The Indian market closed higher for the second consecutive session today. Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699. On Thursday, market ended higher led by gains in auto and IT shares amid mixed global cues. Sensex rose 443 points to 52,265 and Nifty ended 143 points higher at 15,556. The market cap of BSE-listed firms rose to Rs 239.64 lakh crore against Rs 237.19 lakh crore in the previous session.
Here's a look at live market updates today.
3:35 pm: Closing update
Share Market update:Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699.
3:07 PM: Raymond expects to be net debt-free company in next 3 years
Diversified group Raymond aims to be a net debt-free company in the next three years and is focused on liquidity management through cost reduction initiatives and working capital optimization, according to the latest annual report of the company.
For the financial year ended March 31, 2022, Raymond's net debt has been reduced to Rs 1,088 crore. It was Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.
The net debt-to-equity ratio of the leading Indian branded fabric and fashion retailer has also come down to 0.4 in FY22 from 0.8 in FY20, the report said. READ MORE
2:51 pm: Market update
Sensex rose 428 points to 52,694 and Nifty gained 138 points to 15,694.
2:00 pm:Tube Investments stock rises 5%
Shares of Tube Investments rose nearly 5 per cent today after financial services firm Motilal Oswal initiated coverage on the Murugappa Group firm with a 'buy' call. The brokerage gave a target price of Rs 1,900, an upside of 25 per cent against the current market price of Rs 1,516. The stock touched an intraday high of Rs 1587.5, rising 4.74 per cent on BSE today.
12:55 pm: Hero MotoCorp stock climbs 3% as firm to raise prices from July 1
Shares of Hero MotoCorp rose over 3 per cent today after the two-wheeler company said it would raise the ex-showroom prices of its motorcycles and scooters with effect from July 1.
Hero MotoCorp stock gained 3.62 per cent to Rs 2,767.5 against the previous close of Rs 2,670.85 on BSE. Hero MotoCorp stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Shares of Hero MotoCorp fell 5.51 per cent in a year but gained 11.53 per cent in 2022.
12:33 pm: Hemant Kanawala, Head Equities, Kotak Mahindra Life Insurance Company
"As high inflation remains the main concern, globally policy makers have begun to show urgency and respond with interest rate hikes and supply side measures. While the aggressive rate hikes have increased the risks of growth slowdown in short term, the anticipated demand slowdown will also aid towards cooling of inflation in medium term. Commodity prices have begun to reflect the same. Owing to this, as new inflation and growth dynamics unfold, markets are expected to remain in a consolidation phase."
11:55 am: Greaves Electric allots 35.80% stake to Abdul Latif Jameel for $150-mn capital infusion
Greaves Electric Mobility has allotted 35.80 percent stake to global investor Abdul Latif Jameel for his $150-million capital infusion in the company, by way of preferential allotment through private placement basis.
Greaves Electric Mobility Pvt Ltd, which manufactures two and three-wheelers, is the e-mobility subsidiary of diversified engineering company Greaves Cotton.
"The company has allotted 68,35,450 equity shares of face value Rs 10 each representing 35.80 percent shareholding in the company on a fully diluted basis, to Abdul Latif Jameel, by way of preferential allotment through private placement basis for a share subscription consideration of Rs 1,171 crores ($150 million)," the company said in a late evening statement on Thursday. READ MORE
11:40 am: RBI to collaborate with Indian banks on blockchain based financing project
The Reserve Bank of India (RBI) hopes to cooperate with multiple top Indian banks to build a proof-of-concept blockchain project focusing on trade financing.
Among those taking part in the scheme to combat loan fraud are HDFC Bank, ICICI Bank, and State Bank of India, as reported by The Economic Times.
The project will issue digital versions of documents such as letters of credit (LC) to prevent their alteration. Digital documentation could prevent scams involving billions of rupees, such as those perpetrated by Nirav Modi and Mehul Choksi.
The central bank intends to integrate blockchain technology into its core banking system and will utilise this experiment to demonstrate the concept's viability. READ MORE
10:43 am: Latest Update
Sensex rose 362 points to 52,628 and Nifty gained 125 points to 15,682.
9:27 am: Expert take
Mohit Nigam, Head - PMS, Hem Securities
"The US markets ended higher on Thursday fueled by strong performance from defensive and tech shares that outweighed declines for economically sensitive groups as worries persisted about a potential recession. Asian markets are trading in green on Friday following a strong session in the US overnight. On the technical front 15,450 and 16,000 are immediate support and resistance in Nifty 50. For Bank Nifty, 33,200 and 34,000 are immediate support and resistance, respectively."
9:19 am: Market opens higher
Sensex rose 537 points to 52,802 and Nifty gained 156 points to 15,712.
8:34 am: Expert take
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
"Nifty trend remains weak with resistance seen at 15,870 - unless the same is crossed expect weakness to continue. Short-term volatility continues to remain high. Broadly expect pressure to continue while limited stock-specific risk definable opportunities are available. Select Auto, banking, and Midcap energy stocks look attractive from a risk perspective. Expect selling pressure to continue in the metals space."
8:20 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 94 points to 15,658. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Thursday
The Indian market ended higher on June 23 led by gains in auto and IT shares amid mixed global cues. Sensex rose 443 points to 52,265 and Nifty ended 143 points higher at 15,556. The market cap of BSE-listed firms rose to Rs 239.64 lakh crore against Rs 237.19 lakh crore in the previous session. Maruti, M&M, Asian Paints and Bharti Airtel were the top Sensex gainers, rising up to 6.33 per cent. Reliance, NTPC, PowerGrid and UltraTech Cements were the Sensex losers, falling up to 1.62 per cent.
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