Share Market update: Sensex rises 89 pts, Nifty ends flat; UltraTech Cements, ICICI Bank top gainers

The Indian market ended higher today. Sensex rose 89 points to 58,387 and Nifty gained 7 points to 17,389. Equity market snapped its six-session rally to close marginally lower on Thursday amid profit booking in banking and energy stocks. Sensex ended 51.73 points lower at 58,298.80 and Nifty dipped 6.15 points to end at 17,382.

Stocks in news: Titan, Nykaa, Adani Enterprises, YES Bank and more

Here’s a look at live market updates today.

3:36 pm: Market update

Sensex rises 89 points to 58,387 and Nifty gains 7 points to 17,389.

3:20 pm: Titan Company shares rise 2% post Q1 earnings

Shares of Titan Company rose 2 per cent intraday after the luxury goods firm reported a multi-fold rise in Q1 net profit. Titan Company reported a consolidated profit of Rs 785 crore in the last quarter mainly on low-base effect. The company had posted a net profit of Rs 20 crore in the year-ago period, which witnessed a hit from the outbreak of the COVID-19 pandemic. Sequentially, Titan’s net profit rose 54 per cent from Rs 510 crore in the previous quarter (Q4FY22).

Shares of Titan Company rose up to 2 per cent to Rs 2,471.70 after the firm announced its Q1 earnings. The stock was trading flat before the earnings were announced. Later, the stock erased all gains and was trading flat at Rs 2,436 at 3:04 pm.

3:16 pm: Expert take

Vivek Bansal, Executive Director & Group CFO, InCred

“The hike is on expected lines and driven by strength of dollar, volatile macro situation and continued high inflation. It is expected that inflation will come down over next 3-6 months as commodity prices have already cooled down significantly from peak levels. Given strong growth momentum visible, it was prudent to focus on containing inflation to make growth more broadly based.”

2:13 pm: Titan Company reports stellar Q1 earnings

Tata Group firm Titan reported a massive jump in consolidated net profit at Rs 785 crore for the quarter ended June 30, 2022, mainly on low-base effect. The company had posted a net profit of Rs 20 crore in the year-ago period, which witnessed a hit from the outbreak of the COVID-19 pandemic.

Sequentially, Titan’s net profit was up 54 per cent from Rs 510 crore in the previous quarter (Q4FY22).

1:13 pm: Mahindra & Mahindra Q1 results: Net profit jumps 67% to Rs 1,430 cr

Mahindra & Mahindra (M&M) on Friday posted a 67 per cent rise in standalone net profit at Rs 1,430 crore for the quarter ended 30 June, 2022. The company had posted a profit of Rs 857 crore in the year-ago period. On a sequential basis, M&M net profit rose 10.7 per cent from Rs 1,292 crore in the previous quarter (Q4FY22). The company’s revenue from operations surged 66.7 per cent to Rs 19,612.64 crore from Rs 11,764.82 crore in the same quarter last fiscal.

Its earnings before interest, taxes, depreciation, and amortization or EBITDA rose 43 per cent YoY to Rs 2,341 crore as against Rs 1,631 crore in Q1FY22.

1:06 pm: Market update

Sensex rises 29 pts to 58,327 and Nifty gains 4 points to 17,386 in the afternoon session.

1:00 pm: Expert take

Santosh Meena, Head of Research, Swastika Investmart

“Today’s RBI MPC decision to hike the repo rate by 50 BPS is in line with the market expectations, thus remaining a non-event. This move and the change in stance from neutral to the withdrawal of accommodation were imperative to ease down the current scorching inflation. Inflation is expected to remain above the central bank’s 6% threshold in the second & third quarters of this fiscal year, whereas for the whole year CPI inflation is projected at 6.7%. The recent commentary by the Governor has corroborated the statement that India has zero probability of slipping into recession. Nevertheless, the commentary was cautious about the global and geo-political issues that could severely impact the supply chains.”

10:58 am: Expert take on markets

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

“On the technical front, Nifty formed a small negative candle with lower hairline, resembling closer to a hanging Man candle on the daily time frame. Past two consecutive days of similar pattern formation indicates that volatility is likely to rule in the coming sessions and inability to surpass the immediate resistance level of 17500 makes the viewpoint stronger. The pattern specifies of an upcoming reversal in the market but no signs of exhaustion can be seen yet through oscillators, though the indicator has flattened during the period. On the downside the psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence , during the day Index is likely to witness gap up opening tracking global cues and is expected to head northward to challenge the 17500 levels, use intraday dip towar ds 17200-17250 to create long position for the target of 17575.”

10:56 am: Expert comment on RBI policy

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

“The 50 bps repo rate hike came 15 bp higher than the majority expectation of a 35 bps hike. It is evident that the MPC is frontloading the rate hikes since it feels that “CPI inflation is above comfort levels. The MPC has been emboldened to go for this 50 bp hike since the economic activity is resilient and withdrawal of accommodation stance is necessary to anchor inflation expectations. The RBI governor went so far as to say that “the Indian economy is holding steady in an ocean of turbulence. The capacity utilization in industry at 75% is higher than the long-term average. This positive view on the economy has been well received by the stock market in spite of the higher at hand expected repo rate hike.”

1:56 pm: Expert take on RBI policy

Amit Jain, co-founder of Ashika Global Family Office Service

“In line with expectation, the RBI has raised the repo rate by 50 bps which is an appropriate action keeping in mind the global inflationary environment. Yesterday for the first time after 1997 the Bank of England raised 50 bps in their policy rate. As of now , Indian 10-year Gsec is trading around 7.26% which we believe will peak out around 7.8% by the end of the CY2022.”

