Stock Market Update: Sensex up 89 pt, Nifty stock closed flat; UltraTech Cement, ICICI Bank’s Biggest Gainer

The Indian market ended higher today. Sensex rose 89 points to 58,387 and Nifty increased 7 points to 17,389. The stock market snapped its six-session rally to close slightly lower on Thursday amid profit taking in banking and energy shares. The Sensex closed down 51.73 points at 58298.80 and Nifty fell 6.15 points to close at 17,382 points.

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

Here’s a look at today’s live market updates.

3:36 pm: Market update

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

3:20 pm: Titan’s shares are up 2% after first-quarter earnings

Shares of Titan Company rose 2 percent on the day after the luxury goods company reported a double-digit increase in first-quarter net profit. Titan reported a consolidated profit of Rs 785 crore in the last quarter mainly on the impact of the lower base. The company posted a net profit of Rs 20 crore in the period last year, which was hit by the COVID-19 outbreak. Sequentially, Titan’s net profit increased by 54 per cent from Rs 510 crore in the previous quarter (FY22 fourth quarter).

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

3:16 pm: Take the experts

Vivek Bansal, CEO and Group Chief Financial Officer, InCred

“The increase on the expected lines was driven by the strength of the dollar, the volatile macro situation and persistent high inflation. Inflation is expected to decline over the next 3-6 months as commodity prices have already fallen significantly from their peak levels. The growth momentum is clear, it was prudent Focus on containing inflation to make growth a broader base.”

2:13 pm: Titan reports stellar first-quarter earnings

Tata Group’s subsidiary Titan Group has announced a massive jump in consolidated net profit of Rs 785 crore for the quarter ended June 30, 2022, mainly due to the impact of the lower base. The company posted a net profit of Rs 20 crore in the period last year, which was hit by the COVID-19 outbreak.

Sequentially, Titan’s net profit rose 54 per cent from Rs 510 crore in the previous quarter (FY22 fourth quarter).

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

Mahindra & Mahindra (M&M) on Friday reported a 67 per cent increase in stand-alone net profit of Rs 1,430 crore for the quarter ended June 30, 2022. The company reported a profit of Rs 857 crore in the period last year. On a sequential basis, M&M’s net profit increased by 10.7 per cent from Rs.1,292 crore in the previous quarter (FY22 fourth quarter). The company’s revenue from operations increased by 66.7 per cent to Rs.19612.64 crore from Rs.11,764.82 crore in the same quarter of the last financial year.

Its EBITDA or EBITDA increased by 43 per cent year-on-year to Rs.2,341 crore from Rs.1,631 crore in the first quarter of FY22.

1:06 pm: Market update

Sensex shares rose 29 points to 58,327 and Nifty shares rose 4 points to 17,386 points in the afternoon session.

1:00 pm: Take the experts

Santosh Mina, Head of Research, Swastika Investmart

“The decision of the Reserve Bank of India (RBI) monetary policy committee today to raise the repo rate by 50 basis points is in line with market expectations and therefore remains non-existent. This move and change in attitude from neutral to withdrawal of easing was necessary to mitigate the current burnout. Inflation : Inflation is expected to remain above the central bank’s 6% threshold in the second and third quarters of this fiscal year, while full-year CPI inflation is expected to reach 6.7% The governor’s recent comment has corroborated the statement that India has no prospect to slip into recession. However, the commentary was cautious on global and geopolitical issues that could severely impact supply chains.”

10:58 am: Market expert opinion

Tirthankar Das, Technical and Derivatives Analyst, Retail, Ashika Brokerage

“On the technical front, Nifty formed a small negative candle with a lower hairline, similar to the closest hanging man candle on the daily time frame. The past two days of similar pattern formation indicate that volatility is likely to prevail in the upcoming sessions and the inability to surpass the immediate resistance level 17500 makes the point of Looking stronger.The pattern identifies an upcoming reversal in the market but no signs of exhaustion can be seen yet by the oscillators, although the indicator has flattened during the period.On the downside the psychological level of 17000 which also coincides with the 200dma will be the immediate level to determine the direction Short term market. On the upside, high target level for Nifty is around 17500 (representing 80% retracement of the 2-month low (18100-15183). Intraday, the index is likely to see an opening gap tracking global signals and is expected to trend North to challenge 17500 levels, using the intraday regression tower ds 17200-17250 to create a long position for a target of 17575.”

10:56 a.m.: Experts comment on RBI . policy

VK Vijayakumar, Senior Investment Strategist, Geojit Financial Services

“The 50bps repurchase rate hike came in 15bps higher than the majority expected with the 35bps hike. The MPC is clearly loading the rate increases up front because it feels ‘CPI inflation is above comfort levels.’” The MPC was encouraged to proceed with this 50bp hike as economic activity is resilient and the withdrawal of the easing stance is necessary to solidify inflation expectations. The Governor of the Reserve Bank of India went so far as to say that “The Indian economy is steady in an ocean of turmoil. Capacity utilization in the industry is 75% above the long-term average. This positive view of the economy has been well received by the stock market despite the expected rise in the price of Expected repurchase.

1:56 pm: Experts address RBI . policy

Amit Jin, co-founder of Ashika’s Global Family Office Service

“In line with expectations, the Reserve Bank of India raised its repo rate by 50 basis points which is an appropriate measure considering the global inflationary environment. Yesterday and for the first time after 1997 the Bank of England raised 50 basis points in its policy rate. India’s 10-year Gsec is around 7.26% which we believe will peak at 7.8% by the end of 2022.”

