Share Market update: Sensex falls 310 pts, Nifty below 17,550; Bajaj Finance, Infy decline

The Indian market ended lower today. Sensex fell 310 points to 58,774 and Nifty ended 82 pts lower at 17,522. Market managed to close in the green in a highly volatile session on Wednesday. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Of 30 Sensex stocks, 15 ended in the green today. IndusInd Bank, NTPC, L&T, ICICI Bank and PowerGrid were the top Sensex gainers, rising up to 2.86 per cent. Tata Steel, TCS, Titan and Sun Pharma were the top Sensex losers, falling up to 0.93 per cent. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.

Here's a look at live market updates today.

3:33 PM: Market update

Sensex falls 310 points to 58,774 and Nifty ends 82 pts lower at 17,522.

2:33 pm: Market outlook

Nitasha Shankar, Head - PRS Equity Research, YES Securities

"While there's been a sharp run up in stocks in recent times, select sectors will see money coming based on their prospects. For example, banking and credit cycle is expected to have bottomed out and this is the sector that faced the brunt of FII selling. Any revival in FII activity will see money move into this space. IT sector as another example is expected to be a be out of favour given that there's margin pressure and slowdown expected. Apart from that, for small and midcaps, it is largely expected to be a stock picker's market."

1:45 PM: Lupin inks agreement with I’rom for clinical trials and marketing of Denosumab biosimilar in Japan

Global pharma major Lupin Limited has entered into an exclusive licensing agreement with Japanese company I’rom Group Co. Ltd (I’rom) for conducting clinical trials on biosimilar Denosumab in Japan. Denosumab is indicated for the treatment of postmenopausal women with osteoporosis at high risk of fracture and prevention of skeletal-related events in patients with bone metastases from solid tumors among other indications.

1:15 PM: UNO Minda to invest Rs 300 cr to expand capacity

Auto components maker UNO Linda (formerly Minda Industries) will be investing up to Rs 300 crore to expand capacities at its two plants in Haryana. The Manesar-based company is in need of increasing its production capacity of alloy wheels and automotive switches for four-wheelers, it said today.

12:45 PM: IDBI Bank shares rise 10% as govt, LIC consider stake sale

Stock of IDBI Bank gained 10 per cent today amid a report that the government was considering selling at least 51 per cent of its stake in the lender. IDBI Bank stock rose 10.09 per cent in the afternoon session to Rs 44.20 against the previous close of Rs 40.15 on BSE.

In a year, the share has gained 15.13 per cent but fallen 5.93 per cent since the beginning of this year. Total 49.92 lakh shares changed hands amounting to turnover of Rs 21.54 crore. Market cap of the lender rose to Rs 46,826 crore on BSE.

12:00 pm: Market update

Sensex rises 295 pts and Nifty gains 92 pts to 17,697 in the afternoon session.

10:50 am: Why RBL Bank shares rose 34% in the last three sessions

Shares of RBL Bank gained over 5 per cent in early trade today after College Retirement Equity Fund bought 45,84,678 shares or 0.7 per cent stake in the lender. RBL Bank stock rose 5.03 per cent to Rs 128.40 against the previous close of Rs 122.25 on BSE. 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 20.68 per cent and risen 0.83 per cent since the beginning of this year. Total 28.14 lakh shares changed hands amounting to turnover of Rs 35.20 crore. Market cap of the lender rose to Rs 7,580.87 crore on BSE.

9:53 am: Top gainers

HUL, IndusInd Bank, Bajaj Finserv, Maruti ar the top Sensex gainers, rising up to 1.20 per cent.

9:42 am: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The resilience of the Indian market even amidst global volatility can be attributed mainly to two factors: One, the strong growth momentum in the economy and two, the steady FII flows even when the Dollar has been appreciating. The FII inflows are steady since the market perception is that the dollar has peaked. So the near-term texture of the market is likely to remain 'buy on dips.'"

9:20 am: Opening update

Sensex rises 270 points to 59,355 and Nifty gains 78 pts to  17,683.

8:10 am: Expert Take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Technically, post sharp reversal formation, the Nifty is witnessing a range bound activity, while on intraday charts, it has formed a higher bottom formation, which supports the continuation of a pullback rally in the near future. For traders, 17,500 would be the sacrosanct support zone and above which, the index could rally till 17,700-17,750. On the flip side, the bullish sentiment could change if the index trades below 17,500 and below the same the index could retest 17,400-17,350 level."

8:00 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 83 points to 17,699. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

7:55 am: Market on Wednesday

The Indian market managed to close in the green in a highly volatile session on Wednesday. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Of 30 Sensex stocks, 15 ended in the green today. IndusInd Bank, NTPC, L&T, ICICI Bank and PowerGrid were the top Sensex gainers, rising up to 2.86 per cent. Tata Steel, TCS, Titan and Sun Pharma were the top Sensex losers, falling up to 0.93 per cent. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.