Share Market Update: Sensex rises 515 pts, Nifty above 17,600; Axis Bank, Bajaj Finance top gainers

The Indian market closed higher today. Sensex rose 515 points to 59,332 and Nifty closed 106 points higher at 17,640. The stock market ended on a flat note on Wednesday, led by a fall in consumer durables and information technology shares. Sensex slipped 35 points to 58,817 and Nifty gained 9 points to 17,534

Here’s a look at live market updates today.

3:41 pm: Kunal Shah, Senior Technical Analyst at LKP Securities

“The Bank Nifty index continued its strong up move on the back of positive global cues. The index surpassed the immediate hurdle of 38400 which will now act as support on the downside. The upside resistance is placed at 39000 and if breached on a closing basis will see further upside towards the 40000 level. The index is trading in overbought territory and a profit booking scenario cannot be ruled out from the current levels.”

3:35 pm: Market update

Sensex rises 515 points to 59,332 and Nifty closes 106 points higher at 17,640.

3:12 PM: Banks to remain closed for 6 days, starting from today; Check full list

Banks will be closed for six days starting from today in some cities due to various festivals, the Reserve Bank of India’s (RBI) holiday calendar showed. All these holidays come under the Negotiable Instruments Act. On the bank holidays notified by the RBI, branches of all public sector, private sector, foreign banks, cooperative banks and regional banks remain shut.

2:05 pm: This IT stock is trading near 52-week low, but brokerages see up to 72% upside

Shares of Zensar Technologies were trading near their 52-week low today amid positive sentiment in the broader market. Zensar Technologies stock hit its 52-week low of Rs 221.65 on August 10, 2022. The IT sector stock was trading at Rs 232 today, down 0.87 per cent to the previous close of Rs 234.45.

Zensar Technologies shares have been falling since the company announced its earnings for the quarter ended June 2022. The stock has fallen from Rs 247.6 on August 5 to Rs 232 today, translating into a fall of 6.30 per cent during the period.

The earnings were announced after market hours on August 5.

12:20 pm: Market update

Sensex gains 570 points to 59,387 and Nifty rises 143 points to 17,678 in the afternoon session.

Stocks in news: IRCTC, Coal India, Glenmark, Eicher Motors, Suzlon Energy and more

12:19 pm: Coal India stock hits 52-week high on Q1 earnings, what should investors do?

Shares of Coal India hit a fresh 52-week high today after the state-owned firm’s net profit rose 179 per cent for the quarter-ended June 2022. Coal India stock gained 2.84 per cent to a new high Rs 226.10 against the previous close of Rs 219.85 on BSE.

The share has gained 52.02 per cent in one year and risen 49.78 per cent since the beginning of this year. The market cap of the firm rose to Rs 1.34 lakh crore on BSE.

Total of 8.19 lakh shares of the firm changed hands amounting to a turnover of Rs 18.12 crore on BSE.

The large-cap share hit a 52-week low of Rs 132.80 on August 23, 2021.

11:22 am: Odisha approves 10 projects worth Rs 74,620 cr; to generate over 24,000 jobs

Odisha Chief Minister Naveen Patnaik has cleared 10 projects worth Rs 74,620 crore. These projects are expected to generate employment for over 24,000 people in the state. Among the 10 industrial projects approved by the Odisha government are green hydrogen and green ammonia, metal and metal downstream and infrastructure projects.

Tata group, Adani group and Arcelormittal Nippon Steel were among the big ticket investors.

10:55 AM: IRCTC shares: Check the new target price post Q1 earnings

Shares of IRCTC were trading lower today a day after the state-owned firm reported a 196 per cent surge in its net profit for the quarter ended June 2022. IRCTC stock fell 0.95 per cent to Rs 666.70 today against the previous close of Rs 673.10 on BSE. The large cap stock has fallen after three days of consecutive gain.

It opened 2.66 per cent higher at Rs 691. The stock further rose 2.71 per cent to Rs 691.35. Subsequently, it saw profit-booking and fell to an intraday low of Rs 651.65, losing 3.19 per cent on BSE.

Shares of the firm are trading higher than the 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages. The stock has lost 20 per cent in 2022 but risen 29.48 per cent in a year.

Market cap of IRCTC fell to Rs 53,240 crore on BSE. Total 2.27 lakh shares of the firm changed hands amounting to a turnover of Rs 15.23 crore.

9:34 am: Sensex gainers

Tech Mahindra, Wipro, IndusInd Bank, ICICI Bank, TCS, Infosys are the top Sensex gainers, rising up to  3.06 per cent.

9:30 am: Expert take

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

“On the technical front, Nifty formed a hanging man pattern on the daily chart indicating of a possible halt in the rally however higher high low formation remains perfectly in place and has been sustaining decisively above the crucial 17,500 mark reinstating that trend is likely to remain positive. Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors.  Classical theorist can claim that there has been a falling channel breakout and is likely to head higher towards the 17900 levels as it is 80% retracement of entire decline off October 2021 to June low (18600-15200).  Thus during the Nifty is likely to witness a gap-up opening while maintaining higher high-low and intraday dip towards 17450-17500 need to be hunted for creating long position for the target of 17900.”

9:27 am: Expert take 

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“US inflation data at 8.5% in July will be a near-term boost to markets. Many market experts believe that the peaks of inflation and Fed hawkishness are behind us. The next Fed rate hike is, therefore, likely to be 50 bps and not 75 bps. This also increases the probability of a soft landing in the US. The near-term texture of the market is likely to be bullish. But this need not sustain for two reasons. One, market valuations are high and this will attract profit booking. Two, details of the US inflation data reveals that inflation is unlikely to drift down steadily since wage growth and rents continue to rise. So, the Fed may continue to be hawkish impacting market optimism. The decline in dollar index to  below 106 is supportive of more capital flows to emerging markets and India is the outperformer in the EM universe.”

9:18 am: Sensex gains 578 points to 59,396 and Nifty rises 160 points to 17,695.

8:45 am: Expert Take

Rupak De, Senior Technical Analyst at LKP Securities

“The important moving averages are lying comfortably below the current index value confirming the uptrend again. The trend may remain bullish over the short term as long as it remains above 17,350. However, the rally towards 17,750-17,800 is likely to attract selling pressure at the higher levels.”

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 195 points to 17,741. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

The stock market ended on a flat note, led by a fall in consumer durables and information technology shares. Sensex slipped 35 points to 58,817 and Nifty gained 9 points to 17,534. Of 30 Sensex stocks, 18 ended in the red. Mid-cap and small-cap indices on BSE lost 31 points and 27 points, respectively. Capital goods and metal stocks were the top sectoral gainers with their BSE indices zooming 391 points and 347 points, respectively.