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Share Market update: Sensex falls 497 pts, Nifty below 16,500; Infy, HUL top losers

Share Market update: Sensex falls 497 pts, Nifty below 16,500; Infy, HUL top losers

Sensex closes 497 points lower at 55,268 and Nifty falls 147 points to 16,483. Benchmark indices Sensex and Nifty snapped their six-day winning run on Monday to close lower by over a half per cent after profit booking in oil & gas, automobile and telecom stocks.

 Share Market Live: Tracking Sensex, Nifty today Share Market Live: Tracking Sensex, Nifty today

The Indian market ended lower today. Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483. Benchmark indices Sensex and Nifty snapped their six-day winning run on Monday to close lower by over a half per cent after profit booking in oil & gas, automobile and telecom stocks .

The 30-share BSE Sensex fell 306.01 points or 0.55 per cent to settle at 55,766.22 dragged down by index heavyweight Reliance Industries.

Stocks in news: Axis Bank, Tata Steel, Canara Bank, Bajaj Finserv and more

Here's a look at live market updates today.

3:36 pm: Closing update

Sensex closes 497 points lower at 55,268 and Nifty falls 147 points to 16,483.

3:15 pm: Macquarie sees 74% upside in Tata Steel shares post Q1 earnings, here's why

Shares of Tata Steel fell after six sessions of gains after the Tata Group firm logged a 21 per cent fall in its net profit in the first quarter of the current fiscal. Tata Steel stock declined 1.11 per cent to Rs 950.15 today against the previous close of Rs 960.90 on BSE.

However, Macquarie expects the stock to reach Rs 1,670 (73.79 per cent higher to the previous close) in a year. The brokerage said consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) beat expectations.

Motilal Oswal said EBITDA rose to Rs 9,700 crore (-28 per cent YoY/-22 per cent QoQ) and was 25 per cent higher than its estimate of Rs 7,600 crore. The entire EBITDA beat was driven by 7 per cent revenue beat.

Adjusted PAT stood at Rs 6,200 crore (-29 per cent YoY/-22 per cent QoQ) and was 39 per cent  ahead of the estimates of the financial services firm.

2:19 pm: Dynamic Cables shares to list on National Stock Exchange

Dynamic Cables Ltd (DCL), a Jaipur based wire and cables manufacturer, has announced listing approval of its equity shares on National Stock Exchange. Company shares are presently listed on Bombay Stock Exchange. The company was listed on BSE SME Exchange through its IPO in Dec 2017 and migrated to main board on October 1, 2020. Investors have earned 3.7 times return from its IPO price of Rs 40 per share, calculated on closing price of July 25, 2022.

The company has informed to Bombay Stock Exchange in its filing dated July 25, 2022, that the equity shares of the company will be listed and admitted to dealings on National Stock Exchange from Wednesday July 27, 2022 under symbol "DYCL".

Dynamic is one of the few companies to receive direct listing approval from NSE. It will open new capital market avenues for the company. The company reported revenue of Rs 563.6 crore, EBITDA of Rs 59.8 crore and PAT of Rs 30.9 crore for FY22.

1:54 pm: Sensex gainers and losers

Bajaj twins, Ultratech Cements, Asian Paints and Bharti Airtel are the top Sensex gainers rising up to 5.64 per cent in the afternoon session. Infosys, Dr Reddy's, Axis Bank and HUL are the top Sensex losers, falling up to 3.19 per cent.

1:44 pm: Market update

Sensex falls 270 points to 55,495 and Nifty loses 90 pts to 16,540 in the afternoon session.

12:56 pm: Tanla Platforms stock tanks 20% post Q1 earnings

Shares of Tanla Platforms crashed 20 percent today after the software products seller reported a 4 per cent fall in consolidated Q1 profit. Tanla Platforms stock was stuck in the lower circuit of 20 per cent at Rs 731 (52-week low) against the previous close of Rs 913.70 on BSE. Tanla Platforms stock has lost 27.1 per cent in the last four days. The stock opened with a loss of 3.91 per cent at Rs 878 today. Tanla Platforms shares are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages The stock has fallen 21.8 per cent in a year and fallen 61.29 per cent in 2022. However, the stock has risen 1,913.77 per cent in the last five years.

