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Share Market update: Sensex rises 500 pts, Nifty above 16,100; Tata Steel, SBI top gainers

Share Market update: Sensex rises 500 pts, Nifty above 16,100; Tata Steel, SBI top gainers

Sensex rises 503 points to 54,252 and Nifty gains 144 points to 16,170.

The Indian market is likely to open higher today as SGX Nifty rose 84 points to 16,105 The Indian market is likely to open higher today as SGX Nifty rose 84 points to 16,105

The Indian market opened higher today amid mixed global cues. Sensex rose 335 points to 54,084 and Nifty gained 68 points to 16,094. On Wednesday, Sensex extended its decline for the third straight session, falling over 300 points amid a sell-off in IT stocks. Sensex tanked 303.35 points or 0.56 per cent to end at 53,749.26. Nifty declined 99.35 points or 0.62 per cent to close at 16,025.80. 

Here's a look at updates of the market action today.

3:30 pm: Market ends in green

Sensex rises 503 points to 54,252 and Nifty gains 144 points to 16,170.

2:21 pm: Latest Update

Sensex rises 287 points to 54,036 and Nifty gains 75  points to 16,101 in the afternoon session.

1:10 pm: Market turns green

Sensex rises 151 points to 53,900 and Nifty gains 50 points to 16,075 in afternoon session.

12:15 pm : Torrent Pharma stock zooms 9% post Q4 earnings

Shares of Torrent Pharma zoomed 9 percent today despite the firm reporting a loss of Rs 118 crore in the March 2022 quarter. Torrent Pharma stock gained 8.92 percent to Rs 2,869.6 against the previous close of Rs 2634.55 on BSE. The stock has gained 9.44 percent in two sessions. The pharma stock trades higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages. Read more

11:21 am: Market turns red 

Sensex loses 207 points to 53,541 and Nifty falls 87 points to 15,938 in late morning deals.

10:31 am : Expert quote

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are indications of market stabilising and consolidating around current levels. In the mother market,  US, there is a strong view that the fears of recession are overdone. The S&P 500 bouncing back from the 19% correction from the peak is, perhaps, a message from the market that the steep correction is over. For the Indian economy, elevated crude prices will continue to be a major headwind and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally. Market trend continues to be uncertain and, therefore, what investors can do now is to buy high quality stocks for medium to long-term. Financials, particularly leading banks, are good buys for the medium to long-term."

9:50 am: IndiGo stock zooms 10% despite widening of losses in Q4

Shares of InterGlobe Aviation (IndiGo) gained nearly 10 per cent today despite the budget carrier reporting widening of its losses in the fourth quarter of the previous fiscal. Stock of InterGlobe Aviation climbed 9.93 percent to Rs 1808.50 against the previous close of Rs 1645.05 on BSE.

Total of 0.31 lakh shares of the firm changed hands amounting to a turnover of Rs 5.47 crore. Interglobe Aviation stock is trading lower than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. READ MORE

9:15 am: Market opens higher

Sensex rises 335 points to 54,084 and Nifty gains 68 points to 16,094.

8:41 am: Expert quote

Prashanth Tapse, Vice President (Research), Mehta Equities said, "Markets are likely to open on a positive note on the back of firm global cues. Overnight, the Fed minutes were released where all participants agreed for 50 basis point interest rate hike and laid out plans for aggressive Quantitative Tightening to begin in June. Our call of the day suggests that any intraday bull ride is likely to last only for a brief period and probably, gradually pave the path for the bear to a sleepover. Nifty is likely to witness mostly downward fluctuation owing to growth and inflation bets which continue to dominate investors' sentiment negatively. The line in the sand is at Nifty's support at 15971 mark and below the same, the index could swiftly slide to 15671 mark. Nifty is likely to gain strength only above 16411 mark on a closing basis with 200 - DMA at 17261 mark."

8:35 am: Here's what to expect on Dalal Street today

Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One said, "The index is currently placed at the critical support zone of the 16000 mark, and any breach below the same could dampen the sentiments once again. As far as levels are concerned, the 15700-15750 zone is expected to cushion the downside of any near-term breakdown. While on the contrary, 16200-16250 is the immediate resistance for the index, followed by the 16400 level in the near term." READ MORE

8:30 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 84 points to 16,105. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Sensex extended its decline for the third straight day, falling over 300 points amid a sell-off in IT stocks. Sensex tanked 303.35 points or 0.56 per cent to end at 53,749.26. Nifty declined 99.35 points or 0.62 per cent to close at 16,025.80.