Share Market Live: Sensex rises 450 pts, Nifty above 15,950; Dr Reddy's, Tata Steel top gainers

The Indian market opened higher today.  Sensex rises 266 pts to 53,501 and Nifty gains 86 pts to 15,922. Benchmark indices ended higher on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to end at 53,234 and Nifty closed 83.30 points higher at 15,835.35. BSE midcap and small cap indices rose 178 and 143 points, respectively.

Stocks in news: TCS, Vedanta, Tata Power, Cipla and more

Here's a look at live market updates today.

10:55 am: Tata Steel Long Products stock rises 4% on takeover of Neelachal Ispat Nigam

Shares of Tata Steel Long Products rose over 4 per cent in early trade after the strategic disinvestment process of Neelachal Ispat Nigam Limited (NINL) was been completed. Tata Steel Long Products has taken over the company.

Tata Steel Long Products stock gained 4.12 per cent to Rs 596.1 against the previous close of Rs 572.50 on BSE. The stock opened with a gain of 3.69 per cent at Rs 593.60 on BSE. The share is trading higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.

10:43 am: LIC stock shares rise 3% as Motilal Oswal sees 20% upside

Shares of Life Insurance Corporation (LIC) of India gained nearly 3 per cent in early trade today after financial services firm Motilal Oswal initiated coverage on the insurance major.

Motilal Oswal assigned a buy call to the LIC stock with a target price of Rs 830, 20 per cent higher to the previous close of Rs 692.50 on BSE. LIC stock gained 2.78 per cent to Rs 711.75 against the previous close of Rs 692.50.

Shares of LIC opened higher at Rs 697.90 on BSE. The stock has fallen 18 per cent or Rs 155 since May 17 this year when the stock made a tepid debut on the bourses.

 10:02 am: Market update

 Sensex rises 452 pts to 53,687 and Nifty gains 134 pts to 15,969.

9:59 am: Top Sensex gainers

Dr Reddy's, Tata Steel and Bajaj Finserv top Sensex gainers, rising up to 2.17 per cent in early trade.

9:17 am: Market update

Sensex rises 266 pts to 53,501 and Nifty gains 86 pts to 15,922.

9:03 am: Expert take

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"The market lacks clear direction and this trend can be expected to continue in the context of high uncertainty in the global economy. There are no clear indicators yet on whether the US economy will slip into recession and how serious the ongoing global growth slowdown will be. Elevated crude and high inflation will continue to drag on markets. The recent correction has made valuations fair but not yet attractive enough for aggressive buying. Leading financials continue to be safe buys. Moderation in commodity prices and improvement in chip availability bode well for autos. Market resilience in July indicates that a close above Nifty 16000 can lead to a near-term rally. Financials, autos and IT have the potential to drive such a probable rally."

8:45 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities Lt Domestic equities may start on a positive note in sync with the upward bias seen in SGX Nifty. Markets are also likely to take cues from the US Index futures which are seen well in the green with Dow Futures up around 73 points at 31134. Hiccups such as oil prices rising to over $110 a barrel on supply concerns and currency direction could fuel intra-day volatility, but Nifty is likely to sail smooth as the technical landscape looks constructive in the backdrop of 'Morning Star' pattern on Nifty's daily technical landscape followed by Friday's 'Hammer Candle" and yesterday's 'Bullish Candle'. We are bullish on Balkrishna Industries, Tata Power, Canara Bank, and Coromandel International with an interweek/intermonth perspective.

8:34 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities

"It appears investors are looking forward to a recovery, and the bullish takeaway is that probably Nifty could shoot to the psychological 16000 mark with an interweek perspective. Technically, for Tuesday's trade, Nifty's biggest support is seen at 15711. Below the interweek support at 15457, expect a waterfall of selling. Nifty's major hurdle is seen at 15927 and then all eyes on the 16,181 mark."

8:20 am: SGX Nifty

The Indian market is likely to open higher as SGX Nifty rose 25 points to 15,848. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Benchmark indices ended higher on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to end at 53,234 and Nifty closed 83.30 points higher at 15,835.35. BSE midcap and small cap indices rose 178 and 143 points, respectively.