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Share Market LIVE: Sensex ends 110 pts lower, Nifty at 16,240; Power Grid, Tech Mahindra top losers

Share Market LIVE: Sensex ends 110 pts lower, Nifty at 16,240; Power Grid, Tech Mahindra top losers

Sensex ends 110 points lower at 54,208.5 and Nifty50 settled at 16,240.3, down 19 points.

Share Market LIVE: Sensex, Nifty likely to open flat today Share Market LIVE: Sensex, Nifty likely to open flat today

Good afternoon.

Indian benchmark indices on Tuesday rose over 2.5 per cent to clock their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks.

Sensex zoomed 1,344.63 points or 2.54 per cent to end at 54,318.47 points with all constituents closing in the green. During the day, the index jumped 1,425.58 points or 2.69 per cent to 54,399.42. Nifty rallied 417 points or 2.63 per cent to end at 16,259.30 points. 

What's next? Here are the latest updates!

15:30 pm: Sensex ends 110 points lower at 54,208.5 and Nifty50 settled at 16,240.3, down 19 points.

14:30 pm: Top gainers and losers

Asian Paints was the top gainer on Sensex, advancing over 2 per cent, followed by UltraTech Cement, HUL, Sun Pharma and Dr Reddy.

Power Grid was the top loser on Sensex, declining over 4 per cent.

13:00 pm: Ruchi Soya to change name to Patanjali Foods

12:30 pm: Sensex, Nifty erase all gains, trade lower

12:00 pm: LIC shares trade higher a day after listing!

Shares of state-owned Life Insurance Corporation (LIC) were trading over 1 per cent higher at Rs 883.10 on BSE. On Tuesday, the stock ended at Rs 875.45, 7.75 per cent lower than the IPO issue price of Rs 949 on BSE. 

LIC made a tepid market debut, listing at a discount of 9 per cent against the IPO issue price. However, it became the fifth-largest firm by market capitalisation post its market debut. The market cap of the firm rose to Rs 5.70 lakh crore post listing on BSE. 

B Gopkumar, MD & CEO, Axis Securities said, "While LIC debuted at a slight discount to its issue price, investors should not look to exit at current levels and hold the stock from a medium to long-term perspective." 

"We believe LIC continues to be a solid bet in the long run as it is a play on the growth story of the under-penetrated life insurance industry. Its sustained market leadership position, robust pan-India distribution network, and shifting focus towards profitable products, thus supporting margins and improving persistency ratios, will collectively make LIC an attractive pick from a long-term perspective," he added. 

10:40 am: Bharti Airtel shares jump 3% on healthy Q4 show 

Shares of telecom major Bharti Airtel jumped 3 per cent in early trade to hit an intraday high of Rs 727.55 after the company posted a healthy set of numbers for the quarter ended March 2022. 

The telco reported 164.5 per cent year-on-year jump in consolidated net profit at Rs 2,008 crore for the fourth quarter ended March 2022, mainly boosted by recent traffic. It had reported a profit of Rs 759 crore in the year-ago period. 

The stock opened 2.52 per cent higher at Rs 725.40 against the previous close of Rs 707.55. With a market capitalisation of more than Rs 3,89,000 crore, the shares stand higher than 5-day and 200-day moving averages but lower than 20-day, 50-day and 100-day moving averages. 

Airtel reported consolidated revenue from operations of Rs 31,500 crore for the quarter ended March 31, compared with Rs 25,747 crore in the same period last year, according to a regulatory filing. 

9:16 am: Market opens

Sensex opened 259 points higher at 54,577.82 and Nifty jumped 52 points to 16,311.35

8:40 am: Global updates

Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other mega-cap growth stocks after strong retail sales in April eased worries about a slowing economic growth. Ten of the 11 major S&P sector indices advanced, with financials, materials, consumer discretionary and technology all gaining more than 2 percent.

The S&P 500 climbed 2.02 percent to end the session at 4,088.85 points. The Nasdaq gained 2.76 percent to 11,984.52 points, while Dow Jones Industrial Average rose 1.34 percent to 32,654.59 points.    

Shares in Asia-Pacific were mixed Wednesday morning following overnight comments from US Federal Reserve Chairman Jerome Powell, who said he’s resolved to raise rates until inflation comes down. The Nikkei 225 in Japan rose 0.58%. The Topix index traded 0.64 percent higher.

8:35 am: SGX Nifty

The Indian equity market is likely to open on a flat note today as SGX Nifty was trading 26 points lower at 16,240.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:25 am: Market on Tuesday

Indian benchmark indices on Tuesday rose over 2.5 per cent to clock their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks.

Sensex zoomed 1,344.63 points or 2.54 per cent to end at 54,318.47 points with all constituents closing in the green. During the day, the index jumped 1,425.58 points or 2.69 per cent to 54,399.42. Nifty rallied 417 points or 2.63 per cent to end at 16,259.30 points. All the 50 stocks advanced led by steel and energy stocks.

Both Sensex and Nifty logged their best single-day rally since February 15.

Tata Steel, Reliance Industries, ITC, Larsen & Toubro, Wipro, ICICI Bank, HCL Technologies and Maruti were the top Sensex gainers rising up to 7.62 percent.