Share Market update: Sensex rises 548 pts, Nifty nears 16,650; SBI, Sun Pharma top gainers

The Indian market ended higher today. Sensex ends 547.83 points higher at 55,816 and Nifty gains 158 points to 16,641. On Tuesday, Indian stock market fell for the second straight session led by losses in IT and banking shares amid mixed global cues. Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483. Mid cap and small cap indices fell 285 points and 321 points, respectively.

Stocks in news: Tata Motors, JSW Energy, Asian Paints, Tata Power and more

Here's a look at live market updates today.

3:40 pm: Closing update

Sensex ends 547.83 points higher at 55,816 and Nifty gains 158 points to 16,641.

2:14 pm: Market update

Sensex rises 343 points to 55,611 and Nifty gains 104 points to 16,588 in afternoon session.

1:23 pm: This Tata Group stock rallies 104% from 52-week low, how far can it go?

Shares of Tata Elxsi have risen over 100 per cent from their 52-week low despite highly volatile domestic market affected by negative global cues. A fall in global markets along with rising inflation has also affected sentiment around Indian stocks in a year.

The stock of the Tata Group firm, which hit a 52-week low of Rs 4,112 on August 11, 2021, is currently trading at Rs 8,418 , translating into a rally of 104 per cent in nearly one year. Tata Elxsi stock hit a 52-week high of Rs 9,420 on March 31, 2022.

1:12 PM: KPIT Tech stock up 4.5% after Q1 earnings

Shares of KPIT Technologies today surged over 4.5 per cent after the company reported a 41.79 per cent rise in net profit at Rs 85.43 crore for the quarter ended June, against Rs 60.25 crore in the same quarter last fiscal.

Sales grew 20.86 per cent to Rs 685.72 crore for the quarter ended June 2022 as against Rs 567.38 crore during the previous quarter ended June 2021. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 35.2 per cent to Rs 149.07 crore in the last quarter from Rs 110.26 crore in the June 2021 quarter.

11:25 am: Market update

Sensex rises 229 points to 55,497 and Nifty gains 58 points to 16,542 in early trade.

10:45 am: Tata Motors shares trading flat ahead of Q1 earnings, here's what to expect

Tata Motors stock was trading flat ahead of the firm's Q1 earnings today. The large cap stock rose 0.52 per cent to Rs 443.5 on BSE. The share opened flat at Rs 441.45 against the previous close of Rs 441.05. Shares of Tata Motors were trading higher than 20-day, 50-day and 100-day moving averages but lower than 5-day and 200-day moving averages. The stock has gained 52.16 per cent in one year but lost 8.11 per cent since the beginning of this year. Market cap of the firm stood at Rs 1.47 lakh crore on BSE.  

Total 2.16 lakh shares changed hands amounting to a turnover of Rs 9.54 crore.

The share hit a 52-week high of Rs 536.50 on November 17, 2021 and a 52-week low of Rs 268.50 on August 24, 2021.  

Tata Motors is likely to report a 105 per cent year-on-year (YoY) fall in loss to Rs 2,408 crore in the June quarter. For the quarter ended June 2021, Tata Motors reported a loss of Rs 4,450.92 crore, according to YES Securities.

9:41 am: Sensex gainers

L&T, Sun Pharma, HUL and HCL Tech are the top gainers, rising up to 2.17 per cent.

9:39 am: Expert take

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"The Fed announcement on interest rates expected late tonight is unlikely to impact equity markets in a big way since the most likely outcome of 75 bp rate hike has been discounted by the markets. The market, which continues to be volatile, is swinging between fears of an imminent US recession on one side and hopes of the US avoiding a sharp economic slowdown on the other. Only time will tell which of the two scenarios will play out.

Early Q1 results indicate good performance by companies with leading banks, capital goods, paints and mid-cap IT delivering impressive numbers. Large-cap IT is facing the brunt of FII selling now on US recession fears impacting the prospects of IT majors. Clarity on where the US economy is moving will decide the valuation of IT stocks. Financials have responded to good Q1 results and reduced FII selling. But there is more room for the segment to move up since credit growth continues to be robust."

 9:19 am: Markets opens

Sensex rises 97 points to 55,365 and Nifty gains 18 points to 16,501 in early trade.

8:36 am: Expert take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Technically, on intraday charts, Nifty has maintained a lower top formation and also formed a bearish candle on daily charts, which suggests further correction from the current levels. For traders, 16,600 would act as an immediate resistance level and below the same, the correction wave is likely to continue till 16,400-16,350. A fresh uptrend rally is possible only after the 16,600 breakout above which, the index could retest the level of 16,700-16,735."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 11 points to 16,465. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

Indian stock market fell for the second straight session led by losses in IT and banking shares amid mixed global cues. Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483. Mid cap and small cap indices fell 285 points and 321 points, respectively.