Share Market Live: Sensex rises 640 pts, Nifty above 16,500; RIL, TechM top gainers

The Indian market opened higher today. Sensex gained 619 points to 55,387 and Nifty climbs 182 points to 16,523. Benchmark indices ended in the green for the third consecutive session after falling in initial trade on Tuesday amid a mixed trend in global markets. Sensex gained 246.47 points to end at 54,767.62 and Nifty climbed 62.05 points to close at 16,340.

Stocks in news: Reliance Industries, Grasim, Ambuja Cements, Rallis India and more

Here's a look at live market updates today.

2:46 pm: Market update

Sensex rises 640 points to 55,408 and Nifty gains 184 points to 16,525.

1:06 PM: Why Vedanta Ltd shares rose 9% today

Shares of mining major Vedanta climbed over 8 per cent today after the Anil Agarwal-led firm announced second interim dividend of Rs 19.50 per share. Sentiments around the stock also turned positive with the government cutting the tax on domestically produced crude to Rs 17,000 a tonne, effective July 20. Cairn Oil and Gas, the company's subsidiary has 51 oil and gas blocks across the country.

Vedanta stock opened 4.19 per cent higher at Rs 248.60 against the previous close of Rs 236.80 on BSE. Shares of Vedanta touched an intraday high of Rs 259.75, rising 8.86 per cent on BSE.

Vedanta stock trades higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.

Vedanta shares have gained 0.23 per cent in one year but lost 24.68 per cent since the beginning of this year.

12:00 pm: This Rakesh Jhunjhunwala portfolio stock is down 39% from 52-week high: Good time to buy?

Shares of Rallis India have tumbled 39 per cent from their 52-week high amid highly volatile domestic market affected by negative global cues. The stock, a portfolio component of ace investor Rakesh Jhunjhunwala, has fallen majorly from Rs 344.50 on June 18, 2021 to Rs 205.40 in the current session, amounting to a loss of 40.37 per cent during the period.

Rallis India stock, which hit a 52-week high of Rs 336 on July 22, 2021, is currently trading at Rs 205.40, translating into a decline of 38.86 per cent. Rakesh Jhunjhunwala held 1.38 crore shares or 7.14 per cent stake in the agrochemicals firm for the quarter ended June 2022.

His wife Rekha Jhunjhunwala owned 2.67 per cent or 51.82 lakh shares at the end of the last quarter. Together, the couple held 9.67 per cent stake in the Tata Group firm.

10:16 am: Market update

Sensex gains 705 points to 55,772 and Nifty climbs 201 points to 16,542.

10:13 am: Reliance Industries shares zoom 4% in early trade, here's why

Shares of Reliance Industries Ltd (RIL) gained over 4 per cent in early trade today after the government cut a windfall tax on diesel and aviation fuel shipments by Rs 2 a litre. The government also cut the tax on domestically produced crude to Rs 17,000 a tonne, effective July 20.

Reliance Industries is a major exporter of fuel and is also engaged in the domestic production of crude.

Mukesh Ambani-led Reliance Jio gained a huge 31 lakh mobile subscribers in May, which also led to strong buying sentiment around the stock today.

Shares of Reliance Industries gained 4.26 per cent to Rs 2,545 against the previous close of Rs 2,441.20 on BSE. The stock was the top gainer on Sensex. On Nifty, another oil producer ONGC was the top gainer in early trade. ONGC shares gained 6.80 per cent to Rs 136.60 against the previous close of Rs 127.90.

RIL stock opened 3.84 per cent higher at Rs 2,535 on BSE today. Reliance Industries shares are trading higher than the 5-day, 20-day and 200 day moving averages but lower than 50-day and 100-day moving averages.

 

9:21 am: Sensex gains 619 points to 55,387 and Nifty climbs 182 points to 16,523.

8:34 am: Expert take

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The larger degree of lower tops and bottoms is intact as per weekly chart. Present upmove could be in line with the formation of new lower top of the sequence. But, still there is no confirmation of any lower top formation at the highs.

The short-term uptrend status of Nifty remains intact. But, the lack of strength in the upside momentum could bring bears into action from the higher levels. A decisive move above 16,300 levels is likely pull Nifty towards another hurdle of 16,500-16,600 levels in the near term. Immediate support is placed at 16,200 levels.

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rise 204 points to 16,542. 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 in the green for the third consecutive session after falling in initial trade on Tuesday amid a mixed trend in global markets. Sensex gained 246.47 points to end at 54,767.62 and Nifty climbed 62.05 points to close at 16,340.

Axis Bank, Mahindra & Mahindra, Bajaj Finserv, IndusInd Bank, Tata Steel, UltraTech Cement and State Bank of India were the top Sensex gainers, rising up to 2.35 per cent. Nestle India, HCL Technologies, Sun Pharma, Kotak Mahindra Bank, Infosys, Dr Reddy's and Asian Paints were the top Sensex losers, falling up to 1.37 per cent.