Share Market UPDATE: Sensex rises 874 pts, Nifty nears 17,400; M&M, Kotak Bank, Maruti top gainers

Good afternoon!

Benchmark indices rebounded on Wednesday after falling for five straight sessions, led by buying in Reliance Industries and recovery in Infosys, TCS and HDFC twins.

A positive trend in global markets also aided the market recovery. Sensex jumped 574.35 points to end at 57,037.50. During the day, the index rallied 753.36 points or 1.33 per cent to 57,216. Nifty ended 177.90 points or 1.05 per cent higher at 17,136.

What's next? Here are the latest updates!

 3:32 pm: Market ends in green

 Sensex rises 874 points to 57,911 and Nifty gains 256 points to 17,392.

3:10 pm: Expert quote

Vjay Dhanotiya, Lead of Technical Research, Capitalvia Global Research said, "The market witnessed a continuation of positive movement and an attempt to sustain above the key support levels near 17,400. We expect the 17,350-17,400 level to act as a support zone from the short-term perspective. If the market sustains above the support levels, we expect it to stay positive till the level of 17,600. We have observed the momentum indicators like RSI and MACD are indicating positive side momentum in the market." 

2:57 pm: Second consecutive session of gains

Sensex and Nifty are trading higher for the second consecutive session today. On Wednesday, Sensex jumped 574.35 points to end at 57,037.50. During the day, the index rallied 753.36 points or 1.33 per cent to 57,216. Nifty ended 177.90 points or 1.05 per cent higher at 17,136.

2:30 pm: Market update

Sensex rises 880 points to 57,917 and Nifty gains 255 points to 17,391.

1:55 pm: Rajashree Maheshwary appointed as President of McLaren Strategic Solutions

McLaren Strategic Ventures has announced the appointment of Rajashree Maheshwary, former Executive Partner Gartner, as President McLaren Strategic Solutions.

McLaren Strategic Ventures is the leading conglomerate that provides an ecosystem for world's most cutting-edge technology carve-outs, start-ups and JVs with Fortune 500 businesses. McLaren Strategic Solutions is the operating group of companies comprising Advisory Services, Domain Consulting, Product & Platform Engineering Services, Technology Services, and AI based Chip Design Services.

1:34 pm: Market breadth is positive with 2,288 stocks rising against 1052 shares falling on BSE. 113 shares were unchanged.

1:14 pm: Tata Elxsi stock rises 5% post Q4 earnings

Shares of design and technology services provider Tata Elxsi climbed 5 per cent today after the firm reported a 39 per cent rise in Q4 net profit. The large cap stock opened with a gain of 2.33% at Rs 7,990 today. Later, it touched an intraday high of Rs 8,190.95, rising 4.9% on BSE.

Tata Elxsi stock is trading higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

12:34 pm: Market cap of BSE-listed firms rises to Rs 271.17 lakh crore.

12:00 pm: Tata Steel stock slips over 2% as firm decides to end business ties with Russia

Shares of Tata Steel fell amid a rising market today after the Tata Group firm said it would stop doing business with Russia, making it the latest global company to cut ties with the country for invading Ukraine.

"Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia," the company said. The company imports coal from Russia for its steelmaking process.

The large cap stock touched an intraday low of Rs 1,286, down 2.11 per cent against the previous close of Rs 1313.70 on BSE.

11:20 am: Sensex zooms over 650 points, Nifty tops 17.300

11:00 am: Reliance Industries stock hits all-time high

Shares of Reliance Industries Ltd (RIL) hit all-time high in early trade today, adding to the gains in benchmark indices.
RIL share climbed 2.13 per cent intraday to Rs 2,776.4 on BSE. The large cap stock has gained 8.7 per cent in the last three sessions. Market cap of the Mukesh Ambani-led conglomerate rose to Rs 18.79 lakh crore on BSE.

The rally in the stock comes after Morgan Stanley raised RIL target price to Rs 3,253 per share from Rs 2,926, implying an upside of 19.66 per cent. The brokerage also reiterated its overweight/inline stance for the firm.

10:38 am: Sensex extends gains, zooms over 450 points

9:16 am: Market opening

Sensex opened 365 points higher at 57,403.24 and Nifty also jumped over 97 points to 17,234.25.

Dr Reddy's and Maruti Suzuki were the top gainers on Sensex, followed by Bajaj Finance, Bajaj Finserv and Infosys.

Nestle India and HCL Tech were among the top losers.

8:55 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 3,009.26 crore on April 20, and domestic institutional investors (DIIs) bought shares worth Rs 2,645.82 crore, as per provisional data available on NSE.

8:35 am: Global updates

US stocks ended in mixed territory on Wednesday as the tech-heavy Nasdaq was dragged down by bleak Netflix earnings, while bond yields dipped after a recent strong run.

The Dow Jones Industrial Average rose 249.59 points, or 0.71%, to 35,160.79, the S&P 500 lost 2.76 points, or 0.06%, to 4,459.45 and the Nasdaq Composite dropped 166.59 points, or 1.22%, to 13,453.07.

Shares in Asia-Pacific were mixed in Thursday morning trade as investors continue to watch China’s COVID situation along with moves in the Japanese yen.

Chinese stocks fell in early trade, with the Shanghai composite shedding 0.3% while the Shenzhen component shed 0.12%. Hong Kong’s Hang Seng index slipped 0.3%.

The Nikkei 225 in Japan gained 1.14% while the Topix index advanced 0.63%. South Korea’s Kospi climbed 0.61%. In Australia, the S&P/ASX 200 nudged 0.22% higher.

8:15 am: SGX Nifty

The Indian equity market is likely to open higher today as SGX Nifty was trading 59 points higher at 17,231.80.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:00 am: Market on Wednesday

Benchmark indices rebounded on Wednesday after falling for five straight sessions, led by buying in Reliance Industries and recovery in Infosys, TCS and HDFC twins.

A positive trend in global markets also aided the market recovery. Sensex jumped 574.35 points to end at 57,037.50. During the day, the index rallied 753.36 points or 1.33 per cent to 57,216. Nifty ended 177.90 points or 1.05 per cent higher at 17,136.

UltraTech Cement, Maruti, Reliance Industries, Asian Paints, TCS, Hindustan Unilever Limited, Bharti Airtel, HDFC and Dr Reddy's were the top Sensex gainers, rising up to 3.52 per cent. Bajaj Finance, ICICI Bank, Bajaj Finserv, Tata Steel and ITC were the top Sensex losers, falling up to 3.35 per cent.

Sensex had tumbled 2,984.03 points in five sessions prior to today, while the Nifty shed 825.70 points.