The Indian market ended lower in volatile trade today. Sensex fell 100 points to 53,134 and Nifty ended 24 points lower at 15,810 in a volatile session. Benchmark indices ended higher on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to end at 53,234 and Nifty closed 83.30 points higher at 15,835.35. BSE midcap and small cap indices rose 178 and 143 points, respectively.
Here's a look at live market updates today.
3:40 PM: Market update
Sensex falls 100 points to 53,134 and Nifty ends 24 points lower at 15,810 in a volatile session.
2:29 pm: Market update
Market trims gains: Sensex rises 131 points to 53,365 and Nifty gains 35 points to 15,860 in the afternoon session.
2:27 pm: MTAR Technologies stock rises 2%
Shares of MTAR Technologies were in focus today after global brokerage Macquarie initiated coverage on the IT firm. It sees a 55 per cent upside to the stock in a year.
1:53 pm: Expert take
Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
"Nifty opened gap up and has been inching to higher levels towards 16,000 zone. The index has given a consolidation breakout on daily scale and has surpassed its 20 DEMA and is sustaining well at higher levels which indicates strength. Any dip towards 15,888 can be utilized as a buying opportunity. India VIX has cooled off a bit and is at 20 levels which is giving respite to the bulls. However it needs to cool down below 18 zones for stability and a directional move in the market. Now, till it holds below 15,888 zone we can expect move towards 16,161 and 16250 whereas supports are placed at 15888-15650 levels. Market breadth is positive which indicates that there support based buying at lower levels.
Today, we are witnessing positive move in Banking and Financial service, Metals, Realty, IT, Auto, Media and Pharma whereas there is weakness seen in the FMCG space.
Bank Nifty opened gap up and is relatively outperforming the broader market from the last four sessions. There is strength visible in the entire banking and financial service space which will support the prices to inch towards higher zones. Bank nifty has given a consolidation breakout on the daily scale and is forming a strong bullish candle indicating buying interest. Now it has to hold above 34000 zones for an up move towards 34500 and 34750 zones whereas supports are placed at 34000 and 33750 zones.
Today, we are witnessing long built up in stocks like SRT finance, Siemens, Drreddy and Crompton etc. while short build-up is visible in counters like RBL Bank, Coromandel, Dixon, SRF and Escorts.
Nifty and Bank Nifty is expected to trade with a positive bias and every dip can be utilised as a buying opportunity towards higher levels."
12:21 pm: Expert take
Abhishek Chinchalkar, Head of Education, FYERS
"Nifty has today approached the 16k psychological level for the first time in nearly a month. The price action over the last few sessions has been encouraging, with each dip providing support to the index. Nifty now faces an immediate hurdle at 16,000. If it surpasses and sustains above this, the recovery is likely to extend towards 16,170, a level that marks the confluence point of 50-day moving average and a bearish gap that formed between 10th and 13th June."
11:44 am: Market update
Sensex rises 619 points to 53,854 and Nifty gains 180 points to 16,015.
10:55 am: Tata Steel Long Products stock rises 4% on takeover of Neelachal Ispat Nigam
Shares of Tata Steel Long Products rose over 4 per cent in early trade after the strategic disinvestment process of Neelachal Ispat Nigam Limited (NINL) was been completed. Tata Steel Long Products has taken over the company.
Tata Steel Long Products stock gained 4.12 per cent to Rs 596.1 against the previous close of Rs 572.50 on BSE. The stock opened with a gain of 3.69 per cent at Rs 593.60 on BSE. The share is trading higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.
10:43 am: LIC stock shares rise 3% as Motilal Oswal sees 20% upside
Shares of Life Insurance Corporation (LIC) of India gained nearly 3 per cent in early trade today after financial services firm Motilal Oswal initiated coverage on the insurance major.
Motilal Oswal assigned a buy call to the LIC stock with a target price of Rs 830, 20 per cent higher to the previous close of Rs 692.50 on BSE. LIC stock gained 2.78 per cent to Rs 711.75 against the previous close of Rs 692.50.
Shares of LIC opened higher at Rs 697.90 on BSE. The stock has fallen 18 per cent or Rs 155 since May 17 this year when the stock made a tepid debut on the bourses.
10:02 am: Market update
Sensex rises 452 pts to 53,687 and Nifty gains 134 pts to 15,969.
9:59 am: Top Sensex gainers
Dr Reddy's, Tata Steel and Bajaj Finserv top Sensex gainers, rising up to 2.17 per cent in early trade.
9:17 am: Market update
Sensex rises 266 pts to 53,501 and Nifty gains 86 pts to 15,922.
9:03 am: Expert take
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"The market lacks clear direction and this trend can be expected to continue in the context of high uncertainty in the global economy. There are no clear indicators yet on whether the US economy will slip into recession and how serious the ongoing global growth slowdown will be. Elevated crude and high inflation will continue to drag on markets. The recent correction has made valuations fair but not yet attractive enough for aggressive buying. Leading financials continue to be safe buys. Moderation in commodity prices and improvement in chip availability bode well for autos. Market resilience in July indicates that a close above Nifty 16000 can lead to a near-term rally. Financials, autos and IT have the potential to drive such a probable rally."
8:45 am: Expert take
Prashanth Tapse, Vice President (Research), Mehta Equities Lt Domestic equities may start on a positive note in sync with the upward bias seen in SGX Nifty. Markets are also likely to take cues from the US Index futures which are seen well in the green with Dow Futures up around 73 points at 31134. Hiccups such as oil prices rising to over $110 a barrel on supply concerns and currency direction could fuel intra-day volatility, but Nifty is likely to sail smooth as the technical landscape looks constructive in the backdrop of 'Morning Star' pattern on Nifty's daily technical landscape followed by Friday's 'Hammer Candle" and yesterday's 'Bullish Candle'. We are bullish on Balkrishna Industries, Tata Power, Canara Bank, and Coromandel International with an interweek/intermonth perspective.
8:34 am: Expert take
Prashanth Tapse, Vice President (Research), Mehta Equities
"It appears investors are looking forward to a recovery, and the bullish takeaway is that probably Nifty could shoot to the psychological 16000 mark with an interweek perspective. Technically, for Tuesday's trade, Nifty's biggest support is seen at 15711. Below the interweek support at 15457, expect a waterfall of selling. Nifty's major hurdle is seen at 15927 and then all eyes on the 16,181 mark."
8:20 am: SGX Nifty
The Indian market is likely to open higher as SGX Nifty rose 25 points to 15,848. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Monday
Benchmark indices ended higher on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to end at 53,234 and Nifty closed 83.30 points higher at 15,835.35. BSE midcap and small cap indices rose 178 and 143 points, respectively.
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