Share Market Live: Sensex rises 400 pts, Nifty at 17,300; M&M, Maruti top gainers

The Indian market opened higher today. Sensex rose 193 pts to 57,764 and Nifty gained 65 pts to 17,223 in early trade. Benchmark indices ended higher for the third straight session on Friday led by heavy buying in metal, consumer durables and IT stocks. Sensex jumped 712 points to end at 57,570 and Nifty advanced 228 points to 17,158.

Stocks in news: YES Bank, NTPC, SpiceJet, Indian Oil, HDFC and more

Here’s a look at live market updates today.

2:15 pm: Market update

Sensex rises 428 pts to 57,998 and Nifty gains 144 pts to 17,302 in the afternoon session.

YES Bank shares climb 6% after board approves raising of Rs 8,898 cr

Shares of YES Bank surged nearly 6 per cent today after the board of the private lender cleared raising of Rs 8,898 crore from funds affiliated with private equity investors Carlyle and Advent International. Both the funds will potentially own 10 per cent each in the private lender.

YES Bank stock rose 5.75 per cent to Rs 15.80 against the previous close of Rs 14.94 on BSE today. YES Bank shares were trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

Stock of YES Bank has gained 19% in a year and risen 10.66% in 2022. In a month, the stock has gained 19.76%.

12:40 pm: M&M shares hit all-time high as Scorpio-N gets record bookings within 30 mins

Shares of Mahindra and Mahindra (M&M) hit a fresh all-time high today after the homegrown sports utility vehicle maker said that it recorded 1,00,000 bookings for the all-new Scorpio-N within 30 minutes- collecting around Rs 18,000 crore ($2.3 billion) on ex-showroom value.

The large-cap stock hit an all-time high of Rs 1,247.60, rising up to 7.11 per cent against the previous close of Rs 1,164.75 on BSE. It opened with a gain of 2.6 per cent at Rs 1,195 today.

11:42 am: Market update

Sensex rises 349 pts to 57,919 and Nifty gains 104 pts to 17,262 in the afternoon session.

11:37 AM: Tata Steel shares rise for fourth consecutive session, here’s why

Shares of Tata Steel rose for the fourth consecutive session today as the Tata Group firm is planning to roll out the ‘First in India’ seating system for Vande Bharat Express trains from September 2022.

Upbeat investor sentiment after the stock split on July 28 also contributed to the rally today. Tata Steel stock hit an intraday high of Rs 111.45, rising 3.52 per cent against the previous close of Rs 107.65 on BSE. The stock was among the top Sensex gainers in early trade today.

Earlier, it opened with a gain of 2.27 per cent at Rs 110.10.

Market cap of the firm rose to Rs 1.31 lakh crore today. Shares of Tata Steel have lost 24.71 per cent in a year and lost 2.88 per cent in 2022. However, the stock has gained 23.61 per cent in a month.

11:00 AM: VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The 9% rally in Nifty in July is in sync with the 9% rally in S&P 500. The pull back in US and other developed markets was facilitated by the strong employment numbers and resilience of the US economy, triggering hopes that the US might succeed in avoiding a recession, or if the recession happens, that would be a mild one.

The big positive for the Indian market is the FPIs turning buyers in July after 9 months of relentless selling. The sharp decline in the dollar index from above 109 to below 106 now indicates that the flight to the safety of the dollar is over for now.

At 17,150 Nifty valuations are again moving to the higher side. So that higher level investors have to exercise caution. After the expected run up in financials, now, capital goods, autos particularly PV and CV segments and select pharmaceuticals look interesting. High quality financials will continue to be resilient.”

10:11 AM: IDFC First Bank shares rise 6.5% on record profit in Q1

Shares of IDFC First Bank gained over 6 per cent today after the lender reported its highest ever net profit for the quarter ended June 2022 led by lower provisioning and higher income.

IDFC First Bank shares opened with a gain of 4.93 per cent at Rs 39.40 today. Stock of IDFC First Bank rose 6.52 per cent intraday to Rs 40 against the previous close of Rs 37.55 on BSE. IDFC First Bank stock trades higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.

9:36 am: Rupee rises 13 paise to 79.11 against US dollar in early trade.

9:18 am: Market opens

Sensex rises 193 pts to 57,764 and Nifty gains 65 pts to 17,223 in early trade.

9:13 am: Expert take

Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

“Domestic equities are likely to see a positive start following gains in other Asian indices after a firm US markets close on Friday boosted investors’ sentiment. After the Fed rate hike decision last week, all eyes will be on RBI MPC’s interest rate decision on August 5. The street expects the RBI to hike repo rates by another 50 basis points to 5.4% from the current 4.9%. The market will also keep an eye on the July auto sales numbers to trickle in later today, as this would be an likely indication of the health of the macro economy. However, we suspect that the benchmarks at Dalal Street will exhibit volatility with any excessive upside capped around 17500-17750 zone and probably collapse heavily if Nifty slips below its biggest support at 16901 mark.”

8:34 am: Expert take

Nagaraj Shetty, Technical Research Analyst, HDFC Securities

“The underlying trend of the Nifty is sharply up. The unfilled opening upside gaps, sharp vertical up move and the decisive upside breakout of significant overhead resistance indicate more upside ahead for the market ahead. The next upside targets to be watched are around 17,600- 17,800 levels in the next few weeks, but minor downward corrections/consolidations in between can’t be ruled out. Important support is placed at 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 considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Friday

Benchmark indices ended higher for the third straight session on Friday led by heavy buying in metal, consumer durables and IT stocks. Sensex jumped 712 points to end at 57,570 and Nifty advanced 228 points to 17,158. Tata Steel, Sun Pharma, Bajaj Finserv, and IndusInd Bank were the top Sensex gainers, rising up to 7.27 per cent. Dr Reddy’s, Kotak Bank, SBI, ITC and Axis Bank were the only Sensex losers, falling up to 1.19 per cent.

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