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Share Market update: Sensex rises 54 pts, Nifty above 17,600; IndusInd, NTPC top gainers

Share Market update: Sensex rises 54 pts, Nifty above 17,600; IndusInd, NTPC top gainers

Stock Market Live update: The Indian market ended higher today. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607.

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

The Indian market ended higher today. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Sensex and Nifty ended higher after two sessions on Tuesday helped by a rise in consumer durables, banking and auto stocks amid mixed global cues. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Of 30 Sensex stocks, 21 ended in the green.

Here's a look at live market updates today.

3:36 pm: Closing update

Sensex rises 54 points to 59,085 and Nifty ends 30 pts higher at 17,607. 

3:23 pm: Adani Wilmar shares fall over 8% in two sessions, here's why

Shares of Adani Wilmar fell for the second consecutive session today after rating agency CreditSights raised several concerns with regard to the conglomerate's business. Adani Wilmar stock lost 3.86 per cent intraday to Rs 663 today against the previous close of Rs 689.60 on BSE. Adani Wilmar shares closed 4.73 per cent lower on Tuesday against the previous close of Rs 723.85.

Adani Wilmar stock is trading higher than the 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages. A total of 2.49 lakh shares of the firm changed hands amounting to a turnover of Rs 16.71 crore on BSE. Market cap of the firm fell to Rs 87,338 crore on BSE.

Adani Wilmar shares hit a high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock has lost 24.57 per cent till date from record high.

3:00 pm: Deepak Kumar Lalla takes over as MD and CEO at SBICAP Securities

Deepak Kumar Lalla recently took charge of SBICAP Securities as the new MD & CEO. He replaces his predecessor, Mr Naresh Yadav, after his latest stint as the Head of the Wealth Management Business for SBI. Lalla earned his Master's in Commerce and Diploma in Banking  & Finance from Rajasthan University and moved on to join one of the most prestigious banks in India, SBI, where he served for over 37 years.

2:25 pm: DreamFolks Services IPO subscription

The initial public offering (IPO) of Dreamfolks Services was fully subscribed today. On the first day of share sale, the IPO received bids for 1.20 times (1,14,05,332 shares) the issue size of 94,83,302 shares) till 2:24 pm today.

The company has fixed a price band of Rs 308-Rs 326 per share. The lot size of Dreamfolks Services IPO is 46 shares for which one will have to spend Rs 14,996. A retail investor can submit bids for a maximum of 13 lots by spending Rs 1,94,948. The public offer will close on August 26, 2022.

1:10 pm: Dreamfolks Services IPO opens today; here's what brokerages have to say

The initial public offering (IPO) of Dreamfolks Services opened for subscription on August 24 to raise Rs 562 crore from the primary market. The company has fixed a price band of Rs 308-Rs 326 per share. The lot size of Dreamfolks Services IPO is 46 shares for which one will have to spend Rs 14,996. A retail investor can submit bids for a maximum of 13 lots by spending Rs 1,94,948. The public offer will close on August 26, 2022.

Dreamfolks Services is a dominant player and India's largest airport service aggregator platform, an incubator of the industry with its unique, asset-light, capital-efficient business model. The company's first mover advantage in the lounge access aggregator industry in India has enabled it to become a dominant player with a share of over 80 per cent in the domestic lounge access market. In addition, it has partnered with various entities to facilitate access to around 57 restaurants and F&B outlets at 18 airports across India. Dreamfolks Services will not directly receive any proceeds from the offer and the entire proceeds of the IPO will be received by the selling shareholders.

12:30 pm: IndusInd Bank shares top Sensex gainer as Jefferies sees 23% upside

Shares of IndusInd Bank were the top Sensex gainers today after international brokerage Jefferies said it saw a 23 per cent upside in the stock from the current market price. Jefferies has assigned a target price of Rs 1,330 for the shares of the private sector lender. IndusInd Bank stock gained 2.49 per cent intraday to Rs 1,097.6 against the previous close of Rs 1,070.95 on BSE.

IndusInd Bank shares were trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

In a year, the stock of IndusInd Bank has gained 8.19 per cent and risen 22.5 per cent in 2022. In a month, the stock has gained 15.34 per cent.

Total 0.60 lakh shares of the firm changed hands amounting to a turnover of Rs 6.54 crore on BSE. The market cap of the bank rose to Rs 84,461 crore. The brokerage has a buy rating on the stock.

10:19 am: Market update

Sensex down 47 pts to 58,984 and Nifty loses 4 pts to 17,572.

9:51 am: NDTV shares hit upper circuit of 5% as Adani Group buys stake

Shares of NDTV hit upper circuit of 5 per cent in early trade today after Adani Group's media entity said that it would indirectly buy a 29.18 per cent stake in the media company New Delhi Television (NDTV) and also made an open offer to acquire another 26 per cent of the shares in the media company.

NDTV stock rose 5 per cent to Rs 384.50 in early trade against the previous close of Rs 366.20 on BSE. The stock opened with a gain of 3.77 per cent at Rs 380 today.

In a year, the share has zoomed 388 per cent and gained 233 per cent since the beginning of this year. Total 0.73 lakh shares changed hands amounting to turnover of Rs 2.75 crore. Market cap of the media company rose to Rs 2,478.92 crore on BSE.

Meanwhile, shares of Adani Enterprises, the flagship group of Adani Group, were trading 0.55 per cent lower at Rs  3,007 on BSE.

9:19 am: Sensex falls 21 pts to 59,009 and Nifty gains 4 points to 17,581 in early trade.

8:45 am: Expert Take

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

"Markets showed resilience as bulls stepped-in after morning wobble--snapping a 2-day losing streak. Most importantly, bulls held to the reins towards the close-keeping weak overnight Wall Street cues, inflation and recession fears at bay. Technically speaking, the Nifty line on the sand is at today's low at the 17,345 mark. In case of Nifty's major support at 17,345 mark collapses, the next big support is seen only at 17,161. Nifty's major hurdle continues to be at 18,115 mark (April 22nd high) and above the same the immediate target is seen at 18,605."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 68 points to 17,539. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

Sensex and Nifty ended higher after two sessions on Tuesday helped by a rise in consumer durables, banking and auto stocks amid mixed global cues. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Of 30 Sensex stocks, 21 ended in the green.

Published on: Aug 24, 2022, 8:48 AM IST
Posted by: Aseem Thapliyal, Aug 24, 2022, 8:45 AM IST
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