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Share Market update: Sensex rises 214 pts, Nifty above 17,350; TechM, Infosys top gainers

Share Market update: Sensex rises 214 pts, Nifty above 17,350; TechM, Infosys top gainers

Sensex rises 214 pts to 58,350 and Nifty gains 42 points to 17,388. The market closed marginally higher in a volatile session on Tuesday amid gains in auto, banking and consumer durables stocks.

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

The Indian market closed higher today. Sensex rose 214 pts to 58,350 and Nifty gained 42 points to 17,388. However, the global markets are likely to be affected by the ongoing tensions between the US and China.

The market closed marginally higher in a volatile session on Tuesday amid gains in auto, banking and consumer durables stocks.

Continuing its gains for the fifth straight session, Sensex closed 20.86 points higher at 58,136. Nifty ended at 17,345.45, up 5.40 points.

Stocks in news: Zomato, RIL, Adani Green, ITC, Axis Bank and more

Here's a look at live market updates today.

3:36 pm: Market update

Sensex rises 214 pts to 58,350 and Nifty gains 42 points to 17,388.

3:22 pm: Expert take

Shivam Bajaj - Founder & CEO at Avener Capital

"Two critical factors would determine MPC's stand on rates in this meeting, whether inflation continues to remain beyond RBI's comfort zone and GST collections as well as PMI is looking up even after successive rates hikes by RBI in the initial part of this year, which would give it confidence to continue its hawkish stand. This might align market expectations towards rate hike by around 30 bps."

3:18 pm: Voltas stock falls 4% on Q1 earnings

Shares of Voltas fell over 4% today after the Tata Group firm reported a decline of 10.47 per cent in net profit for the first quarter ended June 30, 2022. Voltas stock fell 4.16 per cent to Rs 958 against the previous close of Rs 999.60 on BSE.

Voltas shares are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock opened 2.96 per cent lower at Rs 958 on BSE.

The large cap stock has lost 5.29 per cent in a year and fallen 19.57 per cent in 2022.

2:38 pm: Market update

Sensex falls 38 pts to 58,098 and Nifty down 36 points to 17,309 in the afternoon session.

2:07 pm: Expert take

Abhishek Chinchalkar, Head of Education, FYERS

"After a strong rally over the last few sessions, Nifty formed a Spinning Top candle in the previous session. Today, the index failed to cross yesterday's high and is now approaching yesterday's low of 17,215. With oscillators showing overbought conditions on the daily and intraday time frames, a minor cool-off can be expected if the Nifty sustains below 17200. Below this level, immediate support is seen at 17010, which is where the 200-DMA is currently placed. On the upside, 17400 is the immediate resistance for Nifty."

1:30 pm: Expert take

Sumit Pokharna, Research Analyst, Vice President, Kotak Securities

"The management of Indian IT companies has pronounced a healthy demand environment in the near term and good deal pipeline. Interestingly, Mid-tier companies continue to outperform Tier 1 IT on revenue growth by a large margin in Q1FY23. We believe margins have bottomed out for the sector and will improve hereon. The sector has been hit by a perfect storm of supply shortage and high attrition, fresher hiring cost which shows up in lower utilisation, higher subcontractor costs and increase in discretionary costs such as travel. Given macro conditions, we scout for companies that offer attractive risk-reward with balancing of growth potential, vulnerability to slowdown and valuations. Investors should follow a balanced approach and add both large cap and mid cap IT companies to their long term portfolio."

12:54 pm: SpiceJet stock zooms 18%

Shares of SpiceJet zoomed up to 18.02% to Rs 52.4 against the previous close of Rs 44.40 on BSE. The airline stock has gained 38% in the last four trading sessions. SpiceJet, in response to media reports about a stake sale, has said that it is in discussions with various investors for sustainable financing. Shares of the low-budget airline jumped following the comment.

“The company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations,” said a SpiceJet spokesperson.

This comment comes after news reports stated that promoter Ajay Singh is in talks for a stake sale, including with a Middle Eastern airline. Singh holds a 60 per cent stake in the airline.

The small cap stock is trading higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.

At 12:43 pm, SpiceJet stock was trading 14.19% higehr at Rs 50.65 on BSE. Total 50.13 lakh shares of the firm changed hands amounting to turnover of Rs 19.75 crore on BSE.

Market cap of SpiceJet rose to Rs 3,051 crore on BSE. However, the stock has lost 32% in a year and fallen 25.48% in 2022.

