Share Market update: Sensex rises 257 pts, Nifty above 17,550; M&M, Bajaj Finserv gain

The Indian market ended higher today. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Sensex slipped 872 points to 58,773 and Nifty closed 267 points lower at 17,490 on Monday. Banking, consumer durables, IT, and auto shares were the top sectoral losers with their BSE indices falling 838 points, 645 points, 503 points and 571 points, respectively.

Stocks in news: TCS, Tata Power, Bank of India, NTPC and more

Here's a look at live market updates today.

3:38 pm: Market ends higher

Sensex rises 257 pts to 59,031 and Nifty closes 87 points higher at 17,577.

2:22 pm: Adani Group shares fall up to 5% as report signals elevated leverage

Adani Group stocks fell in afternoon session today after rating agency CreditSights raised several concerns with regard to the conglomerate's business. Its strong competition with Mukesh Ambani-helmed Reliance Industries could push Adani Group to make some imprudent financial decisions, said CreditSights.

While Adani Enterprises shares fell up to 4.03 per cent to Rs 2,929.05, Adani Ports and Special Economic Zone stock was trading 4.06 per cent lower at Rs 806 on BSE.

Other Adani Group stocks too were also trading in the red.

Adani Power stock was stuck in the lower circuit of 5 per cent at Rs 411.20 today and Adani Transmission shares touched an intraday low of Rs 3,319, down 4.57 per cent on BSE.

1:43 PM: RBL Bank shares rise after board clears raising of Rs 3,000 crore

Shares of RBL Bank gained over 5 per cent in a highly volatile market today after its board cleared raising of up to Rs 3,000 crore to fund the lender's business growth. The fund raising will be subject to the approval of the shareholders, the bank said.

Buoyed by the development, RBL Bank stock rose 5.19 per cent to Rs 103.35 against the previous close of Rs 98.25 on BSE. The banking stock has gained after two days of consecutive fall.

The stock hit a 52-week low of Rs 74.15 on June 20, 2022 and a 52-week high of Rs 221.20 on November 10, 2021.

In a year, the share has lost 35 per cent and fallen 19.17 per cent since the beginning of this year. Total 16.23 lakh shares changed hands amounting to turnover of Rs 16.49 crore. Market cap of the lender stood at Rs 6,192.99 crore on BSE.

1:02 pm: Market update

Sensex rises 98 points to 58,872 and Nifty gains 31 points to 17,522 in the afternoon session.

11:49 AM: Mastek stock is down 45% from 52-week high, time to buy?

Shares of Mastek Ltd have fallen over 45 per cent from their 52-week high in 10 months. The stock of the software services firm hit their 52-week high on October 19, 2021 and fell to their 52-week low on June 20, 2022. The IT sector stock was trading at Rs 1,955 today, down 1.60 per cent against the previous close of Rs 1987.15. The share has lost 45.79 per cent from its 52-week high in comparison to the previous closing level.

Market cap of Mastek Ltd fell to Rs 5,878.76 crore. Shares of Mastek Ltd touched an intraday low of Rs 1,947.25, down 2.01 percent on BSE.

A total of 1,688 shares of the firm changed hands, amounting to a turnover of Rs 33.04 lakh on BSE. Mastek stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has fallen 21 per cent in a year and lost 35 per cent in 2022.

10:15 am: Crude oil prices

"NYMEX crude trades modestly higher near $91/bbl supported by Saudi's commitment to keep market well balanced. With increased prospect of higher supply from Iran due to progress in Iran's nuclear talks, Saudi's comments has fueled expectations that the oil producer group may cut output. Also supporting crude price is firmness in European and Asian gas and power prices which may fasten the fuel switching. Weighing on crude price are demand concerns amid worsening outlook for major economies. Crude may remain choppy amid mixed factors and positioning near expiry however general bias is still on the downside amid demand concerns and shaky risk sentiment."

9:28 am: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The market mood has suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted. Now, the focus will be on what the Fed chief Powell will say at the Jackson Hole symposium on Friday. If he sounds less hawkish there can be a relief rally; otherwise the present drift will continue. The trend in US markets is hugely important for India since the correlation between the two markets is very high.

The sharp decline in India is also due to some profit taking by DIIs who have been sustained sellers in recent days. Profit booking is normal since the market had risen too fast (Nifty rallied 18% from the June lows) in 2 months.

Investors can now buy the dips in a calibrated manner. High quality financials, autos  and capital goods can bounce back sharply when the market trend turns."

9:22 am: Market update

Sensex falls 356 points to 58,417 and Nifty loses 96 points to 17,394 in early trade.

8:45 am: Expert Take

Rupak De, Senior Technical Analyst at LKP Securities

"Nifty slipped back below the falling trend line, indicating a failed breakout. On the lower end, the price has corrected towards the support zone of 17,500-17,400. Over the near term, a fall below 17,400 may trigger a further correction in the market. On the lower end, support is visible at 17,200/17,000. On the other hand, the Nifty may recover towards 17,700 if it doesn't fall below 17,400."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 68 points to 17,422. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Sensex slipped 872 points to 58,773 and Nifty closed 267 points lower at 17,490. Banking, consumer durables, IT, and auto shares were the top sectoral losers with their BSE indices falling 838 points, 645 points, 503 points and 571 points, respectively. All 19 sectoral indices on the BSE ended in the red. Market breadth was negative with 1,254 stocks ending higher against 2,286 stocks falling on BSE, while 166 shares were unchanged.