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Share Market update: Sensex falls 709 pts, Nifty below 15,450; Tata Steel, Wipro top losers

Share Market update: Sensex falls 709 pts, Nifty below 15,450; Tata Steel, Wipro top losers

Market update: Sensex falls 709 points to 51,822 and Nifty ends 225 points lower at 15,413. On Tuesday, market ended higher for the second consecutive session amid positive global indices.

Share market live: Tracking Sensex, Nifty today Share market live: Tracking Sensex, Nifty today

The Indian market ended lower today. Sensex fell 709 points to 51,822 and Nifty ended 225 points lower at 15,413. On Tuesday, market ended higher for the second consecutive session amid positive global indices. Sensex rose 934 points to 52,532 and Nifty surged 288 points to end at 15,638. The market cap of BSE-listed firms rose by Rs 5.8 lakh crore to Rs 240.66 lakh crore against Rs 234.86 lakh crore market cap in the previous session.

Stocks in news: HDFC Bank, HUL, Hero MotoCorp, PVR and more

Here's a look at live market updates today.

3:35 pm Market ends lower

Sensex falls 709 points to 51,822 and Nifty ends 225 points lower at 15,413.

2:37 pm: Salasar Techno Engineering to raise Rs 200 crore

The board has cleared raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to Rs. 200 Crore (Rupees Two Hundred Crore), by way of a preferential allotment and/or through QIP, FCCB, ADRs. GDRs issues, or to the existing shareholders on right basis, or in any combination thereof, in one or more tranches. The board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc, and constituted a Board's Fund-Raising committee for proposed fund raising program.

It also cleared an increase in Authorised Capital from existing Rs. 31,50,00,000 to Rs 35,00,00,000 (Rupees Thirty Five Crore Only) and consequent alteration in Capital Clause of the Memorandum of Association of the Company.

The borrowing limits of the company has also been enhanced from Rs 500 Crore to Rs 700 Crore in accordance with Section 180(1)(c) of the Companies Act, 2013.

1:31 pm: Market update

Sensex falls 731 points to 51,800 and Nifty slips 246 points to 15,392 in the afternoon session.

1:00 PM: Zomato stock rises 4% as board to consider acquisition deal on June 24

Shares of food delivery firm Zomato gained 4 per cent today in an otherwise weak market after the company said its board would meet on Friday, June 24, to consider a proposed acquisition.

Zomato stock rose 3.7 per cent intraday to Rs 68.60 against the previous close of Rs 66.15 on BSE. Zomato stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has fallen 51 per cent in 2022 and gained 16.28 per cent in a month. READ MORE

12:33 pm: BSE, NSE approve PVR-INOX merger to reshape India's multiplex business   

Multiplex chains PVR and Inox Leisure have received approval from exchanges-Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for a merger -on Tuesday late night.  

PVR and Inox Leisure received an observation letter with 'no adverse observations' dated June 20 from the BSE and an observation letter with 'no objection' dated June 21, as per their respective exchange filings. READ MORE

12:15 PM: Here's why Jain Irrigation stock rose 17% in early trade

Shares of Jain Irrigation Systems surged up to 17 per cent in an otherwise weak market after the firm said its global irrigation business will be merged with Rivulis, part of Singapore-based investment fund Temasek, in a cash-and-stock deal. The move will help the firm cut its consolidated debt by Rs 2,700 crore or around 45 per cent. READ MORE

12:00 pm: Why Jefferies is bullish on Reliance Industries stock amid market turmoil

Shares of Reliance Industries have received thumbs up from global research and broking firm Jefferies after the recent correction. Jefferies sees a 16 per cent upside to the stock. It has retained its buy call with a target price of Rs 2,950 per share.

The research firm said that the correction in the stock offers opportunity adding that there are tailwinds to refining margin in CY22.

The stock has corrected 10 per cent from its recent peak. "We reiterate buy with Rs 2,950 as the target price," Jefferies said. READ MORE

11:45 am: Centre to meet SEBI officials today on IDBI Bank disinvestment

The Centre is accelerating its plan on disinvestment of IDBI Bank in the current fiscal year. Sources tell Business Today Television that a crucial meeting is being held today between senior officials of SEBI and the Department of Investment and Public Asset Management (DIPAM) in New Delhi.

"We have various issues to discuss, especially on minimum public shareholding and exemption of open offers", said a source. READ MORE

11:30 am: Upstox continues partnership with Tamil Nadu Premier League 2022

"Upstox (a.k.a. RKSV Securities Pvt Ltd), one of India's largest investment platforms, announces its continued association with Tamil Nadu Premier League 2022 for the second year in a row as an Associate Sponsor. The Tamil Nadu Premier League, which will begin on June 23, 2022, is one of the most prestigious leagues in the state for cricket enthusiasts Upstox recently crossed the 1 crore customer milestone in India, and Tamil Nadu remains one of its most important markets. Partnering with TNPL has previously helped Upstox increase financial inclusion and awareness in the state of Tamil Nadu. This year's partnership will further strengthen Upstox's position in the state, while allowing it to expand its reach into other parts of southern India."

10:32 am: Expert take

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"Pull back rallies can be sharp and it was sharp yesterday. The important question is: will this continue? There is no economic news, except the softness in crude, to sustain the rally. There is no reason for FIIs to change their selling strategy since the dollar continues to be strong and US bond yields are attractive and expected to rise further. The large-caps which bounced back sharply yesterday are fundamentally strong stocks. Therefore, the best investment strategy now should be to buy these high-quality names in small quantities, on dips."

10:26 am: Market update

Sensex falls 523 points to 52,008 and Nifty slips 175 points to 15,463.

 9:18 am: Market opens lower

Sensex falls 380 points to 52,151 and Nifty loses 123 points to 15,516.

8:40 am: Expert take  

Prashanth Tapse, Vice President (Research), Mehta Equities

Even as US markets ended firm in overnight trades, weakness in most of the Asian indices could weigh on domestic benchmarks in early trades. On the other hand, Nifty's technical charts suggest 'Bullish Morning Star Candlestick Pattern'. Nifty's make-or break support for the day is seen at 15453 and then good support at the recent low of 15181 mark. We suspect Bank Nifty too is aiming for a significant rebound with the biggest support seen at 32155 mark. Upside, however, may be capped on reports of fears that the global economy will slow dramatically amidst an aggressive tightening from major central banks across the globe to rein in record inflation that has rattled the sentiment.

8:35 am: Expert take

Deepak Jasani, Head of Retail Research, HDFC Securities

"15,670-15,740 could be a near-term resistance for the Nifty. Once this band is breached, 15,863-15,886 could be the next resistance. Investors may prepare a list of stocks that they would like to offload in this bounce to raise cash. Nervousness in the markets will keep coming up unless we see signs of inflation stabilising and reversing globally which can be an early sign of bottom formation."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 75 points to 15,547. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

The Indian market ended higher for the second consecutive session amid positive global indices. Sensex rose 934 points to 52,532 and Nifty surged 288 points to end at 15,638. The market cap of BSE-listed firms rose by Rs 5.8 lakh crore to Rs 240.66 lakh crore against Rs 234.86 lakh crore market cap in the previous session.