The Indian market ended higher today. Sensex rose 110 points to 53,018 and Nifty gained 26 points to 15,778 in opening trade.
On Friday, market closed lower led by selling in oil and gas stocks after the government imposed taxes on exports of petroleum products and windfall gains from refining of crude oil.
Sensex fell 111 points at 52,908 and Nifty closed 28 points lower at 15,752 in volatile trade. ITC, Bajaj twins and Asian Paints were the top Sensex gainers, rising up to 3.99 per cent. Reliance Industries, PowerGrid, NTPC, and Bharti Airtel were the top Sensex losers, falling up to 7.14 per cent.
Stocks in news: RIL, Birlasoft, Avenue Supermarts, JSW Steel and more
Here's a look at live market updates today.
3:35 pm: Closing update
Sensex rises 327 points to 53,234 and Nifty ends 83 points higher at 15,835.
2:48 pm: Market update
Sensex rises 151 points to 53,059 and Nifty gains 44 points to 15,796 in the afternoon session.
2:40 pm: Top gainers
HUL, IndusInd Bank, ITC are the top Sensex gainers, rising up to 3.73 per cent.
2:30 pm: India to withdraw windfall tax if oil prices fall $40 per barrel, says Tarun Bajaj
India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday.
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue. The taxes, and some accompanying export curbs, will hit the earnings of companies such as Reliance Industries, Nayara Energy, which is partly owned by Russia's Rosneft, the Oil and Natural Gas Corp, Oil India Ltd and Vedanta Ltd. READ MORE
1:54 PM: IRCTC stock down 55% from 52-week high, good time to buy?
Shares of Indian Railway Catering and Tourism Corporation Ltd (IRCTC) have slipped 55 per cent from their 52-week high in over eight months. The stock, which hit a 52-week high of Rs 1,278.60 on October 19, 2021, was trading at Rs 575 in the afternoon session today on BSE. The stock hit a 52-week low of Rs 407.16 on July 2, 2021.
Shares of the state-owned firm were trading on a flat note today. IRCTC stock was trading flat at Rs 574.82 today against the previous close of Rs 578.95 on BSE.
They touched an intraday low of Rs 572.10 on BSE in morning trade today. Shares of the firm are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has lost 31 per cent in 2022 but risen 39.57 per cent in a year. Market cap of IRCTC fell to Rs 45,984 crore on BSE. Total 0.43 lakh shares of the firm changed hands amounting to a turnover of Rs 2.46 crore.READ MORE
12:32 pm: Market update
Sensex rises 123 points to 53,031 and Nifty gains 23 pts to 15,775 in afternoon trade.
12:23 pm: Expert take
Mohit Ralhan, Managing Partner, TIW Capital Group on markets in H1 2022
"The global markets, including India, have been under pressure primarily due to investors' concern about inflation and uncertainties surrounding the impact of Russia - Ukraine conflict. In a persistent inflationary environment, investors tend to shift not only from growth stocks to value stocks but also from long-term duration to short-term duration. It also results in better performance of high dividend yield stocks. Investors also gravitate towards commodity-based stocks as worry over inflation takes over. We have already witnessed a relatively better performance of energy stocks across the globe. Comparatively, Indian markets are expected to continue to do better as India remains among the fastest-growing major economies. But overall, the next six months are also likely to be challenging and investors need to be cautious while picking individual stocks. We also believe that at various points of time over the next six months, the markets will offer an excellent opportunity to invest in well-run companies at many reasonable valuations. While we await the global macroeconomic clouds to clear, at the same time, we should also look out for any such investing opportunities."
12:01 pm: Avenue Supermarts stock climbs 5% on two-fold rise in Q1 revenue
Avenue Supermarts shares zoomed 5 per cent in volatile trade today after the firm reported a nearly two-fold rise in its standalone revenue from operations to Rs 9,806.89 crore for the first quarter ended on June 30, 2022.
Shares of Avenue Supermarts gained 4.96 per cent to Rs 3,554.7 against the previous close of Rs 3,386.85 on the Bombay Stock Exchange (BSE). Total 0.16 lakh shares of the firm changed hands amounting to turnover of Rs 5.59 crore on the BSE. Market cap of the firm rose to Rs 2.26 lakh crore on BSE. READ MORE
11:35 AM: Oil prices fall on recession fears; Brent crude hits $111.28/bbl
Oil prices fell in early Asian trade on Monday, paring gains from the previous session as fears of global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia.
Brent crude LCOc1 futures slipped 35 cents, or 0.3%, to $111.28 a barrel at 0016 GMT, having jumped 2.4% on Friday. READ MORE
11:15 am: HDFC Bank's deposits log yearly growth of 19.3% to Rs 16.05 lakh crore in June '22
Private lender HDFC Bank's deposits hit almost Rs 16,05,000 crore as of June 30, 2022, a growth of ~19.3 per cent over Rs 13,45,800 crore as of June 30, 2021 and a growth of around 2.9 per cent over Rs 15,59,200 crore as of March 31, 2022.
Retail deposits grew by around 18.5 per cent over June 30, 2021 and around 3.5 per cent over March 31, 2022 whereas wholesale deposits went up by 22.5 per cent over June 30, 2021 and ~0.5 per cent over March 31, 2022, as per an exchange filing dated July 4. READ MORE
10:43 AM: RIL shares in green after Friday's crash: Check the new target price
Shares of Reliance Industries Ltd (RIL) were in focus today after the government imposed taxes on export of petrol, diesel and jet fuel (ATF) shipped overseas by Indian firms on Friday. It also levied taxes on windfall gains made by crude oil producers.
RIL stock ended 7.14 per cent or Rs 185 lower at Rs 2,408 on Friday. RIL shares plunged 8.66 per cent intraday to Rs 2,369.45 in the previous session. READ MORE
10:21 am: Asia shares cautious as Wall St futures slip
Asian share markets started cautiously on Monday as a run of soft US data suggested downside risks for this week's June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds.
The search for safety kept the US dollar near 20-year highs, though early action was light with US markets on holiday.
Cash Treasuries were shut but futures extended their gains, implying 10-year yields were holding around 2.88% having fallen 61 basis points from their June peak. READ MORE
10:19 am: Top Losers
Tata Steel, TCS, M&M, Dr Reddy's top Sensex losers, falling up to 3.03 percent in early trade.
10:15 am: Market turns red
Sensex falls 229 points to 52,678 and Nifty slips 74 pts to 15,677.
9:17 am: Market update
Sensex rises 110 points to 53,018 and Nifty gains 26 points to 15,778 in opening trade.
8:34 am: Expert take
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
"The Nifty has formed a Hammer candlestick formation on weekly charts, and 15700 could be the trend decider level. Above the same, the index could hit 15.850-15,950 levels. On the flip side, as long as the index trades below 15,700, the correction wave is likely to continue and could retest the level of 15,500-15,350."
8:20 am: SGX Nifty
The Indian market is likely to open lower as SGX Nifty fell 26 points to 15,718. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Friday
Market closed lower on Friday led by selling in oil and gas stocks after the government imposed taxes on exports of petroleum products and windfall gains from refining of crude oil.
Sensex fell 111 points at 52,908 and Nifty closed 28 points lower at 15,752 in volatile trade. ITC, Bajaj twins and Asian Paints were the top Sensex gainers, rising up to 3.99 per cent. Reliance Industries, PowerGrid, NTPC, and Bharti Airtel were the top Sensex losers, falling up to 7.14 per cent.