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Share Market update: Sensex rises 1,344 pts, Nifty tops 16,250; LIC falls 8%

Share Market update: Sensex rises 1,344 pts, Nifty tops 16,250; LIC falls 8%

Sensex rises 1,344 points to 54,318 and Nifty ends 417 points higher at 16,259.

Share Market LIVE: SGX Nifty indicates a flat to positive start for Sensex, Nifty Share Market LIVE: SGX Nifty indicates a flat to positive start for Sensex, Nifty

Good afternoon!

Sensex rebounded by 180 points after a see-saw trade on Monday, breaking its six-day falling streak on the back of gains in banking, financials, power and auto counters. Sensex rose 180.22 points or 0.34 per cent to end at 52,973.84. During the day, it zoomed 634.66 points or 1.20 per cent to 53,428.28.

Nifty gained 60.15 points or 0.38 per cent to settle at 15,842.30, logging its first gain in seven sessions. Sensex and Nifty lost over 5 per cent in the previous six sessions due to heavy selling by FPIs over inflation concerns.

3:39 pm: Market ends higher for second session

Sensex rises 1,344 points to 54,318 and Nifty ends 417 points higher at 16,259. 

3:03 pm: Market extends gains

Sensex rises 1,333 points to 54,306 and Nifty gains 415 points to 16,253 minutes ahead of market closing.

2:53 PM: Raymond stock rises 6%

Shares of Raymond Ltd gained over 6 per cent today after the garments manufacturer reported a four-fold rise in Q4 net profit. Raymond stock opened with a gain of 5.72 percent to Rs 860.10 against the previous close of Rs 813.55. It touched an intraday high of Rs 866.75, rising 6.54 percent on BSE.

2:23 pm: India relaxes wheat export ban

The Indian government on Tuesday announced some relaxation to its earlier notified ban on wheat exports issued by Directorate General of Foreign Trade (DGFT), Department of Commerce.

In a fresh notification, the Ministry of Commerce stated, "It has been decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to 13.5.2022, such consignments would be allowed to be exported."

2:00 pm: Market extends gains

Sensex zooms 1,144 points to 54,118 and Nifty rises 356 points to 16,198.

1: 45 pm: eMudhra IPO to open on May 20

The initial share sale of digital signature certificates provider eMudhra Ltd will open for public on May 20. According to the Red Herring Prospectus (RHP), the initial public offering (IPO) will conclude on May 24 and the bidding for anchor investors will open on May 19.

The company has cut the size of the fresh issue from Rs 200 crore to Rs 161 crore. This follows the Bengaluru-based company allocating 16,03,617 shares for Rs 39 crore under a pre-IPO placement.

Besides, there will be an Offer For Sale (OFS) of 98.35 lakh shares by promoters and existing shareholders.

1:30 pm: Expert quote on LIC listing

Vinod Nair, Head of Research at Geojit Financial Services said, "The subdued listing of LIC is in-line with expectations in context to the drop in market dynamics from the opening of the IPO to the listing date. The listing price has fallen in tandem with the fall of insurance sector valuations, maintaining the discount of about 70 percent to the industry’s average. Positively, the stock was brought at the dip. We believe that LIC is a decent investment opportunity in the short to medium-term considering its strong market presence, improvement in future profitability due to the changes in surplus distribution norms and strong sector growth outlook. LIC can perform well when we have a bounce in the market and positive performance in the insurance sector."

12:45 pm: Top Sensex gainers/losers

Tata Steel, ITC, Reliance Industries, Maruti Suzuki, ICICI Bank and HCL Tech were the top Sensex gainers, rising up to 4.91 percent in the afternoon session.

Sun Pharma, Dr Reddy's, M&M and Tech Mahindra were the only Sensex losers, falling up to 0.55 per cent.

12:15 pm: LIC becomes fifth largest firm by market cap post market debut

State-owned Life Insurance Corporation (LIC) has become the fifth-largest firm by market capitalisation post its market debut today. The market cap of the firm rose to Rs 5.70 lakh crore post listing on BSE. On NSE too, the market cap of the firm stood at nearly Rs 5.70 lakh crore.

Its market capitalisation lags behind Reliance Industries (Rs 16.74 lakh crore), TCS (Rs 12.38 lakh crore), HDFC Bank (Rs 7.23 lakh crore), Infosys (Rs 6.30 lakh crore) on BSE. Read more

11:40 am: Sensex zooms over 1000 points

11:20 am: Sensex jumps over 800 pts, Nifty tops 16,000 post LIC listing

11:00 am: Macquarie sets target price at Rs 1,000

Brokerage firm Macquarie has initiated its coverage on LIC with a 'Neutral' stance and has a target price of Rs 1,000. Following its recent reorganisation, the company is set to increase its share of non-participating pure protection products which currently form just ~5-6% of its overall product portfolio, it said. 

10:00 am: LIC debuts at Rs 867.2, with a discount of 9% over issue price

9:52 am: LIC settles at Rs 872/share vs issue price of Rs 949

9:25 am: Sensex jumps over 400 points to 53,376

9:15 am: Market opens

Sensex opened 242 points higher at 53,216 and Nifty jumped over 70 points to 15,912.

Tata Steel was the top gainer, advancing over 2 per cent.

9:10 am: Rupee at record low against US Dollar, hits 77.69

9:00 am: LIC shares to list today

Shares of Life Insurance Corporation (LIC) are likely to make a muted market debut today amid high volatility in the market. Shares of the insurer have been priced at the upper end of the IPO price range. They were available in a price band of Rs 902 to Rs 949 per share. The stock has attracted a lot of investor interest with the retail portion of the share sale subscribed 1.99 times.

Retail individual investors applied for 13.77 crore shares as against 6.9 crore shares on offer for the segment. The IPO was open from May 4 to May 9.

8:40 am: Global updates

The S&P 500 ended lower on Monday, with Tesla and other growth stocks losing ground after downbeat Chinese economic data added to worries about a global slowdown and rising interest rates. 

The S&P 500 declined 0.39 percent to end the session at 4,008.01 points. The Nasdaq declined 1.20 percent to 11,662.79 points, while Dow Jones Industrial Average rose 0.08 percent to 32,223.42 points.

Shares in Asia-Pacific were mixed in Tuesday morning trade, with investors looking ahead to the release of meeting minutes from the Reserve Bank of Australia.

The Nikkei 225 in Japan slipped 0.13 percent in early trade while the Topix index hovered above the flatline. South Korea’s Kospi climbed 0.46 percent while the S&P/ASX 200 in Australia traded 0.15 percent higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.25 percent higher.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a flat to positive note today as SGX Nifty was trading 13 points higher at 15,878.80.

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

8:15 am: Market on Monday

Sensex rebounded by 180 points after a see-saw trade on Monday, breaking its six-day falling streak on the back of gains in banking, financials, power and auto counters. Sensex rose 180.22 points or 0.34 per cent to end at 52,973.84. During the day, it zoomed 634.66 points or 1.20 per cent to 53,428.28.

Nifty gained 60.15 points or 0.38 per cent to settle at 15,842.30, logging its first gain in seven sessions. Sensex and Nifty lost over 5 per cent in the previous six sessions due to heavy selling by FPIs over inflation concerns.

Top Sensex gainers were NTPC, Bajaj Finance, Maruti, State Bank of India, HDFC, Kotak Mahindra Bank, M&M, IndusInd Bank, Larsen & Toubro, Titan and HDFC Bank rising up to 3.05 percent.