The Indian market ended higher today. Sensex rose 344 points to 53,760 and Nifty ended 116 points higher at 16,049. Benchmark indices ended lower for the fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. Sensex settled 98 points lower at 53,416.15. During the session, the 30-stock index hit a high of 53,861.28 and a low of 53,163.77.
Nifty also trimmed initial gains and closed 28 points lower at 15,938.
Stocks in news: Adani Ports, Bharti Airtel, ACC, Tata Elxsi and more
Here's a look at live market updates today.
3:31 pm: Rupee recovers 8 paise to close at 79.91 against the US dollar.
3:30 pm: Closing update
Sensex rises 344 points to 53,760 and Nifty ends 116 points higher at 16,049.
2:22 pm: Sensex rises 175 points to 53,591 and Nifty gains 62 points to 16,000 in the afternoon session.
2:19 PM: RBL Bank stock down 63% from 52-week high, good time to buy?
Shares of RBL Bank have tumbled 63 per cent from their 52-week high amid a highly volatile market. RBL Bank stock, which hit a 52-week high of Rs 221.20 on November 10, 2021 is currently trading at Rs 81.10, translating into a decline of 63.31 per cent during the period. The private sector lender's consolidated profit after tax more than doubled to Rs 164.77 crore in the March quarter, mainly due to a low base in the year-ago period.
RBL Bank reported a net profit of Rs 197.83 crore on a standalone basis in the January-March quarter as against Rs 75.34 crore in the year-ago period.
Net interest income climbed 25 per cent to Rs 1,131 crore despite a tepid 2 per cent advances growth while the net interest margin (NIM) widened sharply to 5.04 per cent.
In the last fiscal, the lender reported a loss of Rs 74.74 crore against a net profit of Rs 507.78 crore in 2020-21.
12:26 pm: Market update
Sensex falls 5 points to 53,410 and Nifty down 5 pts to 15,933 in the afternoon session.
12:20 pm: Why IT shares are falling despite rupee hitting record lows
Shares of IT firms have lost ground despite the rupee slipping in the last five sessions. Usually, rupee and IT stocks share an inverse relationship. When rupee falls, IT sector stocks rise on prospects of increased earnings since most of them deal in outsourcing of business from overseas clients and earn in dollars. On the other hand, when rupee rises, IT shares fall.
However, this time, the fall in rupee has been accompanied by a decline in IT stocks.
The rupee, which closed at 79.25 to the dollar on July 8 has fallen to 79.92 today, losing 67 paise during the period amid a stronger greenback in the overseas market. An expected fall in the current account deficit and FIIs outflows have also led to weakening of sentiment around the local currency.
11:57 am: SBI increases lending rates by 10 bps from today; check details
The State Bank of India has increased marginal cost of lending rate (MCLR) on loans by 10 bps, effective from Friday. The rates for all tenors increased by 10 bps.
MCLR is the minimum lending rate below which banks are not permitted to lend. The Reserve Bank of India implemented MCLR in 2016 to determine rates of interests for loans. MCLR is different for different tenors.
An increase in MCLR indicates an increase in loan rates including for home, personal, and cars. EMIs will also get more expensive.
According to the SBI website, the rates for overnight, one month and three month tenors increased from 7.05 per cent to 7.15 per cent. Rate for six-month tenor increased from 7.35 per cent to 7.45 per cent, while it increased from 7.40 per cent to 7.50 per cent for the one-year tenor.
10:35 am: Tata Elxsi stock rises 3% post Q1 earnings
Shares of Tata Elxsi rose over 3 per cent today after the firm reported a 63 per cent rise in net profit at Rs 184.72 crore for the quarter ended June against Rs 113.38 crore in the corresponding quarter of previous fiscal.
Tata Elxsi stock gained 2.92 percent to Rs 8,025 against the previous close of Rs 7,798 on BSE. Tata Elxsi shares trade higher than 20-day, 100-day and 200-day moving averages but lower than 5-day and 50-day moving averages.
The share has risen 77.77 per cent in one year and gained 36 per cent since the beginning of this year. Total 9,695 shares of the firm changed hands amounting to a turnover of Rs 7.70 crore on BSE. The market cap of the firm rose to Rs 49,229 crore on BSE.
10:00 am: Rupee hits 79.92 against US dollar in early trade
Rupee fell 7 paise against the US dollar and reached 79.92 in early trade on Friday. Rupee declined by over 18 paise and settled at 79.9975 amid a stronger greenback in overseas markets yesterday.
Wholesale inflation remained double-digit for fifteenth consecutive month in June, expected deterioration in current account deficit of the country and forex outflows dragged the local unit near 80 against the greenback. Sharp correction in crude oil prices in the past few days has been a breather for the local currency.
Wholesale price-based inflation (WPI) eased to a three-month low of 15.18 per cent in June on decline in prices of minerals but food articles remained costly. Last month, WPI reached a record high of 15.88 per cent.
9:22 am: Expert take
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Globally equity markets are likely to remain turbulent till the Fed meeting of 27th July. The most likely policy action by the Fed would be a 75bp rate hike by the Fed but even a 100 bp hike cannot be ruled out after the red hot June inflation print of 9.1%. In India inflation is slowly trending down and is likely to decline further given softening commodity prices. This is a positive for India.
The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This means some of the FIIs have started buying in segments where valuations have become attractive.
An important trend in the market is the strength in FMCGs. The FMCG index is up by 8.5% this year. This segment is a good defensive play during this turbulence and a major technical advantage for the segment is that FII presence is limited and, therefore, FII selling is not happening."
9:18 am: Market update
Sensex rises 306 pts to 53,722 and Nifty gains 87 pts to 16,025.
9:07 am: Prashanth Tapse, Vice President (Research), Mehta Equities
"Markets are likely to start on a firm note in tandem with gains in SGX Nifty & most of the other Asian gauges, but intra-day volatility will continue due to the uncertain environment. Pessimism continues to grip stock markets across the globe amidst lingering recession fears and mounting inflationary pressures. Also, blame the negativity on the ongoing energy crisis in Europe, courtesy of Russia. Falling rupee, FPI outflows, and US bond markets flashing recession warnings would keep investors on tenterhooks. However, investors can take solace from the receding crude oil prices, which has further declined below $100 a barrel. Technically speaking, if Nifty breaks below its biggest support at 15,851 mark then it is safe to assume that the global crisis could just be starting."
8:34 am: Expert take
Rupak De, Senior Technical Analyst at LKP Securities
"Nifty has found resistance at the 50 EMA for the second consecutive session. On the daily chart, back-to-back bearish candles indicate near-term weakness. The RSI on the daily chart indicates a weak price momentum. On the lower end, the index may fall towards 15,850, where the lower band of the rising channel lies. On the higher end, resistance is visible at 16,200."
8:20 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 57 points to 15,990. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Thursday
Benchmark indices ended lower for the fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. Sensex settled 98 points lower at 53,416.15. During the session, the 30-stock index hit a high of 53,861.28 and a low of 53,163.77.