10:21 am: GDP projection at 7.2% for 2022-23

The Reserve Bank of India Governor Shaktikanta Das said during the MPC announcements on Friday that the GDP projection for 2022-23 has been retained at 7.2 per cent. He said that Q1 has been projected with a growth of 16.2 per cent, Q2 6.2 per cent, Q3 4.1 per cent, and Q4 4 per cent with risk broadly balanced.

Real GDP growth projection for Q1 2023-24 has been projected at 6.7 per cent.

10:19 am: OnMobile Global Q1 earnings

OnMobile Global Limited announced the financial results for the first quarter of FY23 ended June 30, 2022. Q1FY23 revenue stood at INR 141.0 crore, an increase of 5.9% QoQ and 4.4% YoY; Gross profit for the quarter increased by 9.0% QoQ. EBITDA at INR 7.8 crore with a margin of 5.8% for the quarter.

10:15 am: Market trading higher

Sensex rises 204 pts to 58,503 and Nifty gains 60 pts to 17,442 after RBI raises repo rate by 50 bps.

10:12 am: RBI raises repo rate

RBI raises repo rate by 50 bps to 5.40%.

10:11 am: Subex shares locked in upper circuit for third session

Shares of Subex Ltd were locked in the upper circuit for the third consecutive session after the firm announced a partnership for its AI Orchestration Platform, HyperSense, with Jio Platforms that will augment the 5G product line of Reliance Industries telecom business.

Stock of Subex rose 10% to Rs 43.90 in early trade against the previous close of Rs 39.95 on BSE.

10:03 am: LIC Housing Finance stock rises 5% on stellar Q1 earnings

Shares of LIC Housing Finance rose nearly 5% today after the firm reported a multiple rise in June quarter net profit. The mortgage financier logged a multiple rise in its profit after tax at Rs 925.48 crore on lower provisioning and higher loan growth. The company had reported a profit after tax of Rs 153.44 crore in the same quarter of the previous fiscal.

The stock rose 4.83% to Rs 390.35 against the previous close of Rs 372.35 on BSE.

9:41 am: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“RBI rate action today is unlikely to impact markets. The most likely scenario of a 30 to 35 bp rate hike is already known and discounted by the market. Market will be looking forward to the RBI’s commentary on inflation, GDP growth for FY 23 and other macros like CAD.

The momentum in the market now is influenced by global cues and strong FII buying which has crossed Rs 5300 cr so far in August. The decline in Brent crude to $94 is positive for India’s macros and the dip in the dollar index to below 106 again augurs well for capital flows to India. FII buying happening in sectors like capital goods, FMCG, construction and power is likely to impart resilience to these segments.”

9:36 am: Market update

Sensex rises 204 pts to 58,503 and Nifty gains 60 pts to 17,442.

9:32 am: Sensex gainers

UltraTech Cements, Bharti Airtel, SBI, L&T are the top Sensex gainers, rising up to 2.12 per cent. Of 30 Sensex stocks, 27 are trading in the green.

9:31 am: Banking shares top gainers

Banking stocks top sectoral gainers ahead of RBI MPC meet. BSE bankex rises 204 points to 43,551. Bank Nifty too gains 192 points to 37,947. On Thursday, banking stocks were the top losers.

9:18 am: Market opens higher

Sensex rises 115 points to 58,413 and Nifty gains 36 points to 17,418.

9:16 am: RBI MPC meeting announcements today: Another rate hike on the cards?

The Reserve Bank of India will announce the outcome of its latest Monetary Policy Committee meeting on Friday. Most experts believe that the MPC will go for another round of rate hikes. In the last meeting on June 8, the RBI increased the repo rate by 50 basis points to 4.90 per cent.

Higher repo rates would mean that the cost of home and personal loans would go up. Car and two-wheeler loans, education loans will also get dearer.

9:08 am: Expert take

Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities “Domestic equities are likely to shrug off yesterday’s marginal loss and get back to winning ways, as overnight rally in US markets and optimism in other key Asian gauges will keep the upward momentum intact in early trades. Markets may turn volatile as RBI’s MPC will announce its decision on interest rates in the next few hours today, even though traders hope the rate hike could be on expected lines. Aiding the positive sentiment will be the fall in WTI crude oil prices, which tumbled to $88 a barrel. Also, FIIs remaining net buyers in the last 5 sessions has certainly brought some cheers to the market. Technically, the biggest intraday make-or-break support for Nifty is seen at 17089.”

8:34 am: Expert take

Nagaraj Shetty, Technical Research Analyst, HDFC Securities

“The short-term uptrend status of Nifty remains intact and there is no indication of any sharp reversal pattern at the highs. The consolidation with high volatility is likely to continue for the next 1-2 sessions. Immediate support is placed at 17,200 and the strong resistance to be watched at 17,500 levels. A decisive move above the hurdle could pull Nifty towards the next upside trajectory of 17,800 levels.”

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 66 points to 17,463. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Equity market snapped its six-session rally to close marginally lower on Thursday amid profit booking in banking and energy stocks. Sensex ended 51.73 points lower at 58,298.80 and Nifty dipped 6.15 points to end at 17,382.

BSE Bankex was the top sectoral loser, falling 312 pts to 43,346. Sun Pharma, Nestle, Infosys, Dr Reddy’s, Wipro and Mahindra & Mahindra were among the top Sensex gainers, rising up to 2.46 per cent. NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent.

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