Share Market updates: Sensex rises 700 points, Nifty ends above 17,650; NTPC, PowerGrid, IndusInd Bank top gainers

Good afternoon!

Benchmark equity indices BSE Sensex and NSE Nifty have entered the fiscal year 2023 on a positive note. Sensex rose 708 points to 59,276 and Nifty ended 205 points higher at 17,670.

Indian equity market ended lower on Thursday, after a three-day rally, dragged down by profit-taking in Reliance Industries, Infosys and HDFC Bank. 

Sensex closed 115.48 points or 0.20 per cent lower at 58,568.51 and Nifty declined 33.50 points or 0.19 per cent to settle at 17,464.75. 

For fiscal 2021-22, Sensex zoomed 9,059.36 points or 18.29 per cent, while the Nifty rallied 2,774.05 points or 18.88 per cent.

What's next? Here are the latest updates!

3:35 pm: Market ends in the green

Sensex rises 708 points to 59,276 and Nifty surges 205 points to 17,670.

2:56 pm: HDFC AMC shares rise 5% after LIC raises stake

Shares of HDFC Asset Management Company (AMC) rose over 5% today after state-run insurance major Life Insurance Corporation of India (LIC) raised its stake in the firm.

LIC raised its stake to 7.026 per cent from its earlier 5.005 per cent. The stock touched an intraday high of Rs 2259.25, gaining 5.29% on BSE. HDFC AMC stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

2:07 pm: Market update

Sensex rises 403 points to 58,971 and Nifty surges 118 points to 17,583. NTPC, PowerGrid, IndusInd Bank and SBI are the top Sensex gainers, rising up to 5%.

1:50 PM: LIC raises stake in HDFC AMC

Life Insurance Corporation of India (LIC) has increased its stake in HDFC Asset Management Company (AMC) Ltd to 7.026 per cent from its earlier 5.005 per cent, the state-run insurer said. Post the transaction, LIC increased its shareholding to 14,984,224 equity shares or 7.026 per cent stake from 10,674,583 equity shares or 5.005 per cent stake held in HDFC AMC. The deal had been executed as a market purchase, the statement added.

1:25 pm: Maruti Suzuki sales grow 2% at 1,70,395 units in March

The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported an increase of 2 per cent in its total sales to 1,70,395 units in March.

Its domestic sales have declined more than 8 per cent to 1,33,861 vehicles compared to 1,46,203 cars sold in March 2021.

"The shortage of electronic components had some impact on the production of vehicles in FY 2021-22. The company took all possible measures to minimise the impact. As the supply situation of electronic components continues to be unpredictable, it might have some impact on the production volume in FY 2022-23 as well," the automaker said in a statement.

12:50 PM:  Market update

Sensex rises 302 points to 58,871 and Nifty surges 82 points to 17,547.

12:30 pm: Sensex, Nifty rallied over 18% in FY22; these risks may cap upside in FY23

Lingering concerns over rising inflation, possible escalation of geopolitical tensions from already elevated levels, any slowdown in economic activity and moderation in earnings growth may keep equity investors on their toes in FY23 after a robust 2021-22.

The benchmark equity index BSE Sensex gained 18.29 per cent to 58,568.51 on March 31, 2022 from 49,509.15 on March 31, 2021. Likewise, the 50-share Nifty index advanced 18.88 per cent to 17,464.75 during the same period. Commenting on the further movement of the domestic equity market, Mohit Nigam, head-PMS, Hem Securities said, “The easy part of creating money is over, and now the alpha will come from better stock picking.” READ MORE

12:23 pm: Steel Strips Wheels stock zooms 5%

Shares of Steel Strips Wheels hit upper circuit of 5% today after the manufacturer of steel wheel rims clocked highest ever monthly sales in the commercial vehicles segment.

Steel Strips Wheels clocked net turnover of Rs 365.73 crore in March 2022 against Rs 253.29 crore in March 2021, recording a growth of 43.92% on an year on year basis. Gross turnover came at Rs 446.65 crore in March 2022 against Rs 307.38 crore in March 2021, reporting growth of 45.20% YoY.

The stock rose 5% to Rs 847.95 against the previous close of Rs 807.60 on BSE in the afternoon session.

12:00 pm: Market check

Equity benchmark Sensex was trading over 200 points higher at 58,776.28 and Nifty was up 60 points to 17,524.75.

NTPC was the top gainer on Sensex, advancing over 5 per cent followed by IndusInd Bank, Power Grid, HDFC Bank and SBI.

