scorecardresearch
Share Market update: Sensex rises 712 pts, Nifty above 17K; Tata Steel, Sun Pharma gain

Share Market update: Sensex rises 712 pts, Nifty above 17K; Tata Steel, Sun Pharma gain

Sensex gains 712 points to 57,570 and Nifty closes 228 pts higher at 17,158. Benchmark indices ended higher for the second straight session on Thursday led by heavy buying in Bajaj Finance and Bajaj Finserv shares amid a mixed trend in the global equity markets.

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

The Indian market ended higher today. Sensex rose 712 points to 57,570 and Nifty closed 228 pts higher at 17,158. Benchmark indices ended higher for the second straight session on Thursday led by heavy buying in Bajaj Finance and Bajaj Finserv shares amid a mixed trend in the global equity markets.

Sensex jumped 1,041.47 points to end at 56,857.79 and Nifty advanced 287.80 points to 16,929.60. Mid cap and small cap indices rose 221 points and 171 points,  respectively.

Stocks in news: HDFC, Sun Pharma, NTPC, Delta Corp and more

Here's a look at live market updates today.

3:46 pm: Market update

Sensex gains 712 points to 57,570 and Nifty closes 228 pts higher at 17,158.

3:28 pm: Sun Pharma Q1 results: Net profit up 43% to Rs 2,061 crore on robust sales

Sun Pharma on Friday reported 43 per cent rise in consolidated net profit at Rs 2,061 crore for June quarter, riding on robust sales across markets.

The Mumbai-based company had posted a net profit of Rs 1,444 crore in April-June 2021-22.

Total revenue from operations rose to Rs 10,762 crore in the period under review from Rs 9,719 crore earlier, Sun Pharmaceutical Industries said in a regulatory filing.

"For Q1, all our businesses recorded good growth, driven by a combination of sustained scale-up for our specialty business and all-round growth across markets," Managing Director Dilip Shanghvi said.

Specialty business grew 29 per cent driven by Ilumya, Cequa, Odomzo and Winlevi, he added.

"Our India business continues to grow faster than market, leading to increase in market share. We have been able to report healthy margins despite rising costs," Shanghvi said.

2:30 pm: HDFC Ltd Q1 results: Net profit rises 22% YoY to Rs 3,669 cr

Mortgage major HDFC Ltd on Friday reported 22.25 per cent year-on-year rise in its standalone net profit at Rs 3,669 crore for the quarter ended 30 June, 2022. The company had reported a net profit of Rs 3,001 crore in the year-ago period.

The mortgage lender's revenue from operations increased 13.5 per cent to Rs 13,240 crore in the quarter under review as against Rs 11,657 crore in the same quarter last fiscal.

The lender's interest income for the quarter increased to Rs 11,964 crore as against Rs 10,523 crore in the same quarter last fiscal.

2:14 pm: Lagnam Spintex reports revenue of Rs 79.26 crore, PAT of Rs 6.21 crore in Q1FY23

Lagnam Spintex Limited, a leading manufacturer of high quality cotton yarns in India, has announced its results for the period ended on June 30, 2022 in its board meeting held on 28th July 2022. Company also announced the Financial Closure for their upcoming Expansion project of Rs 218 crore.

The revenue from exports continues to grow to Rs 49.98 crore compare to Rs 40.78 crore in Q1FY22, a jump of more than 22% despite the global crisis. In the corresponding quarter of previous year, the company's total revenue came at Rs 74.72 crore with a net profit of Rs 6.15 crore.

The preceding quarter, ended on March 31, 2022, the revenue was Rs 101.66 crore with a net profit at Rs 7.10 crore which works out to be 6.98 per cent of turnover as against 7.83 per cent during the reported quarter.

Commenting on the performance of the company, Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, "The global supply chain remains disrupted on the back of the geopolitical crisis and prices of raw material remain elevated. Despite the tough situation the company continues to hold its ground amid the challenging macro environment and deliver a strong performance for another quarter, which enhances shareholders value. The company is committed towards achieving its long term goals and is on the right path for the same."

