The Indian market ended flat today. Benchmark indices snapped their four-day gaining streak amid weak global cues on Wednesday. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799. Market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on BSE.
Here's a look at live market updates today.
3:49 pm: Sensex ends 8 points lower at 53,018 and Nifty loses 19 points to 15,780 today.
3:00 pm: Large-cap stocks are usually safe bets. Should you invest during a bear market?
For their transparency, stability, and clean financial legends, large-cap stocks continue to be important as investment instruments. When the market is going through a downtrend, they seem to offer a safety net, even if they stand corrected because of the overall market condition. Here’s why.
2:00 pm: Yash Gupta- Equity Research Analyst, Angel One on large cap stocks
"Given the current environment, investments in large caps are advisable owing to the better margin of safety compared to midcap stocks. However, we recommend that a sector-specific approach be used while investing in large caps. Currently, sectors like Capital Goods, Consumer, and Agro-Chemicals, among others are well placed, especially after correction seen in some of these sectors. Apart from this, Financials and some large Real Estate companies are some of the sectors where we have a positive view."
1:45 pm: Market update
Sensex rises 186 points to 53,213 and Nifty gains 33 points to 15,832 in the afternoon session.
1:10 PM: Godrej Capital introduces industry-first LAP 25 loans with up to 25 yrs tenure
Financial services arm of the Mumbai-based multinational conglomerate Godrej Group-Godrej Capital (GCL) - has introduced a new offering in its loan against property (LAP) portfolio called LAP 25. This is an industry-first product offering loans with tenure of ~25 years and is focused primarily on small and medium enterprises or SMEs to allow flexibility of lower outflows during the loan term.
According to the company, LAP25 will also be available in locations like Chennai, Indore, Jaipur Chandigarh, Surat and Hyderabad besides existing markets in Delhi NCR, Mumbai Ahmedabad, Bengaluru and Pune. GCL has rolled out this offering with a focus on becoming the preferred lender for the SME segment.
12:45 PM: Paytm stock recovers 34% from 52-week low; what should investors do?
Shares of Paytm (listed as One97 Communications) have recovered 34 per cent from their 52-week low in over a month. The stock, which hit a 52-week low of Rs 511 on May 12 this year, was trading at Rs 685.50 in the afternoon session today on BSE. The stock took over 1.5 months to recover 34.14 per cent. READ MORE
12:30 pm: Expert take
Arijit Malakar, Head of Research - Retail, Ashika Group on large cap stocks
"The fear of recession in US amid the aggressive rate hike by Federal reserve to tame the inflation keep the equity market on edge. If there is recession in US as per the expectation then it could be felt in India as well. In stagflation where the demand is low and inflation is high, the small companies find difficult to sustain its business momentum as they have less pricing power compared to large scale companies. Large cap companies are well placed to weather such economic downturn with their healthy balance sheet, strong brand proposition and better pricing power. Hence, in turbulent market it is better to stay invested in large cap companies having strong fundamentals, good business moat and strong industry tailwind."
11: 40 am: Wonderla Holidays stock rises 6% as firm inks land lease agreement with Odisha govt
Shares of Wonderla Holidays gained over 6 per cent today after the leisure company inked an agreement with the Odisha government for leasing about 50 acre for the development of an amusement park project in Bhubaneswar, Odisha.
Wonderla Holidays stock touched an intraday high of Rs 242.05, rising 6.51 per cent on BSE. Shares of Wonderla Holidays are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock has gained 10.7 per cent in a year and risen 15.16 per cent in 2022.
Total 0.17 lakh shares of the firm changed hands amounting to a turnover of Rs 40.87 lakh on BSE. The market cap of the company rose to Rs 1,344.69 crore. READ MORE
11:15 am: Sensex rises 75 points to 53,102 and Nifty gains 4 points to 15,803.
10:54 am: Ratnamani Metals stock zooms 16%, turns ex-date for bonus issue
Shares of Ratnamani Metals & Tubes zoomed over 16 per cent after the stock turned ex-bonus today. The company will issue one bonus share for every two shares held by the existing shareholders. The bonus issue of shares was announced on May 18, 2022. Record date for the bonus issue is July 1.
9:19 am: Sensex rises 180 points to 53,207 and Nifty gains 55 points to 15,855 in early trade.
9:12 am: Expert take
Prashanth Tapse, Vice President (Research), Mehta Equities
"Markets are expected to start on a weak note and could see intra-day volatility, as today being the monthly expiry day, traders would rollover their derivatives position to July series. We expect banking stocks to trade sluggish amid recession concerns and as the Indian Rupee hit an all-time low of 78.96 against the U.S dollar. Overnight, US Fed Powell said there is no guarantee of soft landing for the US economy, but sees possibility that inflation can come down quickly as demand subsidies. Technically speaking, the downside risk to Nifty is likely only on any close below the 15,351 mark, while the hurdle is seen at its psychological 16,000 mark."
8:34 am: Expert take
Prashanth Tapse, Vice President (Research), Mehta Equities
"Nifty's major hurdle is seen at 15,927 and then all eyes will be on the 16,157 mark. Volatility is likely to be a hallmark of Thursday's trade as traders will roll out June F&O contracts to July series. Investors will also react to a speech from the Federal Reserve Chair Jerome Powell and the US GDP first-quarter report to trickle in later today."
8:20 am: SGX Nifty
The Indian market is likely to open lower as SGX Nifty fell 15 points to 15,762. 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 snapped their four-day gaining streak amid weak global cues. Sensex fell 150 points to 53,026 and Nifty lost 51 points to 15,799. Market breadth was negative with 1,521 stocks ending higher against 1,781 stocks falling on BSE. 148 shares were unchanged.
HUL, Axis Bank and Bajaj Finserv were the top Sensex losers, falling up to 3.46 per cent. NTPC, Reliance Industries, Sun Pharma and Ultratech Cement were the top Sensex gainers, rising up to 2.42 per cent.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today