Share Market update: Sensex rises 616 pts, Nifty above 15,950; Bajaj twins top gainers

The Indian market ended higher today. Sensex rose 616 points to 53,750 and Nifty ended 179 points higher at 15,989. Benchmark indices ended lower on Tuesday as fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets affected investor sentiment. Sensex declined 100.42 points to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93. Nifty also gave up intra-day gains and fell 24.50 points to 15,810.85.

Stocks in news: Tata Motors, NTPC, Adani Power, Tata Steel and more

Here's a look at live market updates today.

3:37 pm: Closing update

Sensex rises 616 points to 53,750 and Nifty ends 179 points higher at 15,989.

2:38 pm: Angel One logs a 96.9% YoY rise in client base

Angel One processed 70.15 million orders in June 2022, a 42.6% YoY growth. The Fintech company's overall Average Daily Turnover (ADTO) grew to Rs 9.76 trillion in June 2022, a 118.5% YoY growth. Its average client funding book surged 19.8% YoY to Rs 16.31 billion in June 2022.

2:34 pm: Marico stocks falls 2% on decline in Q1 volume

Shares of FMCG major Marico fell over 2 per cent today after the firm logged a volume decline ''in mid-single digits'' in its India business, as the sector continued to witness ''tepid demand'' as rising retail inflation exerted pressure on the share of wallet. Marico stock slipped up to 2.39 per cent to Rs 480.9 against the previous close of Rs 492.65 on BSE. Marico stock trades higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.

1:12 pm: Key fact

Market slumps for the third consecutive month: The Nifty slid 4.8% MoM in Jun'22 after a 3% fall in May 2022. The market closed in the red for the third consecutive month and notched the steepest MoM decline since March 2020.

1:01 pm: Market update

Sensex rises 552 points to 53,686 and Nifty gains 161 points to 15,972 in the afternoon session.

12:32 pm: Bajaj Finance shares rise over 3% on strong Q1 update

Shares of Bajaj Finance rose over 3 per cent today after the NBFC disclosed data related to its Q1 performance. The firm said new loans booked in the last quarter were 7.4 mn as compared to 4.6 mn in the first quarter of FY22. The company logged highest ever quarterly increase in its customer franchise of 2.7 mn in Q1 FY23.

Buoyed by the Q1 show, Bajaj Finance stock gained 3.32 per cent intraday to Rs 5,850 against the previous close of Rs 5,662.05 on BSE.

11:31 am: Market update

Sensex rises 319 points to 53,453 and Nifty gains 76 points to 15,887.

11:00 AM:  Adani Wilmar or Ruchi Soya: Which is the better stock to buy?

Shares of Adani Wilmar and Ruchi Soya have for long been among favourite picks of investors, considering their strong backing by Adani Group and Patanjali Ayurved. Ruchi Soya, which was renamed as Patanjali Foods, on June 24 is listed as Ruchi Soya Industries on NSE and BSE.

While Adani Wilmar made its market debut on February 8, 2022, the Ruchi Soya stock was relisted on January 27, 2020 at Rs 16.10 a share. READ MORE

10:40 am:  Expert take on Rupee fall

Punit Patni, Equity Research Analyst, Swastika Investmart

"The rupee depreciation has become a headline nowadays after it hits a record low of 79.37 against the dollar as the dollar is gaining strength against most of the world currencies. The strength in the dollar can be attributed to its safe-haven demand amid geopolitical tension, and interest rate hikes by the US Fed. The rise in interest rates in the US is leading to heavy selling by FIIs in the Indian equity market resulting in rupee depreciation. Particularly sectors with a low reliance on imported raw materials, like software and textiles, will benefit from it. However, it will raise the costs for manufacturers in industries like petroleum,  gems, and jewellrey. Amid all worries, we should look at the bigger picture, Indian Rupee is still amongst the best performing emerging market currency despite its recent fall, FIIs have sold almost Rs 3 lakh crore in the Indian equity market since Oct-2021 but the rupee has remained resilient because of the high forex reserves which will provide enough ammunition to the RBI to intervene. Further, the rate hikes throughout the world will cool off the prices of major commodities, and supply chains will normalize, capping the further rise in inflation. This will moderate the further depreciation of INR and we believe that RBI will intervene in case of too much fall in the rupee. Finally, we import 85% crude oil of our needs, and the current fall in crude oil price will compensate for the rise in the current account deficit due to INR depreciation; this will cap the further depreciation and lead to a range-bound INR."

9:17 am: Sensex rose 281 points to 53,415 and Nifty gained 66 points to 15,877 in early trade .

8:45 AM: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are lots of signals from markets: Brent crude crashed to near $100 a barrel, dollar index rose above 106, rupee again depreciated to an all-time low, euro is at 20-year low to the dollar and, perhaps most importantly from Indian market perspective, FIIs turned buyers after a long gap. While crude crash along with  corrections in other commodities like metals is a bearish signal indicating increasing possibility of recession in the US, commodity crash is positive for the Indian economy and FIIs turning buyers is a bullish signal for Indian equity market. It is important to watch whether these signals are one offs or will they sustain. With valuations reaching fair levels, investors can buy high-quality stocks in a calibrated manner. Stocks that FPIs sell like financials and IT are good segments to bet now."

8:34 am: Expert take

Palak Kothari, Senior Technical Analyst, Choice Broking

"Nifty may find support around 15,650 levels while on the upside 16,000 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank Nifty has support at 33,400 levels while resistance at 34,500 levels."

8:20 am: SGX Nifty

The Indian market is likely to open higher as SGX Nifty rose 30 points to 15,796. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

Benchmark indices ended lower on Tuesday as fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets affected investor sentiment. Sensex declined 100.42 points to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93. Nifty also gave up intra-day gains and fell 24.50 points to 15,810.85.