The Indian market closed higher today. Sensex rose 1,041 points to 56,857 and Nifty gained 288 points to 16,929. On Wednesday, the Indian market ended higher. Sensex ended 547.83 points higher at 55,816 and Nifty gained 158 points to 16,641. Market cap of BSE-listed firms rose to Rs 259.71 lakh crore today.
Mid cap and small cap indices rose 209 points and 100 points, respectively.
Banking, capital goods and pharma shares were the top sectoral gainers with their BSE indices rising 447 points, 484 points and 383 points, respectively. Market breadth was positive with 1,755 stocks ending higher against 1,565 stocks falling on BSE. 145 shares were unchanged.
Here's a look at live market updates today.
3:34 pm: Market closes higher
Sensex rises 1,041 points to 56,857 and Nifty gains 288 points to 16,929.
3:00 pm: VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The market is taking cues from the Fed chief's statement that " I don't think we are in a recession now, the labour market continues to be tight." Data - unemployment at 50-year lows and job vacancies at historical highs- supports the Fed chief's view. In brief, the market is responding to the possibility of a soft landing for the US and the global economy. In India, relentless FII selling had emboldened the bears to go short. The market surge that we are witnessing now is partly short covering and partly investment buying in segments that are doing well."
1:24 pm : Top gainers
Bajaj Finance, Bajaj Finserv, Tata Steel, IndusInd Bank and Infosys among top Sensex gainers, rising up to 10.41 per cent. Of 30 Sensex stocks, 25 are trading higher.
1:18 pm: Bulls take charge
Sensex rises 1,001 points to 56,817 and Nifty gains 272 points to 16,913 in the afternoon trade.
1:08 PM: Zomato's fortune teller! How Rakesh Jhunjhunwala's stock crash prediction came true
Shares of food delivery provider Zomato are trading below Rs 50 today, leaving investors worried about the outlook of the stock. The shares of Zomato have crashed 61.33 per cent since their listing on July 23, 2021. Zomato was one of the new-age companies, among the likes of Paytm, Nykaa, which listed in the stock market last year. Despite the buzz around these stocks, there were those who were sceptical. And, one of them was the 'Warren Buffett of India' - Mr Rakesh Jhunjhunwala.
He had seen it coming: the current state of Zomato stock. At the India Today Conclave last year, Jhujhunwala had expressed concerns over the valuation of the newly listed companies including Zomato.
The big bull had warned investors on the future of the Zomato stock. He had said, "If I say today that don't buy Zomato share, people will call me a fool".
12:45 PM: Poonawalla Fincorp net profit jumps 118% to Rs 141 cr in Q1
The AUM of Poonawalla Fincorp also increased to Rs 17,660 cr, recording a growth of 22.4% YoY and 6.5% QoQ respectively. The disbursement stood at Rs 3,436 Cr, growing by 98.3% YoY and 3% QoQ. The NIM stood at 9.5% as of Q1FY23, an improvement of 15t Bps YoY. Poonawalla Fincorp has a healthy Stage 3 provision coverage ratio at 57%. The company continues to maintain a strong liquidity position with surplus of Rs 4,654 Cr. The company Poonawalla Fincorp Ltd and its subsidiary Poonaealla Housing Finance Ltd continues to have long-term rating of 'AA+/Stable' by CRISIL and Care. The Direct, Digital and Partnership (DDP) model of origination has further strengthened and diversified the distribution. The DDP contributions increased to 34.1% in Q1FY23 up from 17.5% in Q4FY22.
12:00 pm: Tata Motors shares trading flat post Q1 earnings
Shares of Tata Motors were trading 0.45 per cent lower at Rs 441.95 today against the previous close of Rs 443.95 on BSE.
Tata Motors reported a consolidated net loss of Rs 4,951 crore in the quarter ended June 2022.
The company had posted a consolidated net loss of Rs 4,450 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.
Consolidated revenue from operations during the period under review stood at Rs 71,935 crore as against Rs 66,406 crore in the year-ago period, the company added.
10:45 am: Bajaj Finance shares zoom 9% on record profit in Q1
Bajaj Finance shares climbed over 9 per cent today after the non-banking finance company's profit more than doubled to Rs 2,596 crore for the quarter ended June 2022 against a net profit of Rs 1,002 crore in the year-ago period.
Bajaj Finance stock touched an intraday high of Rs 6,995, rising 9.40% on BSE. Bajaj Finance stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The share was the top gainer on both Sensex and Nifty today. On Nifty the stock was trading 9.18 per cent higher at Rs 6,983.35 against the previous close of Rs 6,396.35.
10:19 AM: SpiceJet shares tank 9% after DGCA imposes restrictions on flight operations
SpiceJet share price fell over 9 per cent today after the Directorate General of Civil Aviation (DGCA) directed the airline to restrict flight departures to 50 per cent for the next eight weeks following a number of technical snags. SpiceJet share price fell 9.66 per cent to Rs 34.6 compared to the previous close of Rs 38.30 on BSE. The small cap stock opened with a loss of 6.01 per cent at Rs 36 today. SpiceJet share has lost 52.66 per cent in last one year and fallen 47.65 per cent since the beginning of this year.
The airline's stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 3.78 lakh shares of the firm changed hands amounting to a turnover of Rs 1.34 crore on BSE. Market cap of the firm fell to Rs 2,145.40 crore.
9:49 am: Bajaj Finance top Sensex gainer after Q1 earnings
Shares of Bajaj Finance gained up to 8.31 percent to Rs 6,925 against the previous close of Rs 6,393.75 on BSE.
9:18 am: Market update
Sensex rises 512 points to 56,328 and Nifty gains 141 points to 16,783 in early trade.
8:36 am: Expert take
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"A volatile session is expected on Thursday as the street will react to Fed outcome and July F&O expiry turmoil. Also, commanding attention will also be US Q2 GDP to be released on July 28. The July F&O series expiry on Thursday shall also keep markets volatile. Technically speaking, the biggest support to watch for Nifty will be at its today's intraday low at 16,439 mark. Expect a waterfall of selling below 16,439 mark, while confirmation of major strength only above Nifty's 200 DMA at 17,034 mark."
8:20 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 96 points to 16,758. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Wednesday
The Indian market ended higher in the previous session. Sensex ended 547.83 points higher at 55,816 and Nifty gained 158 points to 16,641. Market cap of BSE-listed firms rose to Rs 259.71 lakh crore.
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