11:30 am: HAL stock climbs 3% after firm inks Rs 3,887-crore defence contracts

Shares of Hindustan Aeronautics Ltd (HAL) gained over 3 per cent in early trade after the Ministry of Defence inked two separate contracts for the Indian Air Force and Indian Army at a total cost of Rs 3,887 crore. HAL share touched an intraday high of Rs 1,539, rising 3.49 per cent on BSE.

Shares of HAL have risen 9.54 per cent in the last five days.

HAL stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap share has gained 47.43% in a year and risen 25.82 per cent since the beginning of this year.

Total 0.72 lakh shares of the firm changed hands amounting to a turnover of Rs 10.92 crore.

Market cap of the firm rose to Rs 50,979 crore on BSE. The stock hit a fresh 52-week high of Rs 1568.45 crore on October 18, 2021 and a 52-week low of Rs 925 on April 19, 2021.

11:00 am: Technical & Derivatives Report by Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

The technical setup construes the formation of higher highs and higher bottoms, with the immediate support of the recent unfilled gap coinciding with 61.80 percent of the retracement of the fall placed at the 17327 level, which is expected to act as a firm demand zone. On the contrary, 17650 is the immediate hurdle, followed by the previous swing of 17800 odd levels.

Going ahead, more action is likely to be seen in the thematic stocks, and hence a pragmatic approach would be required in the current scenario. Looking at the recent development, any minor dip towards the mentioned support could be utilized by bulls, while better opportunities would be seen in a stock-centric approach.

10:30 am: Hero MotoCorp stock falls 6% as I-T dept finds Rs 800 cr illegal expenses

Shares of Hero MotoCorp slipped over 6 per cent today amid reports that the Income Tax Department has found alleged illegal business expenses of over Rs 800 crore, Rs 60 crore "unaccounted" cash used to purchase land in Delhi and role of some shell companies in its raids on the country's largest two-wheeler maker. 

Hero MotoCorp stock lost 6.32% to Rs 2,151.6 against the previous close of Rs 2,296.80 on BSE. Shares of HeroMotoCorp have fallen after two days of consecutive gain.

10:00 am: NTPC on a roll

Shares of power giant NTPC were trading 4 per cent higher in  early trade on Friday after the company said that it clocked highest ever annual electricity generation of 360 billion units in 2021-22, registering a growth of 14.6 per cent compared to the previous year.

9:16 am: Market opening

The benchmark indices opened flat amid weak global cues. Sensex was trading 29 points lower at 58,539.51 and Nifty fell over 27 points to 17,436.90.

NTPC was the top gainer on Sensex, advancing over 3 per cent, followed by Power Grid, Bharti Airtel, Bajaj Finance and Asian Paints.

Infosys and HDFC were the top losers.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) bought shares worth Rs 3,088.73 crore on March 31, and domestic institutional investors (DIIs) bought shares worth Rs 1,145.28 crore, as per provisional data available on NSE.

8:40 am: Global updates

U.S. stocks slumped to close out the first quarter on Thursday with its biggest quarterly decline in two years as concerns persisted about the continuing conflict in Ukraine and its inflationary effect on prices and the Federal Reserve's response.

The Dow Jones Industrial Average fell 550.46 points, or 1.56%, to 34,678.35, the S&P 500 lost 72.04 points, or 1.57%, to 4,530.41 and the Nasdaq Composite dropped 221.76 points, or 1.54%, to 14,220.52.

Shares in Asia-Pacific fell Friday morning following overnight losses on Wall Street, with investors looking ahead to the release of a private survey on Chinese manufacturing activity in March.

The Nikkei 225 slipped 1.29%, as shares of SoftBank Group dropped more than 2%, while the Topix index fell 1.2%.

8:30 am: SGX Nifty

The Indian equity market is likely to open in the red today as SGX Nifty was trading 75 points lower at 17,470.80.

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

8:15 am: Market on Thursday

Indian equity market ended lower on Thursday, after a three-day rally, dragged down by profit-taking in Reliance Industries, Infosys and HDFC Bank. 

Sensex closed 115.48 points or 0.20 per cent lower at 58,568.51 and Nifty declined 33.50 points or 0.19 per cent to settle at 17,464.75. 

For the fiscal 2021-22, Sensex zoomed 9,059.36 points or 18.29 per cent, while the Nifty rallied 2,774.05 points or 18.88 per cent.

M&M, Hindustan Unilever Limited, Axis Bank, IndusInd Bank, Bharti Airtel, ITC and Titan were among the top gainers, rising up to 1.95%.

Reliance Industries Limited, Wipro, Dr Reddy's, UltraTech Cement, Infosys were among the major losers, falling up to 1.46%.