Share Market Live: Sensex rises 300 pts, Nifty above 16K; HUL, Airtel top gainers

The Indian market is likely to open higher today as SGX Nifty rose 57 points to 15,990. Benchmark indices ended lower for the fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. Sensex settled 98 points lower at 53,416.15. During the session, the 30-stock index hit a high of 53,861.28 and a low of 53,163.77.

Nifty also trimmed initial gains and closed 28 points lower at 15,938.

Here's a look at live market updates today.

Stocks in news: Adani Ports, Bharti Airtel, ACC, Tata Elxsi and more 

9:22 am: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Globally equity markets are likely to remain turbulent till the Fed meeting of 27th July. The most likely policy action by the Fed would be a 75bp rate hike by the Fed but even a 100 bp hike cannot be ruled out after the red hot June inflation print of 9.1%. In India inflation is slowly trending down and is likely to decline further given softening commodity prices. This is a positive for India.

The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This means some of the FIIs have started buying in segments where valuations have become attractive.

An important trend in the market is the strength in FMCGs. The FMCG index is up by 8.5% this year. This segment is a good defensive  play during this turbulence and a major technical advantage for the segment is that FII presence is limited  and, therefore, FII selling is not happening."

9:18 am: Market update

Sensex rises 306 pts to 53,722  and Nifty gains 87 pts to 16,025.

9:07 am: Prashanth Tapse, Vice President (Research), Mehta Equities

"Markets are likely to start on a firm note in tandem with gains in SGX Nifty & most of the other Asian gauges, but intra-day volatility will continue due to the uncertain environment. Pessimism continues to grip stock markets across the globe amidst lingering recession fears and mounting inflationary pressures. Also, blame the negativity on the ongoing energy crisis in Europe, courtesy of Russia. Falling rupee, FPI outflows, and US bond markets flashing recession warnings would keep investors on tenterhooks. However, investors can take solace from the receding crude oil prices, which has further declined below $100 a barrel. Technically speaking, if Nifty breaks below its biggest support at 15,851 mark then it is safe to assume that the global crisis could just be starting."

8:34 am: Expert take

Rupak De, Senior Technical Analyst at LKP Securities

"Nifty has found resistance at the 50 EMA for the second consecutive session. On the daily chart, back-to-back bearish candles indicate near-term weakness. The RSI on the daily chart indicates a weak price momentum. On the lower end, the index may fall towards 15,850, where the lower band of the rising channel lies. On the higher end, resistance is visible at 16,200."

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 57 points to 15,990. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on  Thursday

Benchmark indices ended lower for the fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. Sensex settled 98 points lower at 53,416.15. During the session, the 30-stock index hit a high of 53,861.28 and a low of 53,163.77.