scorecardresearch
Share Market update: Sensex reclaims 54K, Nifty above 16,100; Titan, Tata Steel top gainers

Share Market update: Sensex reclaims 54K, Nifty above 16,100; Titan, Tata Steel top gainers

Sensex rises 427 points to 54,178 and Nifty ends 143 points higher at 16,132. Meanwhile, US Fed has raised lending rates by 75 bps to tame rising inflation.

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

The Indian market opened higher today. Sensex rose 439 points to 54,190 and Nifty gained 131 points to 16,121. Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80 on Wednesday. Meanwhile US Fed has raised lending rates by 75 bps to tame rising inflation.

Here's a look at live market updates today.

3:40 pm: Sensex rises 427 points to 54,178 and Nifty ends 143 points higher at 16,132.

3:07 pm:  Star Health stock rises over 16%

Shares of Star Health Insurance rise over 16 per cent to Rs 554.2 on BSE in the afternoon session.

1:25 PM: M&M shares riding high on fall in metal prices; should you buy?

Shares of Mahindra & Mahindra  (M&M) hit their all-time high today amid positive sentiment arising out of a fall in metal prices and likely impact of Scorpio N sales on the bottom line of the firm.  A fall in the prices of metals such as steel and aluminium, which are used as key inputs for production, have raised the prospects of improved profit margins for the Anand Mahindra-led auto company.

The large cap stock touched an all-time high of Rs 1,138.80, rising 3.06 per cent against the previous close of Rs 1,104.95 on BSE.

M&M stock is trading higher than 5-day, 20-day, 50 day, 100-day and 200-day moving averages. The share has risen 35.13 per cent since the beginning of this year and zoomed 45.53 per cent in a year. READ MORE

12:18 pm: Market update

Sensex rises 353 points to 54,104 and Nifty gains 114 points to 16,104 in the afternoon session.

12:11 am: TCS to announce Q1 results tomorrow; here’s what to expect

IT major Tata Consultancy Services (TCS) on July 8 may report double-digit growth in revenue and net profit on a year-on-year basis for the quarter ended June 30. However, the topline and bottom line may increase in single-digit on a quarter-on-quarter (QoQ) basis. The company may also witness a sequential dip in margin due to wage hikes and an increase in other expenses. READ MORE

11:20 am: Reliance Industries share: Check the new target price post partnership with Gap

Shares of Reliance Industries Ltd (RIL) were trading flat in early trade even as the conglomerate's retail venture Reliance Retail said that it will bring to India the products of American fashion brand Gap, through a long-term franchise agreement. Reliance Retail has become the official retailer for Gap across all channels in India with partnership.

Amid the news of Reliance Retail joining hands with Gap, JPMorgan has given a target price of Rs 3,170 for RIL with an overweight stance on the stock. READ MORE

9:52 am: Titan Company stock top Sensex, Nifty gainer as Q1 sales rise three-fold

Shares of Titan Company were the top gainers on Sensex and Nifty today after the Tata Group firm said its sales in the April-June quarter zoomed nearly three-fold on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year.

The stock, which forms a key component of ace investor Rakesh Jhunjhunwala's portfolio, climbed 7.82 per cent to an intraday high of Rs 2,170.95 against the previous close of Rs 2,013.40 on the BSE. On Nifty, the stock rose to Rs 2,171.60 against the previous close of Rs 2,013.55, translating into 7.84 per cent gains in early trade.

9:51 am: Rupee falls 12 paise to 79.06 against US dollar in early trade.

9:18 am: Opening update

 Sensex climbs 439 points to 54,190 and Nifty gains 131 points to 16,121.

9:07 AM: EXPERT TAKE

Prashanth Tapse, Vice President (Research), Mehta Equities

"After yesterday's positive close, markets could extend gains in early Thursday trades on the back of a strong buoyancy in world equity indices, even as FOMC Meeting Minutes showed US policymakers anticipate a 50 or 75 basis points hike in the next meeting. The US growth forecast was revised downward for this and next year, while the US treasury yields inching higher, with the 10-year yield curve remaining inverted, indicating a key recession warning. However, oil prices slipped to $98 a barrel, which could act as a respite to the market. Meanwhile, the technical indicators can accelerate towards south only if Nifty slips below the 15,521 mark."

8:41 am: US Fed hikes policy rates by 75 bps on record inflation levels

A deteriorating inflation situation and concern about lost faith in the Federal Reserve's power to make it better prompted US central bank officials to rally around an outsized interest rate increase and a firm restatement of their intent to get prices under control, minutes of the June 14-15 policy meeting showed.READ MORE

8:34 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities

"Technically speaking, the make or break support for Nifty is seen only at 15521 and below the mark, expect a waterfall of selling which is likely to take the index towards 15181 mark. For tomorrow, any early morning altitude is likely to be capped at 16,181 mark."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 133 points to 16,116. 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 rallied over 1 per cent on Wednesday amid foreign funds turning net buyers after a long gap and positive opening in European stock markets. Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80.BSE midcap and smallcap indices rose 386 points and 235 points, respectively. Consumer durables, banking and auto shares were the top sectoral gainers with their BSE indices rising 851 points, 617 points and 727 points, respectively.