Share Market update: Sensex rises 427 pts, Nifty above 16,450; RIL, Dr Reddy's top gainers

The Indian market opened lower today. Sensex fell 324 points to 54,467 and Nifty lost 100 points to 16,255 in early trade. Benchmark indices fell for the fourth straight session on Wednesday in volatile trade post the Reserve Bank of India (RBI) policy announcement. Sensex tanked 215 points to end at 54,892 and Nifty fell 60 points to close at 16,356.

Here's a look at live market updates today.

Stocks in news: Wipro, YES Bank, Vedanta, Tata Power and more

3:40 pm: Market ends higher

Sensex ends 427 points higher at 55,320 and Nifty gains 122 points to 16,478.

2:33 pm: Sensex trading 182 points higher at 55,074 and Nifty gains 58 points to 16,414 in the afternoon session.

2:15 pm: SBI Cards stock: 60% upside seen post nod to link credit cards with UPI

Stock of SBI Cards and Payment Services has come into limelight a day after the Reserve Bank of India (RBI) allowed credit cards to be linked with the unified payments interface (UPI). The move will enable more payments through the popular platform.

Brokerage YES Securities reiterated its target price of Rs 1,260, 60 per cent higher than the previous close of Rs 784.70 on BSE. "Being the only listed pure-play credit card issuer with significantly higher profitability than Banks and NBFCs (in good times as well as bad times), SBI Cards would continue to command a premium valuation. Reiterate BUY with 12 months price target of Rs 1,260," said the brokerage.

2:00 PM:  Multibagger in the making or mere speculation? This small-cap player rallied over 110% in just 15 sessions

A buzz about the comeback of the iconic Ambassador car with an all-new electric model has rejuvenated Hindustan Motors shares on Dalal Street in the past 15 trading sessions. Take this: shares of the company have soared nearly 113 per cent to Rs 22.10 on June 8, 2022 from Rs 10.38 on May 19 last month. On the other hand, the benchmark BSE Sensex gained 4 per cent during the same period.  Read more

1:30 pm: Sumant Sinha, President ASSOCHAM on RBI policy

"The central bank's decision of raising policy interest rates by 50 bps, along with the recently announced fiscal measures by the government such as a reduction in excise duty on petrol and diesel, will enable India to tackle inflation in the medium term in the face of significant global headwinds. The tamping down of inflation is critical to sustaining the economy's robust growth momentum. The RBI will need to work closely with the government and other stakeholders to ensure the recent rate hikes within a short timeframe do not impact the rate of GDP growth, especially given continued global challenges including high energy and food costs. It is understandable that there is concern about the rake hikes resulting in higher EMIs but, in the longer run, the resulting price stability will play a crucial role in supporting rising demand. All in all, the RBI's move is necessary and well-reasoned,  given the current macro-economic currents."

1:15 PM: This Jhunjhunwala stock approaches 52-week low, time to buy?

Shares of Tata Communications approached their 52-week low today. The Tata Group stock closed shy of Rs 906.3, its 52-week low, in the previous session. It was trading 3.71 per cent away from its 52-week low today.  

The stock, which forms part of ace investor Rakesh Jhunjhunwala's portfolio, was trading 2.82 per cent or Rs 26 higher at Rs 944.45 in the afternoon session today.

Rakesh Jhunjhunwala invested in the company through his wife Rekha Jhunjhunwala. As per the shareholding pattern of Tata Communications for the quarter ended March 2022, Rekha Jhunjhunwala owned 30,75,687 shares or a 1.08 per cent stake in the company. READ MORE

12:50 pm: Monsoon on track, likely to reach Maharashtra in 2 days: IMD

The monsoon is progressing normally and will likely reach Maharashtra in the next two days, the India Meteorological Department said on Thursday. Senior IMD scientist R K Jenamani said the monsoon covered south and central Arabian Sea, entire Kerala, parts of Karnataka and Tamil Nadu between May 31 and June 7.

In the meantime, it covered the entire northeast India, which received good rainfall, he said.READ MORE

12:31 pm:  Rupee hits record low

The rupee hit a record low against the U.S. dollar on Thursday as the relentless surge in global crude oil prices raised concerns of a sustained rise in imported inflation, while weakness in domestic shares also hurt. The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81. The previous life low of 77.7975 was touched on May 17.a

11:45 am: BLS International stock rises 10% after firm acquires Zero Mass for Rs 120 cr

Shares of BLS International climbed over 10 per cent today after the company acquired Zero Mass Private Ltd (ZMPL) for Rs 120 crore. The stock has gained after two days of consecutive falls. The small-cap stock touched an intraday high of Rs 195.4, rising 10.33 per cent on BSE.Read more

11:16 am: Top gainers

Dr Reddy's Labs, Reliance Industries, Maruti Suzuki are the top Sensex gainers, rising up to 3.07 per cent.

10:53 am:  Sensex rises 30 points to 54,923 and Nifty gains 7 points to 16,363.

10:39 am: ICICI Bank hikes benchmark lending rate by 50 bps

Private lender ICICI Bank has hiked its external benchmarking rate by 50 basis points (bps) to 8.60 per cent per annum from June 8, 2022. The decision came after the Reserve Bank of India (RBI) hiked repo rate by 50 basis points (bps) to 4.90 per cent in its recently concluded monetary policy committee (MPC).  READ MORE

9:17 am: Sensex falls 324 points to 54,467 and Nifty loses 100 points to 16,255 in early trade.

8:35 am: Expert take

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One said, "For the coming session, 16300 - 16260 should be seen as key supports and only a breach of the same would resume the recent downtrend. On the flipside, 16500 remains a sturdy wall and till the time, we do not surpass it convincingly, bulls would not have any conviction in their moves."

8:30 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 73 points to 16,275. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Benchmark indices fell for the fourth straight session on Wednesday in volatile trade post the Reserve Bank of India (RBI) policy announcement. Sensex tanked 215 points to end at 54,892 and Nifty fell 60 points to close at 16,356. Bharti Airtel, ITC, Reliance Industries, Asian Paints, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank were the top Sensex losers, falling up to 3.31 per cent.