Investors have to exercise caution. Medium to long-term investors can buy high quality banks on declines. Capital goods and autos are on a strong wicket."
Market opens lower
9:17 am: Sensex falls 280 pts to 59,366 and Nifty loses 98 points to 17,660 in early trade.
9:00 am: Expert Take
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"A weak opening for domestic equity market indices is on the cards Monday, after US markets continued their descent on Friday while other Asian peers too are displaying a sluggish to negative trend in today's early trades. The minutes of the monetary policy committee (MPC) deliberation for the August monetary policy review indicated more interest rate hikes in the coming months as the retail inflation remained elevated. Nifty could wobble or waver from here on as the big debate heats up on whether the Fed will scale back to 50 basis points from consecutive 75-basis-point hikes in September. Amidst this backdrop, the US Dollar index rose sharply and flirted around its 20-year high at 108.50, which is negative for emerging market equities like India as it triggers capital outflows."
8:45 am: Expert Take
Joseph Thomas, Head of Research, Emkay Wealth Management
"Some moderation in the inflation rate in the US as well as in India generated expectations of a likely moderation in central bank polices as well. The Dollar Index too moved down towards the 104.50 level, sustaining the impression that rates could be lower. But the subsequent data points, as well as the fact that the level of inflation was too high, that rate hikes would be required more often to bring it down to the target levels, also led to the Dollar Index moving up to 107.50, and probably set to move higher still. The market levels and the action reflected a response to these developments during the day. These factors regarding the potential for rates to move up may put some pressure on the markets in the coming week."
8:20 am: SGX Nifty
The Indian market is likely to open lower today as SGX Nifty fell 45 points to 17,698. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Friday
The Indian market snapped its eight-session winning streak on Friday amid profit-booking and weak global cues. Sensex fell 652 points to 59,646 and Nifty lost 198 points to 17,758. Consumer durables, banking and auto shares were the top sectoral losers with their BSE indices falling 499 points, 729 points and 431 points, respectively.
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