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Share Market update: Sensex rises 237 pts, Nifty ends at 15,350; HUL, HDFC top gainers

Share Market update: Sensex rises 237 pts, Nifty ends at 15,350; HUL, HDFC top gainers

Sensex rises 237 points to 51,597 and Nifty ends 56 points higher at 15,350. In the previous session, Sensex declined 135.37 points or 0.26 per cent to settle at 51,360.42.

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

The Indian market opened higher today. In the previous session, Sensex declined 135.37 points or 0.26 per cent to settle at 51,360.42. During the day, the benchmark tanked 574.57 points or 1.11 per cent to its one-year low of 50,921.22. Nifty fell 67.10 points or 0.44 per cent to close at 15,293.50.

Here's a look at live market updates today.

3:30 pm: Market ends higher

Sensex rises 237 points to 51,597 and Nifty ends 56 points higher at 15,350.

3:19 pm: Sensex gainers

Top Sensex gainers are HDFC, HUL, Asian Paints and UltraTech Cement, rising up to 4.08 per cent.

2:29 PM: This stock tanks 10% after Rakesh Jhunjhunwala sells 57.5 lakh shares

Shares of Delta Corp tanked over 9% today after ace investor Rakesh Jhunjhunwala sold over 5.7 million shares in the firm via bulk deals on Friday. Ace investor Rakesh Jhunjhunwala held 1.15 crore shares or 4.30 percent stake in the company, according to the shareholding pattern in the March quarter last year. Meanwhile, Rekha Jhunjhunwala separately held 3.18 per cent or 85 lakh shares in the company.

The share of the casino chain player hit an intraday low of Rs 166.65, down 9.53 per cent against the previous close of Rs 184.20 on BSE. The midcap stock trades 4.76 per cent away from 52-week low of Rs 162.1.

Delta Corp stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has lost 4.76 per cent in a year and fallen 34.69 per cent since the beginning of this year. READ MORE

12:55 pm: Why 'Bhaav' is not 'Bhagwaan' in today’s world, explains veteran investor Basant Maheshwari

“Bhav Bhagwaan Che” is a Gujarati phrase that means “price is god”. However, well-known investor Basant Maheshwari, co-founder and partner, Basant Maheshwari Wealth Advisers LLP thinks that Bhaav is not Bhagwaan in today’s world because the long-term character of the market has changed to short-term punting. He believes that the price for the short term could be wrong. In the long run, Bhaav does remain Bhagwaan. READ MORE

12:48 pm: Market update

Sensex rises 302 points to 51,662 and Nifty gains 53 points to 15,345 in the afternoon session.

12:30 pm: Crompton Greaves Consumer Electricals moves into built-in kitchen appliances

Electrical equipment company Crompton Greaves Consumer Electricals has made a foray into built-in kitchen appliances, a market that is only at around Rs 2,200 crore. The opportunity for the company is in the top 10 cities, where high urbanisation levels will trigger demand for this product category. The company is a name in fans, domestic pumps, water heaters and lighting.

According to Mathew Job, the company's CEO, a couple of filters were employed before entering the business. "The segment needs to be of scalable size and should have underserved needs. Plus, we must have the ability to serve those needs," he said. The company has launched its range of chimneys, hobs, built-in ovens, built-in microwaves and dishwashers. READ MORE

12:00 PM: Here's why Vedanta share price fell 12% today

Shares of the multinational mining company Vedanta tanked nearly 12 per cent to their fresh 52-week low today after the firm invited expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order. Read More

11:45 am: Expert quote

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Events of the last few days have increased the risk of recession in the US. Synchronised rate hikes by most central banks will certainly hit global growth this year. High interest rates and lower growth will impact corporate earnings. Risky assets are reacting to this pessimistic scenario. The 72 percent crash in the price of bitcoin is a reflection of the fear and risk aversion among investors. The correction in the Indian market is not as steep as in the US mainly because of the sustained buying by DIIs and retail countering the relentless selling by FIIs which crossed  Rs 7000 cr last Friday. A bounce back from the steady decline is possible any time. An important factor favouring such a scenario is the 6 percent decline in crude. If this trend persists, it can help tame inflation globally. Investors can use weakness in the market to buy high quality large-caps across sectors."

11:19 AM: Adani Wilmar stock falls 5% as firm cuts edible oil prices

Shares of Adani Wilmar fell 5 per cent today after India's largest edible oil producer slashed the maximum retail price (MRP) of its Fortune range of edible oils by Rs 10. The move is intended to pass on the benefit to consumers after the government reduced the import duties on edible oils, making them cheaper in the country.

Adani Wilmar stock fell up to 5 per cent to Rs 553.30 against the previous close of Rs 582.40 in the previous session. READ MORE

11:10 am: Kotak Investment Advisors Announces $590m Platform with ADIA

Kotak Investment Advisors Limited (KIAL) today announced that it has successfully achieved the closure of its 12th Real Estate (RE) Fund, for investments in Office Assets in India.

KIAL has formed a USD 590 million platform with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for this Fund, which will be domiciled in Gujarat's GIFT City. With this new Fund, KIAL has raised, managed or advised more than $2.8 billion under its real estate fund series.

10:02 am: Sensex, Nifty open higher: HUL, HDFC among top gainers in early trade

The Indian market opened higher in the first trading session of this week. Sensex rose 208 points to 51,568 and Nifty gained 45 points to 15,339 in early trade. Of 30 Sensex stocks, 19 were trading higher. BSE mid-cap and small-cap indices lost 93 points and 175 points, respectively.

Among BSE sectoral indices, metal and oil and gas shares were the top losers, with their indices falling 523 points and 229 points, respectively. READ MORE

9:20 am : Rupee in green

Rupee opens at 77.94/$ vs Friday’s close of 78.07/$.

9:17 am: Sensex rises 208 points to 51,568 and Nifty gains 45 points to 15,339 in early trade.

8:51 am: Prashanth Tapse, Vice President (Research), Mehta Equities

"Nervousness is likely to prevail for key domestic benchmark indices amid weakness in other Asian gauges, even as US markets witnessed a sharp bounce back on Friday. Although markets may be relieved after crude oil prices tumbled to around $109 a barrel, other lingering concerns such as higher inflation levels, fears of more rate hikes, recession fears and continued FII selling will continue to keep investors on tenterhooks. Both, Nifty and Sensex, are at one-year low and are down around 18% from their all-time-highs. Technically, bulls can win only if Nifty's closes above its biggest interweek hurdles of 15927 mark. Until then the downside risk is seen at 14251 mark."

8:35 am: Expert take

Palak Kothari, Research Associate, Choice Broking

"Nifty may find support around 15,000 levels while on the upside 15500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32,300 levels while resistance at 33800 levels. Overall, Nifty is looking weak on charts, breaching below 15000 can show more downside."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 21 points to 15,294. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Friday

On Friday, Sensex declined 135.37 points or 0.26 per cent to settle at 51,360.42. During the day, the benchmark tanked 574.57 points or 1.11 per cent to its one-year low of 50,921.22. Nifty fell 67.10 points or 0.44 per cent to close at 15,293.50.

Titan, Wipro, Dr Reddy's, Asian Paints, Sun Pharma, PowerGrid, Larsen & Toubro, UltraTech Cement, Maruti, TCS and Hindustan Unilever were the biggest Sensex losers, falling up to 6.06 per cent.