1:29 pm: Market update

Sensex gains 543 points to 57,401 and Nifty rises 180 pts to 17,109 in the afternoon session.

1:20 pm: Vedanta stock rises 4% post Q1 earnings

Stock of mining major Vedanta climbed nearly 4.5 per cent today after the Anil Agarwal-led firm announced its earnings for the quarter ended June 2022. Vedanta stock opened marginally higher at Rs 245.95 against the previous close of Rs 245.50. Shares of Vedanta touched an intraday high of Rs 256.4, rising 4.44 per cent on BSE.

The large cap stock has gained 5.37 per cent in the last 3 days. It trades higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages. Vedanta shares have lost 11.54 per cent in one year and fallen 25.15 per cent since the beginning of this year.

Total 11.50 lakh shares of the firm changed hands amounting to a turnover of Rs 29 crore on BSE. Market cap of the firm rose to Rs 94,658 crore.

12:04 pm: Relaxo Footwears shares fall 31% from 52-week high: Should you buy the dip?

Shares of Relaxo Footwears have plunged 31.58 per cent from their 52-week high, leaving investors worried about the future of their investment amid a highly volatile market.  The Relaxo Footwears stock hit a 52-week high of Rs 1,447 on November 4, 2021 and a 52 -week low of Rs 928 on May 12, 2022.

The stock traded at Rs 990 today, translating into a loss of 31.58 per cent compared to the 52-week high on BSE.

Compared to the 52-week low, the share has gained 6.68 per cent till date. Relaxo Footwears shares hit an intraday high of Rs 998.95 today against the previous close of Rs 981.30 on BSE. The large cap stock is trading higher than 20-day and 50 day moving averages but lower than 5-day, 100-day and 200-day moving averages.

Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 1.27 crore on BSE. The market cap of the firm stood at Rs 24,593.89 crore on BSE.

10:24: Tata Steel shares surge 5% a day after stock split

Tata Steel shares were the top Sensex gainers today a day after they turned ex-stock split in the ratio of 1:10. The shareholders of Tata Steel received 10 shares for each share they were holding or having the delivery in their account as of June 28.

The Tata Group firm had fixed July 29 as the record date to determine the eligibility of shareholders for the split of shares having a face value Rs 10 each.

The numbers of shares have increased by 10 times for those holding the stock.  However, the total amount invested remains unchanged.

Companies conduct stock splits primarily to make their stock more affordable for investors. For example, Tata Steel stock was trading near Rs 1,000 before the stock split on Thursday.

9:36 am: Sensex gainers

Tata Steel, Bajaj Finserv, Asian Paints, Bajaj Finance and M&M are the top Sensex gainers , rising up to 3.89 per cent in early trade.

9:19 am: Market opens

Sensex rises 559 points to 57,417 and Nifty gains 165 points to 17,094 in early trade.

8:34 am: Expert take

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty has formed a third back-to-back upgap since July 15. None of the earlier two upgaps have been filled so far suggesting the strength of the upward thrust. The large move up suggests that FPIs have now again started to come back into India in a big way as the uncertainty over rate hikes is behind us for the time being. 17,092-17,132 band is the next resistance for the Nifty while 16,752 remains a support for the near term."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 192 points to 17,139. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Thursday

Benchmark indices ended higher for the second straight session on Thursday led by heavy buying in Bajaj Finance and Bajaj Finserv shares amid a mixed trend in the global equity markets.

Sensex jumped 1,041.47 points to end at 56,857.79 and Nifty advanced 287.80 points to 16,929.60. Mid cap and small cap indices rose 221 points and 171 points, respectively.

Banking and IT shares were the top sectoral gainers with their BSE indices zooming 729 points, and 709 points, respectively. The BSE metal index too rose 317 points to 17,391.