Share Market update: Sensex falls 372 pts, Nifty below 16K; IndusInd, Airtel top losers

The Indian market closed lower today. Sensex closed 372 points lower at 53,514 and Nifty lost 91 points to 15,966 in trade today. On Tuesday, equity markets fell for the second straight session, with Sensex and Nifty losing 1 per cent each amid a sell-off in global markets. Sensex fell 508.62 points to close at 53,886.61 and Nifty declined 157.70 points to settle at 16,058.30.

Here's a look at live market updates today.

Stocks in news: HCL Tech, Delta Corp, Axis Bank, Anand Rathi Wealth and more

3:41 pm: Market update

Sensex closes 372 points lower at 53,514 and Nifty loses 91 points to 15,966 in trade today.

3:03 pm: Market update

Sensex down 380 points to 53,505 and Nifty loses 97 points to 15,960 in the afternoon session.

2:59 pm: Realty bellwether Signature Global files Rs 1,000 cr IPO papers with Sebi

Realty firm Signature Global (India) Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO).

The IPO will comprise a fresh issue of equity shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore, according to the draft red herring prospectus (DRHP) filed on Tuesday.

As a part of the OFS, promoter Sarvpriya Securities and investor International Finance Corporation will sell equity shares worth up to Rs 125 crore each.

The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes.

Also, funds will be used to pay the debt of subsidiaries -- Signature Global Homes, Signature Infrabuild, Signature Global Developers and Sternal Buildcon.

2:22 pm: DRI has detected customs duty evasion of Rs 4,389 cr by Oppo India: Finance Ministry

The Directorate of Revenue Intelligence (DRI) has detected customs duty evasion of Rs 4,389 crore by smartphone manufacturer Oppo India, said the Ministry of Finance in a statement. It added that Oppo India is a subsidiary company of Guangdong Oppo Mobile Telecommunications Corporation Ltd, China.

Oppo India is in the business of manufacturing, assembling, wholesale trading, distribution of mobile handsets and accessories, and has various brands like Oppo, OnePlus and Realme.

The ministry stated that DRI conducted multiple searches at the office premises of Oppo India, as well as residences of key management employees. These raids led to the recovery of incriminating evidence that pointed towards willful mis-declaration in the description of certain items imported by the company for the use of manufacturing of mobile phones.

1:57 pm: Expert take

Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services

"Nifty opened gap up and is consolidating in a range. The index is volatile and broke its previous day’s low levels. Any rise towards 16161 can be utilised as a selling opportunity in the index. India VIX has cooled off a bit and near 18 zones. Now as long as it below 16161, we can expect lower levels of 16950 and 15888 whereas resistance can be faced at higher levels of 16161 and 16250 zones. Market breadth is positive which indicates that there is buying interest in the market but pressure at higher zones.

Today, we are witnessing positive momentum in most of the sectors including FMCG, Pharma, Media, Metals, Auto, PSU Banks and Realty while some weakness move was witnessed in Private Banking and IT stocks.

Bank Nifty opened gap up and moved lower towards 34900 zones. It is facing resistance at higher levels with some weakness in Private banking space. Now it has to cross and hold above 35000 zones for an up move towards 35250 and 35500 zones whereas supports are placed at 34750 and 34500 zones.

Today, we are witnessing long built up in stocks like Ultratech, Indigo, Dabur, Mindtree and Petronet etc. while short build-up is visible in counters like Indusind bank, Gail, Hcltech, IOC and TCS etc.

Nifty and Bank nifty have been facing resistance at higher zone. In Nifty we can utilize and rise for selling opportunity at resistance zone. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Pidilite, VBL, Dalmia Bharat, HUL etc."

1:00 pm: Market update

Sensex down 200 points to 53,686 and Nifty loses 42 points to 16,015 in the afternoon session.

12:41 pm: Rupee hits record low

 The Indian rupee hit record low for the third straight session. Rupee was trading at 79.66/67 per dollar compared to its previous close of 79.5975. The currency touched a life low of 79.6675.

12:40 pm: Tata Steel stock down 41% from 52-week high: Good time to buy?

Shares of Tata Steel have tumbled 41 per cent from their 52-week low amid highly volatile domestic market impacted by negative global cues.  Tata Steel stock, which hit a 52-week high of Rs 1,534.60 on August 16, 2021 is currently trading at Rs 906, translating into a decline of 41 per cent during the period.

US Fed raising rates, Russia-Ukraine war, high inflation, and resurgence of Covid-19 cases across the world, especially in China have dented sentiment around the Tata Group stock.

Tata Steel stock touched an intraday high of Rs 909.50 against the previous close of Rs 902.10 on BSE today. It also touched an intraday low of Rs 901 on BSE.

Tata Steel shares are trading higher than 5-day and 20-day moving averages but lower than 50-day, 100-day, and 200-day moving averages. Total 1.75 lakh shares of the firm changed hands amounting to a turnover of Rs 15.88 crore on BSE. The market cap of the firm stood at Rs 1.11 lakh crore on BSE.

 11:10 am: Sensex rises 36 points 53,922 and Nifty gains 7 points to 16,069.

10:45 am: HCL Tech shares hit 52-week low post Q1 earnings; time to buy, sell or hold?

Shares of HCL Technologies fell to a fresh 52-week low today after the IT firm reported a marginal rise in its consolidated net profit for the quarter ended 30 June, 2022. The IT firm logged a 2.43 cent year-on-year rise in its consolidated net profit at Rs 3,283 crore for the quarter ended 30 June, 2022 against a net profit of Rs 3,205 crore in the year-ago period.

9:19 am: Sensex rises 259 points to 54,146 and Nifty gains 71 points to 16,130.

8:35 am: Prashanth Tapse, Vice President (Research), Mehta Equities

"Markets are likely to start on a positive note, gaining confidence from the upmove in SGX Nifty and other Asian gauges, even as tech-heavy Nasdaq in overnight US markets ended in the red. Investors seem to have largely priced-in both near-term rate hikes from the Federal Reserve while debating the prospects of a possible recession in the world's largest economy. Also, crude oil prices falling below $100 a barrel in overnight trades would also augur well for our markets, given the rising current account deficit and subsequent fall in the currency. Technically, markets would gain strength if Nifty closes above its biggest hurdle of 16500 mark, while the index has support at 15851."

8:34 am: Expert take

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

"Technically, on daily charts the index has formed a small bearish candle and it also formed lower high formation on intraday charts which supports further weakness from the current levels. For the traders now, below 16150/54200 the short-term texture is weak. Below which, the index could retest the level of 16,000-15,950/53,700-53,500. On the flip side, if the index succeeds to trade above 16,150/54,200 then it could touch the level of 16,225-16,250/54,500-54,600."

8:20 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 132 points to 16,066. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Equity markets fell for the second straight session on Tuesday, with Sensex and Nifty losing 1 per cent each amid a sell-off in global markets. Sensex fell 508.62 points to close at 53,886.61 and Nifty declined 157.70 points to settle at 16,058.30. Banking, auto and IT shares were the top sectoral losers with their BSE indices falling 384 points, 316 points and 360 points, respectively.