Share Market Live: Sensex rises 200 pts, Nifty above 17,200; M&M and Tata Steel are the top winners
Indian market opened higher today Sensex rose 193 pts to 57,764 and Nifty gained 65 pts to 17,223 in early trade. Benchmarks ended higher for the third consecutive session on Friday, led by strong purchases of metals, consumer durables and IT stocks. Sensex jumped 712 points to finish at 57,570 and Nifty advanced 228 points to 17,158.
Stocks in the news: YES Bank, NTPC, SpiceJet, Indian Oil, HDFC and more
Here’s a look at today’s live market updates.
10:11 am: IDFC First Bank shares rise 6.5% on record first-quarter profit
Shares of IDFC First Bank gained more than 6% today after the lender reported its highest-ever net profit for the quarter ending June 2022, helped by lower provisioning and revenue higher.
IDFC First Bank shares opened with a gain of 4.93% at Rs 39.40 today. IDFC First Bank’s stock rose 6.52% intraday to Rs 40 against the previous close of Rs 37.55 on BSE. IDFC First Bank shares are trading above the 5-day, 20-day, 50-day and 100-day moving averages, but below the 200-day moving averages.
9:36 a.m.: The rupee rose 13 paise to 79.11 against the US dollar in early trading.
9:18 am: Opening of the market
Sensex climbed 193 pts to 57,764 and Nifty gained 65 pts to 17,223 at the start of the trade.
9:13 a.m.: Expert grip
Prashanth Tapse – Research Analyst, Senior Vice President (Research), Mehta Equities
“Domestic equities are set to get off to a positive start after gains in other Asian indexes after Friday’s firm shutdown in US markets boosted investor sentiment. After the Fed’s rate hike decision last week, all eyes will be riveted on RBI MPC interest rate decision in Aug. 5. Rue expects RBI to hike repo rates another 50bps to 5.4% from 4, 9% currently.The market will also keep an eye on the July auto sales figures which will arrive later in the day, as this would be a likely indication of the health of the macro economy.However, we suspect that the indices Dalal Street benchmarks will show volatility with any excessive upside capped around the 17500-17750 area and will likely break down sharply if Nifty slips below its biggest support at 16901.”
8:34 a.m.: expert grip
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The underlying trend of the Nifty is strongly bullish. The unfilled bullish opening gaps, the strong bullish vertical move and the decisive upside break of significant overhead resistance indicate more of a future for the market ahead. Bullish targets to watch are around 17,600-17,800 levels over the next few weeks, but minor downside corrections/consolidations in between cannot be ruled out.Strong support is placed at the 16,950-16,800 levels. »
8:20 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 19 points to 17,250. The Singapore Stock Exchange is seen as the first sign of the Indian market opening.
8:15 a.m.: Market on Friday
Benchmarks ended higher for the third consecutive session on Friday, led by strong purchases of metals, consumer durables and IT stocks. Sensex jumped 712 points to finish at 57,570 and Nifty advanced 228 points to 17,158. Tata Steel, Sun Pharma, Bajaj Finserv and IndusInd Bank were Sensex’s biggest gainers, rising 7.27%. Dr Reddy’s, Kotak Bank, SBI, ITC and Axis Bank were Sensex’s only losers, dropping as much as 1.19%.