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Share Market update: Sensex rises 433 pts; Nifty above 15,800; L&T, HCL Tech top gainers

Share Market update: Sensex rises 433 pts; Nifty above 15,800; L&T, HCL Tech top gainers

Sensex rose 433 points to 53161 and Nifty gained 132 points to 15,832 . On Friday, Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699.

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

The Indian market closed higher for the third session today. Sensex rose 433 points to 53161 and Nifty gained 132 points to 15,832.

The market ended higher for the second straight session on June 24 amid mixed global cues. Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699. The market cap of BSE-listed firms rose to Rs 242.21 lakh crore against Rs 239.64 lakh crore in the previous session.

M&M, IndusInd Bank, Bajaj Finance, HUL, and Bharti Airtel were the top Sensex gainers, rising up to 4.28 per cent. TechM, Infosys, HCL Tech and TCS were the top Sensex losers, falling up to 1.03 per cent.

Stocks in news: Zomato, Federal Bank, Tata Power, Axis Bank and more

Here's a look at live market updates today.

3:34 pm: Market ends in green

Sensex rose 433 points to 53161 and Nifty gained 132 points to 15,832.

2:59 pm: Market update

Sensex rises 511 points to 53,239 and Nifty gains 156 points to 15,855 in the afternoon session.

2:30 PM: Bajaj Auto announces Rs 2,500-crore share buyback, stock trading flat

Bajaj Auto stock was trading flat in the afternoon session today after board of the firm approved a share buyback worth Rs 2,500 crore. The buyback represents 9.61 per cent of the total paid up share capital. The firm said its board cleared buyback of shares at a price not exceeding Rs 4,600.

The buyback price is 20.64 per cent or Rs 787.2 higher to the previous close of Rs 3,812.80 on BSE.

The company will utilise at least 50 per cent of the amount earmarked as the maximum buyback size for the buyback that is Rs 1,250 crore (minimum buyback size), it said. Based on the Minimum Buyback Size and Maximum Buyback Price, the company would purchase a minimum of 27,17,392 equity shares, Bajaj Auto said. READ MORE

1:41 pm: Checkout where market veteran Ashish Chugh is investing in this falling market

A lot of new investors have entered the equity market for the first time in the last two years and this is probably the first major correction they are witnessing in their portfolio. While sharing his advice with these investors, market veteran and Delhi-based investor Ashish Chugh said most investors enter the market in the bull phase when things are looking all good and exit in a bear phase where news flow is all negative. Don't ever make that mistake. READ MORE

12:39 pm: Sensex gainers and losers

Tech Mahindra, HCL Tech, L&T, IndusInd Bank and Infosys were the top Sensex gainers, rising up to 3.35 per cent. Titan and Kotak Bank were the only Sensex losers, falling up to 0.41 per cent.

12:33 pm: Market update

Sensex rose 509 points to 53,237 and Nifty gained 155 points to 15,854 in the afternoon session.

12:00 pm: This Jhunjhunwala stock down 32% from 52-week high: Should you buy the dip?

Shares of the state-owned lender Canara Bank have lost 32 per cent from their 52-week high amid the ongoing market turmoil. The stock closed at Rs 185.95 on BSE in the previous session compared to the yearly high of Rs 272.80 hit on February 3, 2022, translating into a decline of 32 per cent during the period. READ MORE

10:20 am: Rupee gains 6 paise to 78.27 against US dollar in early trade

The rupee appreciated 6 paise to 78.27 against the US dollar in opening trade on Monday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment. However, elevated crude prices and persistent foreign fund outflows restricted the rupee's gain, forex dealers said. At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close.

10:15 am: Zomato stock gains 4% as firm to buy additional stake in Blinkit

Shares of Zomato rose nearly 4 per cent amid a strong market today after the food delivery firm said it would buy local grocery-delivery startup Blinkit for Rs 4,447 crore ($568.16 million) in an all-stock deal.

With this move, the food-delivery firm is planning to take advantage of the booming quick delivery market.

Zomato stock gained 3.7 per cent at Rs 73 today against the previous close of Rs 70.35 on BSE.
The large-cap stock has risen 8.22 per cent for the last five sessions. The stock has fallen 49 per cent in 2022 and gained 12.81 per cent in a month. READ MORE

9:37 am: Expert take

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"The jury is still out on whether this is a bear market or a corrective phase in a long-term bull market. After falling into bear market territory, the Nasdaq and S&P 500 have smartly bounced back and this is getting reflected in other markets too. The 3% bounce back in S&P last Friday indicates that pullbacks can be sharp and the consequent short-covering can surprise on the upside.

A significant development last week was the sharp 4.3 per cent cut in the Bloomberg commodity index. If this trend sustains, inflation expectations will come down, enabling central banks to go a bit slow on tightening, and achieving a soft landing for the US economy. The near-term fall in commodity prices is beneficial for commodity users like autos whose prospects are looking up."

9:33 am: FPIs pull out Rs 46,000 crore from Indian equities in June so far

Foreign investors continue to desert Indian equity markets and pulled out close to Rs 46,000 crore so far this month following monetary policy tightening by the Reserve Bank and US Federal Reserve, high oil prices and volatile rupee.

The net outflow by foreign portfolio investors (FPIs) from equities reached Rs 2.13 lakh crore unitll now in 2022, data with depositories showed.

Given the policy normalisation narrative by the US Fed and other major central banks, coupled with high oil prices and volatile Rupee, FPIs are likely to stay away from emerging market assets, Hitesh Jain, Lead Analyst - Institutional Equities, Yes Securities, said. READ MORE

9:31 am: Asian stocks up on Wall St gains; Nikkei, Kospi rise over 1%

Stocks gained in Asia on Monday amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

Japan's Nikkei rallied 1.04%, while Australia's benchmark jumped 1.69%. Chinese blue chips rose 0.54% and Hong Kong's Hang Seng advanced 1.46%. South Korea's Kospi gained 1.65%. MSCI's broadest index of Asia-Pacific shares rose 1.31%. READ MORE

9:22 am: Adani Group raises Rs 6,071 cr debt for Kutch Copper from SBI, others

The Adani Group said it has raised debt of Rs 6,071 crore for the first phase of the Kutch Copper Limited project. Kutch Copper, a subsidiary of Adani Enterprises (AEL), is setting up a greenfield copper refinery project for the production of refined copper of 1 million tonnes per annum (MTPA) in two phases.

9:17 am: Market opens

Sensex rises 616 points to 53,344 and Nifty gains 182 points to 15,882.

8:34 am: Expert take

Vinod Nair, Head of Research, Geojit Financial Services

"Mirroring a firm trend in the global market and in response to declining commodity prices, the domestic market maintained its positive trend. The up-move was supported by broad-based buying except in IT which remained under pressure post the downgrade of earnings forecast by Accenture. We expect the market to showcase similar short-term rebounds until fresh trigger fuels the global concerns."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 198 points to 15,899. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on  Friday

The market ended higher for the second straight session on June 24 amid mixed global cues. Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699. The market cap of BSE-listed firms rose to Rs 242.21 lakh crore against Rs 239.64 lakh crore in the previous session.