Share Market update: Sensex closes 51 pts lower; NTPC, SBI top losers

The Indian market ended lower today. Sensex fell 51 points to 58,298 and Nifty loses 6 points to 17,382. Sensex closed 214 points higher at 58,350 and Nifty ended at 17,388, up 42 points on Wednesday. Of 30 Sensex stocks, 17 ended in the green. Tech Mahindra, TCS, Infosys, Titan, Asian Paints, and ICICI Bank were the top Sensex gainers, rising up to 1.97 per cent. Maruti, Sun Pharma and Kotak Bank were the top Sensex losers, falling up to 2.29 per cent.

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Here's a look at live market updates today.

3:41 pm: Market ends in the red

Sensex falls 51 points to 58,298 and Nifty loses 6 points to 17,382.

2:52 pm: Tiger Global cuts stake in Zomato a day after Uber offloaded entire share

Investor Tiger Global said on August 4 that it has sold 184,451,928 shares in Zomato. This comes after the one-year lock-in period for the food delivery aggregator ended on July 23. Additionally cab aggregator Uber also offloaded its entire share of 7.78 per cent in Zomato, marking its exit.

Tiger Global had 5.11 per cent stake in Zomato with 403,328,300 shares, which has now been reduced to 2.77 per cent.

Meanwhile, Uber on Wednesday, sold its shares to Fidelity and ICICI Prudential Life Insurance.

Uber sold 61.22 crore shares of Zomato at a price of Rs 50.44 per share.

1:53 pm: Sensex, Nifty rise for six straight sessions: Will the bull run continue?

The ongoing market rally has made investors richer by over Rs 13 lakh crore in the last six sessions. Market cap of BSE-listed firms rose to Rs 271.08 lakh crore on August 3 against Rs 257.55 lakh crore on July 26, 2022, translating into a gain of Rs 13.53 lakh crore during the period.

Similarly, Sensex rallied a huge 3,082 pts from July 6 to August 3 this year. The index which stood at 55,268 on July 26 ended at 58,350 in the previous session.

The 50-stock Nifty too zoomed 905 points to 17,388 on August 3 against 16,483 on July 26 this year. Strong macro data, FIIs inflows and lower commodity prices have helped Sensex and Nifty erase all their losses on a year-to-date basis.

1:08 pm: Tirthankar Das, Head of Technical Research, Ashika Group

"On the technical front, Nifty formed a small bullish candle with lower hairline resembling closer to a Hanging man formation amidst choppy price action. Though the pattern specifies a reversal formation but no signs of exhaustion can be seen yet through oscillators, on the contrary weekly RSI clocked breakout from 6 months falling trend line indicating of long term positive bias. The formation of higher high-low with broader market participation reinforces of a positive outlook in Index. The psychological level of 17,000 which further coincides with the 200dma 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). Hence, during the day stock specific action is likely to continue while Nifty might consolidate with positive bias  holding above previous sessions low of 17,200. Intraday dip towards 17,150-17,180 need to be hunted for creating long position for the target of 17,575.

12:21 pm: Market update

Sensex falls 308 points to 58,042 and Nifty loses 83 points to 17,304 in the afternoon session.

11:40 am: Vehicle sales down 8% on-year, PVs log 5% decline in July: FADA

Total vehicle sales saw an on-year dip of around 8 per cent as 14, 36,927 units were sold in the month of July, compared to 15, 59,106 in July last year. Passenger vehicles, two-wheelers and tractors saw a decline of 5 per cent, 11 per cent and 28 per cent respectively, as per the Federation of Automobile Dealers Association (FADA).

Total 2, 50,972 units of passenger vehicles or PVs were sold during the same period, with Maruti Suzuki emerging the segment leader. Maruti Suzuki (MSI) sold 98,318 units in July and commanded 39.17 per cent market share. MSI was followed by Hyundai, Tata Motors, Mahindra and Mahindra and Kia Motors.  

9:17 am: Market update

Sensex rises 353 pts to 58,704 and Nifty gains 97 pts to 17,484 in early trade.

8:34 am: Expert take

Kunal Shah, Senior Technical Analyst, LKP Securities

"The index needs to close above 38,200 for a continuation of the uptrend towards the level of the 38,500-38,700 zone. The index downside support stands at 37,500 and if breached will witness further selling pressure towards the 37,000 zone. The index will give a clear direction once a policy is announced."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 44 points to 17,483. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Indian market closed higher for the sixth straight session in highly volatile trade led by gains in IT stocks. Sensex closed 214 points higher at 58,350 and Nifty ended at 17,388, up 42 points. Of 30 Sensex stocks, 17 ended in the green.

Tech Mahindra, TCS, Infosys, Titan, Asian Paints, and ICICI Bank were the top Sensex gainers, rising up to 1.97 per cent. Maruti, Sun Pharma and Kotak Bank were the top Sensex losers, falling up to 2.29 per cent.

Mid-cap and small-cap indices fell 147 points and 78 points, respectively.