Share Market Update: Sensex rises 574 points, Nifty ends above 17,100; Ultratech Cement, Maruti, RIL top gainers

Good afternoon!

Equity benchmarks extended losses for the fifth consecutive session on Tuesday, dragged down by heavyweights HDFC twins and Infosys amid a mixed trend in global markets.

Sensex tanked 703 points to end at 56,463 and Nifty 50 crashed 215 points to close at 16,958.

What's next? Here are the latest updates!

3:37 PM: Closing update

Sensex rises 574  points to 57,037 and Nifty ends 178 points higher at 17,136 in the afternoon session.

3:27 pm: Tata Steel Long Products slips 6% post earnings

Shares of Tata Steel Long Products fell over 6 per cent today after the firm reported a 82 per cent fall in its net profit for the quarter ended March 2022. The large cap stock opened 3.86 per cent lower at Rs 768.60 against the previous close of Rs 799.45 on BSE. Shares of Tata Steel Long Products further slipped 6.33 per cent to Rs 748.85.

At 3:04 pm, the stock was trading 6.31 percent lower at Rs 749 on BSE.

2:33 pm: Top Sensex gainers are Reliance Industries, Ultratech Cement and TCS rising up to 3.15% in the afternoon session. Of 30 Sensex stocks, 19 are trading in the green.

2:24 pm: Market cap of BSE-listed firms rises to Rs 267.73 lakh crore in the afternoon session.

2:16 pm: ACC shares zoom 8% post Q1 earnings

Shares of Cement maker ACC Ltd were on a roll on Wednesday and jumped over 8 per cent to hit an intraday high of Rs 2217.50 on BSE after the company posted  results for the first quarter ended March 2022.

ACC Ltd reported a 29.5 per cent decline in consolidated net profit to Rs 396.33 crore for the first quarter ended March 2022, mainly due to the rise in fuel cost. The company, which follows the January-December financial year, had posted a profit of Rs 562.59 crore a year ago.

However, its total revenue from operations during the January-March quarter increased 3.13 per cent to Rs 4,426.54 crore against Rs 4,291.97 crore in the year-ago period.

12:57 pm:  Market extends gains

Sensex rises 676 points to 57,139 and Nifty zooms 203 points to 17,162 in the afternoon session.

12:52 pm: Larsen & Toubro Infotech shares fall over 6% post Q4 earnings

Shares of Larsen & Toubro Infotech fall over 6 percent to Rs 5143 after the firm reported a rise of 16.8 per cent year-on-year in its consolidated net profit at Rs 637 crore for the quarter ending 31 March, 2022. The company had posted a profit of Rs 545 crore in the year-ago period. Revenue from operations in the said quarter rose 32 per cent to Rs 4,302 crore from Rs 3,269 crore in the same quarter last fiscal.

12:40 pm: Market update

Sensex rises 550 points to 57,013 and Nifty zooms 192 points to 17,151.

12:36 pm: LIC IPO: Five things to know before issue hits D-Street

The initial public offering (IPO) of Life Insurance Corporation (LIC) of India is the most awaited share sale of this year. A decision on the date of LIC IPO is expected to be taken by the end of this week. The IPO has been deferred time and again due to high volatility and unfavourable stock market conditions which could hamper the proceeds from the share sale. However, investors are upbeat about the prospects of the IPO, which could fetch them handsome returns. READ MORE
 

12:24 pm: Tata Elxsi share trading 2.46% higher at Rs 7,879 ahead of Q4 earnings today.

12:15 pm: Sensex zooms over 400 points

Bharti Airtel, Maruti Suzuki, UltraTech Cement, Asian Paints and Dr Reddy's were among the top gainers on Sensex.

11:30 am: Adani Wilmar stock triples in two months

Adani Wilmar stock seems to have rallied too far in just over two months. The stock of the Adani Group delivered a return of 205 per cent since its muted debut on February 8 this year. The stock ended at Rs 676 on Tuesday against the listing price of Rs 221 on BSE. However, the stock hit upper circuit of five per cent and hit a record high of Rs 701.65 in the same session. 

