The Indian market opened higher today. Sensex rose 438 points to 58,410 and Nifty gained 149 points at 17,462. Benchmark indices ended lower on Monday amid weak global cues. Sensex tanked 861 points to 57,972 and Nifty closed 246 points lower at 17,312. Of the 30 Sensex stocks, 22 ended in the red. IT, banking, metal and consumer durables shares were the top sectoral losers with their BSE indices falling 975 points, 837 points, 322 points and 282 points, respectively.
Here’s a look at live market updates today.
12:38 pm: Never thought India would become an electronics manufacturing hub in my lifetime: Sunil Mittal
Semiconductors power everything in the world, and even in space. A critical component capable of bringing the world to a stop, the global chip shortage was a wake-up call for the largest economies to invest in the ecosystem. India announced the semiconductor scheme worth Rs 76,000 crore in December 2021, and soon after in August, the US approved a bill providing $52.7 billion in subsidies for US semiconductor manufacturers and research.
As these numbers give a glimpse of the importance of semiconductors, Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, while speaking at Business Today’s India@100 Economy Summit, recalled India’s failed attempts and missed opportunities in the semiconductor space. Mittal said, “We had one semiconductor factory in Mohali SCL, which was the first factory that we had in this country. That unfortunately went down in flames. And no government after that, put it back to revival or to a program.”
12:33 pm: Prabhudas Lilladher on RIL stock post 45th AGM
“We believe RIL’s business segments are very well positioned to benefit from segment tailwinds, given its solid leadership position and well integrated business structure. Further, the company is best placed to incubate new businesses and pursue inorganic opportunities with its liquid BS. Maintain ‘BUY’ at price target of Rs 3,165 (unchanged). Our estimates do not factor projects in new energy and oil to chemicals, ” said the brokerage.
12:03 pm: Rakesh Jhunjhunwala-backed Nazara Technologies’ stock rises after two sessions, here’s why
Shares of late investor Rakesh Jhunjhunwala-backed online gaming company Nazara Technologies gained nearly 3 per cent today after the firm announced the acquisition of leading US children’s interactive entertainment company WildWorks. Rakesh Jhunjhunwala owned 10.03 percent or 65.88 lakh shares at the end of June quarter. Nazara Technologies stock rose 2.64 percent to a high of Rs 647.35 against the previous close of Rs 630.70 on BSE.
The gaming company’s stock opened higher at Rs 637.50 on BSE. The stock has risen after two days of consecutive fall. The stock has lost 29.1 per cent in a year and fallen 43.85 per cent in 2022. A total of 0.18 lakh shares of Nazara Technologies changed hands amounting to a turnover of Rs 1.18 crore. The market cap of the company rose to Rs 4,214.78 crore on BSE.
11:14 am: Market extends gains
Sensex rises 730 points to 58,701 and Nifty gains 231 points at 17,543.
11:01 am: Rs 3.8 to Rs 30: This penny stock gave nearly 700% returns in a year
Shares of Sindhu Trade Links have delivered stellar returns to investors in the last one year. Sindhu Trade Links shares closed at Rs 3.8 on August 30, 2021 against Rs 30.30 on August 30, 2022 (today), translating into gains of 697 per cent during the period. In comparison, Sensex gained 2.74 per cent during the period.
An investment of Rs 1 lakh one year ago in the shares of Sindhu Trade Links would have grown to Rs 7,97,368 today. The stock closed at Rs 29.95 in the previous session. At 10:20 am, the Sindhu Trade Links stock traded 1.17 percent higher on BSE. However, it has lost 9.51 per cent in the last five days.
A total of 9,753 shares of the firm changed hands, amounting to a turnover of Rs 2.90 lakh on the BSE. The market cap of Sindhu Trade Links stood at Rs 4,672 crore on BSE. Sindhu Trade Links stock is trading lower than 5- day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 22 percent this year and risen 834 percent in three years.
9:22 am: Market update
Sensex rises 438 points to 58,410 and Nifty gains 149 points at 17,462.
9:03 am: Expert take
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Compared to the sell-off in US markets last Friday, the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market. However, it is important to appreciate the fact that valuations in India are high. Nifty is trading around 20 times forward earnings. MSCI India is trading at 100% premium to emerging market rivals. This calls for some caution. There is a possibility of further correction in the market in the near-term. Financials, capital goods, autos, telecom and FMCG are strong segments attracting investment.”
8:35 am: Expert Take
Osho Krishan, senior analyst – Technical & Derivative Research, Angel One
“Technically, the positive structure has been shaken a bit as the technical swing support of 17,350 got breached decisively. At the current juncture, the 21 DEMA and the recent unfilled gap around 17,380-17,520 are expected to act as an immediate hurdle for the index in the comparable period. While on the downside, 17,150-17,200 is expected to cushion any sort of fall, followed by the sacrosanct support of the unfilled gap around the psychological mark of 17,000.”
8:25 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 68 points to 17,448. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:10 am: Market on Monday
Benchmark indices ended lower on Monday amid weak global cues. Sensex tanked 861 points to 57,972 and Nifty closed 246 points lower at 17,312. Of the 30 Sensex stocks, 22 ended in the red. IT, banking, metal and consumer durables shares were the top sectoral losers with their BSE indices falling 975 points, 837 points, 322 points and 282 points, respectively. BSE mid cap and small cap indices fell 201 pts and 260 points, respectively.