11:31 am: Bajaj Auto shares fall ahead of Q1 earnings, here's what to expect

Shares of Bajaj Auto were trading lower ahead of the firm's June quarter earnings set to be announced today.  Bajaj Auto stock fell 1.24 per cent to Rs 3,967 against the previous close of Rs 4,017.50 on BSE. Bajaj Auto stock has been falling for the last three sessions.

The auto shares trade higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than the 5-day moving averages. In a year, the stock has gained 3.7 per cent and has risen 22.37 per cent in 2022. Total 4,435 shares of the firm changed hands amounting to a turnover of Rs 1.76 crore on BSE. The market cap of the lender fell to Rs 1.15 lakh crore on BSE.

Bajaj Auto stock hit a 52-week low of Rs 10,777 on July 1, 2022 and a 52-week high of Rs 4,091.90 on July 22, 2022 and a 52-week low of Rs 3,028.35 on December 20, 2021.

10:26 am: Bajaj Finserv shares rise 4% on stock split plan

Shares of Bajaj Finserv were the top gainers on Sensex and Nifty today after the firm said its board of directors would on Thursday consider the proposal for a stock split of equity shares.

Bajaj Finserv stock climbed 3.86 per cent to 13,096.8 against the previous close of Rs 12,610.65 on BSE. The large cap stock opened with a gain of 3.49 per cent at Rs 13,051. Bajaj Finserv stock trades higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

In a year, the stock is down 5.31 per cent and has fallen 21.86 per cent in 2022.

10:00 am: Rupee hits 79.78 against US dollar in early trade

The rupee witnessed a range-bound trading in early trade on Tuesday as firming crude oil prices and concerns about hawkish US Fed offset the support from the overnight weakness of the American currency.

At the interbank foreign exchange, the rupee opened at 79.73 against the dollar and moved in a narrow range. It touched an early low of 79.79 in initial deals.

On Monday, the rupee rose by 12 paise to close at 79.78 against the US dollar.

Traders said the rupee opened marginally stronger on Tuesday morning, tracking the overnight weakness of the dollar. However, muted domestic equities and foreign fund outflows weighed on the local unit.

9:52 am: Market update

Sensex slips 333 pts to 55,433 and Nifty down 96 pts to 16,534 in early trade.

9:18 am: Market opens lower

Sensex falls 106 points to 55,659 and Nifty loses 61 pts to 16,569 in early trade.

9:08 am: Expert take

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The dark cloud on the global economic horizon is the threat of an imminent US recession impacting global economic growth. Jury is still out on whether the US slips into a recession or not. But a global growth slowdown appears inevitable. Wall Mart's profit warning issued yesterday is an indication of the difficult days ahead for corporate earnings. Europe is the weakest geographical space in the world and China is struggling. Even though the Indian economy is resilient now, global growth slowdown will impact India too. This means, from the fundamental perspective, there is a limit to market upside. The 1,400 point rally in Nifty from its June lows has again stretched market valuations. Therefore, FIIs might again turn sellers to rallies."

8:34 am: Expert take

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, key support and resistance for Nifty 50 are 16,500 and 16,800 respectively while key support and resistance for Bank Nifty are 36,300 and 37,200 respectively."

8:20 am: SGX Nifty

The Indian market is likely to open flat today as SGX Nifty fell 6.5 points to 16,612. 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 Sensex and Nifty snapped their six-day winning run to close lower by over a half per cent after profit booking in oil & gas, automobile and telecom stocks .

The 30-share BSE Sensex fell 306.01 points or 0.55 per cent to settle at 55,766.22 dragged down by index heavyweight Reliance Industries.