The Indian market closed marginally higher today. Sensex closed 21 pts higher at 58,136 and Nifty gained 5 pts to 17,345. Equity market ended higher for the fourth session on Monday, tracking strong global cues and inflows of fresh foreign funds. Sensex climbed 545.25 points to end at 58,115.50. Nifty gained 181.80 points or 1.06 per cent to 17,340.05.
Stocks in news: Zomato, ITC, Reliance Industries, Maruti and more
Here's a look at live market updates today.
3:44 pm: Market ends higher
Sensex closed 21 pts higher at 58,136 and Nifty gained 5 pts to 17,345.
2:57 pm: Expert take
Tirthankar Das, Head of Technical Research, Ashika Group
"Nifty formed a long bullish candle with bullish runaway gaps indicating that the trend remains intact and is likely to continue its positive momentum. On the oscillator front there are still no signs of exhaustion, or any reversal signal are being unfolded. On the contrary, weekly RSI clocked breakout from 6 months falling trend line indicating long term positive bias. The psychological level of 17,000 which further coincides with the 200 dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18,100-15,183). Improving market breadth measured by percentage of stocks above 50 & 200 DMA within Nifty 500 universe augurs well for durability of ongoing up move. Hence, intraday dip towards 17,190-17,222 can be used creating a long position for the target of 17,500."
1:30 PM: YES Bank shares climb 18%, rise for second consecutive session Shares of YES Bank extended gains for the second consecutive session today after board of the private lender approved raising of Rs 8,898 crore from funds affiliated with private equity investors Carlyle and Advent International. Both the funds will potentially own 10 per cent each in the private lender.
Separately, YES Bank issued a notice mentioning its board would hold an Extraordinary General Meeting (EGM) on August 24 through video-conferencing (VC)/other audiovisual means (OVAM).
The announcement of EGM assumes significance as it comes a few days after the lender's board cleared raising of funds from PE investors.
ICICI Securities is positive on the proposed capital raise by the bank.
1:05 pm: This Jhunjhunwala stock zooms 51% from 52-week low, did you miss the rally?
Shares of Star Health Insurance have zoomed 51% from their 52-week low in just 21 trading sessions or a month. The stock, which forms a part of ace investor Rakesh Jhunjhunwala's portfolio, hit a 52-week low of Rs 469.05 on July 1, 2022.
The Star Health share closed at Rs 710.20 on August 1, delivering 51.41 per cent returns to investors in a month. However, Star Health Insurance stock is still trading 23.3 per cent lower from the 52-week high of Rs 940 it hit on December 10, 2021.
Rakesh Jhunjhunwala is a promoter of Star Health. He (14.39 per cent or 8.28 crore shares) and his wife Rekha Jhunjhunwala (3.10 per cent or 1.78 crore shares) held 17.49 per cent stake in the firm as of June 2022 quarter, shareholding pattern data show.
11:34 am: Zomato shares zoom 18% on Q1 earnings: Check the new target price
Shares of Zomato zoomed over 18 per cent in early trade amid a strong market today after the food delivery firm said its quarterly loss narrowed led by an increase in orders for restaurant meals on its platform.
Zomato reported a net loss of Rs 186 crore for the quarter ended June 2022 against a net loss of Rs 356 crore year ago. Zomato stock gained 18.44 per cent at Rs 54.90 today against the previous close of Rs 46.35 on BSE.
The large-cap stock opened 7.87 percent higher at Rs 50 today. The stock has fallen 61 per cent in 2022 and lost 61.57 per cent in a year.
The stock hit a 52-week high of Rs 169.10 on November 16, 2021 and a 52-week low of Rs 40.55 on July 7, 2022.
Total 388.63 lakh shares of the firm changed hands amounting to a turnover of Rs 196.09 crore on BSE. The market cap of the firm rose to Rs 41,730 crore on BSE.
10:32 am: ITC shares hit 52-week high post Q1 earnings; time to buy, sell or hold?
Shares of FMCG major ITC rose nearly 3% amid a falling market today after the firm reported a 34% year-on-year rise in consolidated net profit for the quarter ended June 30, 2022.
ITC stock gained 2.96% to a fresh 52-week high of Rs 316.65 against the previous close of Rs 307.55 on BSE. Earnings were announced after market hours on August 1, 2022. ITC shares were trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The large cap stock has gained 50.33 % in a year and risen 42.91% in 2022.
Total 10.96 lakh shares of the firm changed hands amounting to a turnover of Rs 34.26 crore on BSE.
Market cap of the firm rose to Rs 3.85 lakh crore.
9:20 am: Market opens lower
Sensex falls 170 pts to 57,945 and Nifty loses 42 pts to 17,297.
8:56 am: Expert take
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
Markets are likely to take a breather and see a gap down opening tracking weakness in other Asian indices and overnight fall in US gauges. However, there is a possibility that the market could edge higher as the trading progresses on some positive catalysts like the US treasury yields falling in the overnight trades, robust July GST collections, and foreign investors continuing to take exposure to local equities over the past few weeks. In fact, on Monday FIIs bought shares worth Rs 2,321 crore and were also buyers in Friday's trade to the tune of Rs 1,046 crore. The sentiments are also likely to be buoyed by better-than-expected Q1 earnings from India Inc, easing China Covid curbs, and hopes of a less hawkish Federal Reserve going ahead.
8:34 am: Expert take
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"For traders, 17,250 would act as a key support level, above which the index could move up to 17,450-17,500 levels. On the flip side, a quick intraday correction is possible below 17,250, below which the index would retest the level of 17,150-17,100."
8:20 am: SGX Nifty
The Indian market is likely to open lower today as SGX Nifty fell 92 points to 17,300. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Monday
Equity market ended higher for the fourth session on Monday, tracking strong global cues and inflows of fresh foreign funds. Sensex climbed 545.25 points to end at 58,115.50. Nifty gained 181.80 points or 1.06 per cent to 17,340.05.
Mahindra & Mahindra, NTPC, Reliance Industries, Maruti Suzuki India, Bharti Airtel, Kotak Mahindra Bank, Power Grid and UltraTech Cement were the top Sensex gainers, rising up to 6.15 per cent.