Market cap of the firm stood at Rs 90,977 crore on BSE. The company logged a muted market debut on February 8. Read here

11:00 am: HDFC shares trade higher on stake sale in HDFC Capital to Abu Dhabi Investment Authority

Shares of HDFC Ltd were trading higher in early trade today after the housing finance major announced that it has entered into binding agreements to sell 10 per cent of share capital of HDFC Capital Advisors Limited (HCAL), to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for about Rs 184 crore.

10:00 am: RIL shares zoom 3% after buying majority stake in fashion label Abu Jani Sandeep Khosla

Shares of Reliance Industries Limited zoomed over 3 per cent to hit an intraday high of Rs 2726.40 on BSE after Reliance Brands Limited (RBL) announced that it has signed an agreement to invest in Indian Couturiers Abu Jani Sandeep Khosla (AJSK) for a 51 per cent majority stake. 

RBL is a subsidiary of Reliance Retail Ventures Ltd and began operations in 2007. In the past five years, RBL has also invested in building and operating homegrown Indian designer brands. In 2019, RBL marked its first international foray by acquiring the British toy retailer, Hamleys.

The stock opened a tad higher at Rs 2655.75 against the previous close of Rs 2638.45. Market cap of the company rose to Rs 18,41,413.40 crore.

Based in Mumbai, Abu Jani and Sandeep Khosla are India's premier couturiers. An AJSK ensemble is considered a wise investment due to its repeat value, the company added in a statement.

9:35 am: Sensex zooms over 500 points

9:16 am: Market opening

Sensex opened over 139 points higher at 56,602.54 and Nifty was up 60 points to 17,019.45.

Reliance Industries and Maruti Suzuki were the top gainers, followed by HDFC, Wipro and M&M.

Kotak Mahindra Bank and IndusInd Bank were among the top losers.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 5,871.69 crore on April 19, and domestic institutional investors (DIIs) bought shares worth Rs 3,980.81 crore, as per provisional data available on NSE.

8:40 am: Global updates

US stocks surged on Tuesday on the back of stronger-than-expected corporate earnings, but bleak forecasts on global economic growth pushed bond yields up and drove oil down.

The Dow Jones Industrial Average rose 1.45 percent, the S&P 500 gained 1.61 percent and the Nasdaq Composite jumped 2.15 percent.Shares in the Asia-Pacific were mixed in Wednesday morning trade as China defied expectations by keeping its benchmark lending rate unchanged.

The Shanghai composite in mainland China fell 0.26 percent in morning trade while the Shenzhen component shed 0.528 percent. Hong Kong’s Hang Seng index, which fell more than 2 percent on Tuesday, gained 0.36 percent.

The Nikkei 225 climbed 0.47 percent. The Topix index advanced 0.73 percent. Australian stocks also traded in positive territory as the S&P/ASX 200 gained 0.51 percent. South Korea’s Kospi shed 0.37 percent.

8:30 am: SGX Nifty

The Indian equity market is likely to open higher today as SGX Nifty was trading 120 points higher at 17,028.

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

8:15 am: Market on Tuesday

Sensex tanked 703 points to end at 56,463. During the day, the 30-stock index tanked 1157 points to 56,009. For the majority of session, Sensex hovered around the positive territory. It gained nearly 300 points to 57,464.

Nifty crashed 215 points to close at 16,958.

HDFC, HDFC Bank, Infosys, ITC and Tech Mahindra were the top Sensex losers falling up to 5.50 per cent. RIL, ICICI Bank, SBI and Bajaj Finance were the top Sensex gainers, rising up to 3.71 per cent. Of 30 Sensex stocks, 26 ended in the red.

Market cap of BSE-listed firms fell to Rs 266.02 lakh crore.

BSE mid-cap and small-cap indices slumped 296 points and 354 points, respectively.