12:27 pm: Why Zomato shares tumbled 10% in early trade today

Shares of Zomato tanked nearly 10% in early trade today amid a report that Uber Technologies sold its whole 7.8% stake in the Indian food delivery firm. The block deal was worth $392 million. Zomato stock crashed 9.62 percent to Rs 50.25 against the previous close of Rs 55.60 on BSE.

Zomato stock trades higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.

11:50 am: Godrej Properties shares fall 3% post Q1 earnings: Buy, sell or hold?

Shares of Godrej Properties fell over 3 per cent today despite the real estate developer reporting a 168% rise in profit for the quarter ended June 2022. Godrej Properties stock slipped 3.13 per cent intraday to Rs 1,417.3 against the previous close of Rs 1,463.15 on BSE.

The stock trades higher than 20-day, 50-day and 100-day moving averages but lower than 5-day and 200-day moving averages.

The share has lost 24.23 per cent since the beginning of this year and fallen 14.5 per cent in a year. Godrej Properties stock is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

A total of 0.17 lakh shares of the firm changed hands, amounting to a turnover of Rs 2.47 crore. Market cap of the firm fell to Rs 39,396 crore on the BSE.

10:53 am : Market update

Sensex falls 215 pts to 57,920 and Nifty loses 80 pts to 17,264.

10:45 am: Sun Pharma Chairman Israel Makov to step down on Aug 29

Sun Pharma said its Chairman Israel Makov will retire from the company after the annual general meeting on August 29. Makov will step down as he will complete his tenure at the end of the month.

Israel Makov was appointed a board member and Chairman of the company in 2012. He has been leading the organisation for the past 10 years.

Under Makov, the company transformed into a $1.7 billion organisation, world's fourth largest specialty generic pharmaceutical company. It operates across over 100 markets, and has a turnover of $5 billion. Makov also led the company during the acquisition of Ranbaxy in 2014. The company stated that he helped build Sun Pharma's strategy of building a global pipeline of specialty products.

10:13 am: Expert take

Tirthankar Das, Head of Technical Research, Ashika Group.

"Nifty halted after 4 days of sharp rise and formed a small positive candle on the daily chart with upper and lower shadows, indicating of minor correction or consolidation is in the making. On the oscillator front there is still no signs of exhaustion, or any reversal signal are being unfolded. On the contrary Weekly RSI clocked breakout from 6 months falling trend line indicating long term positive bias. The psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence, though index is likely to open on a subdued note today, intraday support around the levels of 17150 is likely to provide cushion for the Index."

9:22 am: Market update

Sensex rises 100 pts to 58,236 and Nifty gains 25 pts to 17,374 in early trade.

9:09 am: Expert take

Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities

"Strong Asian market cues are expected to help key benchmarks advance further in early trade Wednesday, despite a fall in the US markets in overnight trades. Nifty is likely to trade on the front foot amidst renewed optimism in the backdrop of the return of foreign investors in Indian equities, with FIIs buying equities to the tune of Rs 825 crore on Tuesday. Technically, the biggest intraday make-or-break support for Nifty is seen at 17189 mark. While the gap between the 2-year and 10-year note US bond yields is the widest in over two decades, tensions between the US and China over Taiwan are the latest catalyst for stock markets across the globe."

8:34 am: Expert take

Tirthankar Das, Head of Technical Research, Ashika Group

"The psychological level of 17,000 which further coincides with the 200 DMA would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17,500 (being 80% retracement of two-month decline (18,100-15,183). Improving market breadth measured by percentage of stocks above 50 & 200 DMA within Nifty 500 universe augurs well for durability of ongoing up move. Hence, intraday dip towards 17,190-17,222 can be used creating a long position for the target of 17,500."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 92 points to 17,300. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

Indian market closed marginally higher in a volatile session on Tuesday amid gains in auto, banking and consumer durables stocks.

Continuing its gains for the fifth straight session, Sensex closed 20.86 points higher at 58,136. Nifty ended at 17,345.45, up 5.40 points.

Of 30 Sensex stocks, 16 ended in the red. IndusInd Bank, Asian Paints, NTPC, Maruti Suzuki, Hindustan Unilever, State Bank of India, Mahindra & Mahindra and Power Grid were the top gainers, rising up to 2.59 per cent.

Tech Mahindra, HDFC, Larsen & Toubro, Tata Steel and HDFC Bank were the biggest Sensex losers, falling up to 1.63 per cent.