10:21 am: 7.2% GDP forecast for 2022-23

Reserve Bank of India Governor Shaktikanta Das said during MPC announcements on Friday that the GDP forecast for 2022-23 has been kept at 7.2 per cent. He said that the first quarter growth of 16.2 percent, the second quarter of 6.2 percent, the third quarter of 4.1 percent, and the fourth quarter of 4 percent was expected with a balance of risks broadly.

Real GDP growth for the first quarter of 2023 is expected to be 6.7 percent.

10:19 am: OnMobile Global Q1 earnings

OnMobile Global Limited announced the financial results for the first quarter of fiscal year 23 ending June 30, 2022. Revenue for the first quarter of fiscal year 2013 was INR 141.0 crore, an increase of 5.9% on a quarterly basis and 4.4% on an annual basis; Gross profit for the quarter increased by 9.0% compared to the previous quarter. EBITDA at INR 7.8 crore with a margin of 5.8% for the quarter.

10:15 am: Market traded higher

Sensex gained 204 points to 58503 and Nifty gains 60 points to 17442 after the Reserve Bank of India raised its repo rate by 50 basis points.

10:12 am: Reserve Bank of India raises repo rate

RBI raises the repo rate by 50 basis points to 5.40%.

10:11 am: Subex shares closed in the upper circle for the third session

Subex Ltd shares closed in the upper circle for the third consecutive session after the company announced a partnership for its AI Orchestration Platform, HyperSense, with Jio Platforms that will boost Reliance Industries’ 5G product line for telecoms business.

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

10:03 am: LIC’s housing finance stock is up 5% on stellar first-quarter earnings

Shares of LIC Housing Finance are up nearly 5% today after the company reported a multi-fold rise in its June quarter net profit. The mortgage financier posted a multi-faceted rise in its after-tax profit at Rs 925.48 crore due to lower provisions and higher loan growth. The company reported a profit after tax of Rs. 153.44 crore in the same quarter of the previous financial year.

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

9:41 a.m.: Take the experts

VK Vijayakumar, Senior Investment Strategist at Geojit Financial Services

“Today’s RBI rate movement is unlikely to impact the markets. The most likely scenario of a 30-35 basis point rate hike is already known and discounted by the market. The market will be looking forward to the RBI’s comment on inflation and GDP growth for the year Finance 23 and other macros such as CAD.

Momentum in the market is now influenced by global signals and strong FII buying which crossed Rs.5,300 so far in August. Brent crude’s drop to $94 is positive for Indian macros, and the dollar index’s dip below 106 again bodes well for capital inflows into India. Manufacturing purchases that occur in sectors such as capital goods, consumer and consumer goods, construction and energy is likely to lend flexibility to these sectors.”

9:36 am: Market Update

Sensex rose 204 points to 58,503 points, and Nifty stock rose 60 points to 17,442 points.

9:32 am: Sunsex Winners

UltraTech Cements, Bharti Airtel, SBI and L&T topped the list of gainers, up 2.12 percent. Of the 30 stocks in Sensex, 27 stocks are trading in the green.

9:31 am: Biggest gainer in banking stocks

Bank stocks lead sectoral gainers ahead of the RBI MPC meeting. BSE bankex stock rose 204 points to 43,551 points. Bank Nifty also gained 192 points to 37,947. Banking stocks were the biggest losers on Thursday.

9:18 am: Market opens higher

Sensex shares rose 115 points to 58,413 and Nifty shares rose 36 points to 17,418.

9:16 am: Reserve Bank of India MPC meeting announcement today: Another card rate hike?

The Reserve Bank of India will announce the results of its latest Monetary Policy Committee meeting on Friday. Most experts believe that the MPC will go for another round of rate hikes. At the last meeting on June 8, the Reserve Bank of India raised the repo rate by 50 basis points to 4.90 percent.

Higher repurchase rates may mean that the cost of home and personal loans will rise. Auto loans, two-wheeler loans, and education loans will also become more expensive.

9:08 am: Take the experts

Prashanth Tapsi – Research Analyst, Senior Vice President (Research), Mehta Equities “Local stocks are likely to shrug off yesterday’s marginal losses and return to profit ways, as overnight rally in US markets and optimism in other key Asian metrics will maintain bullish momentum in early trades. Markets may turn volatile as the Commission will announce The Reserve Bank of India (RBI) monetary policy decision on interest rates in the next few hours today, although traders are hopeful that the rate hike will be along the expected lines.Helping the positive sentiment is the decline in WTI crude oil prices, which fell to 88 Dollars a barrel. The net buyers in the past five sessions surely brought some cheer to the market. Technically, the biggest one-day support for Nifty appears at 17,089.”

8:34 am: Take the experts

Nagaraj Shetty, Technical Research Analyst, HDFC Securities

“Nifty’s short-term uptrend case remains intact and there is no indication of any sharp reversal pattern on rallies. Strong resistance to monitor at 17500 levels. Any decisive move above the barrier could push Nifty towards the next bullish path at 17800 levels.”

8:20 a.m.: SGX Nifty

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

8:15 am: Market on Wednesday

The stock market snapped its six-session rally to close slightly lower on Thursday amid profit taking in banking and energy shares. The Sensex closed down 51.73 points at 58298.80 and Nifty fell 6.15 points to close at 17,382 points.

BSE Bankex was the biggest loser in the sectoral sectors, falling by 312 points to 43,346 points. Sun Pharma, Nestle, Infosys, Dr. Redis, Wipro, Mahindra and Mahindra were among the top gainers in the Sensex, rising 2.46 percent. NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the biggest losers, declining 3.10 percent.

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