Share Market update: Sensex rises 390 pts, Nifty above 16,700; Ultratech, HDFC twins rise

The Indian market ended higher today. Sensex rose 390 points to 56,072 and Nifty gained 105 points to 16,710. Benchmark indices ended higher for the fifth straight session on Thursday led by a surge in capital goods and IT stocks. Sensex rose 284 points to 55,681 and Nifty ended 89 points higher at 16,610. In the last five sessions, market cap of BSE-listed firms has risen by Rs 9.81 lakh crore to Rs 260.46 lakh crore against Rs 250.65 lakh crore on July 14.

Stocks in news: Reliance Industries, JSW Energy, Biocon, RBL Bank and more

Here's a look at live market updates today.

3:41 pm: Expert take

Vinod Nair, Head of Research at Geojit Financial Services said, "Increased foreign investment and solid quarterly results are increasing domestic demand. Among broad-based buying, banking stocks outshined due to healthy quarterly earnings. European markets traded with modest gains, while investors digested the latest ECB monetary policy as it joined the global peers in policy tightening."

3:35 pm: Market ends higher

Sensex rises 390 points to 56,072 and Nifty gains 105 points to 16,710.

3:24 pm: These BSE 500 firms posted over 100% jump in Q1 net profit; should you buy?

Imported inflation in the form of rising crude and palm oil prices kept the market sentiment jittery during the June quarter. However, the initial financial results of India Inc. showed that at least 9 companies in the BSE 500 index managed to report over 100 per cent growth in net profit so far on a year-on-year basis. Shares of these companies have delivered a mixed return to investors since the beginning of the ongoing financial year-to-date. Going ahead, market watchers are bullish on a couple of stocks. READ MORE

3:23 pm: UltraTech Cement Q1 results: Net profit falls 7% to Rs 1,584 cr

UltraTech Cement, an Aditya Birla Group company, on Friday reported 6.9 per cent year-on-year (YoY) decline in consolidated net profit at Rs 1,584 crore for the quarter ending 30 June, 2022. The company had reported a net profit of Rs 1703 crore in the year-ago period.

The company's net sales rose 28.2 per cent YoY to Rs 15,007 crore in the quarter under review from Rs 11,698 crore in the same quarter last fiscal.

2:47 pm: Market update

Sensex rises 395 points to 56,076 and Nifty gains 114 points to 16,720 in afternoon session.

2:03 pm: RBL Bank stock falls 5% post Q1 earnings, here's what brokerages say

Shares of RBL Bank fell over 5 per cent today despite the lender posting Rs 201 crore profit for the quarter ended June 30, 2022. The lender had posted a net loss of Rs 459 crore in the year-ago period. The stock fell 5.69 per cent to Rs 89.55 against the previous close of Rs 94.55 on BSE.

RBL Bank is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The stock has fallen 56 per cent in a year and lost 28.61 per cent since the beginning of this year.

12:46 pm: RBI Guv Shaktikanta Das defends the rupee, says currency holding out well compared to more advanced peers

The Indian rupee has been touching new lows against the US dollar in the last few months. In calendar year 2022, it has depreciated by over 6 per cent. In an annual banking conference organised by the Bank of Baroda, RBI Governor Shaktikanta Das has put up a strong defence. Let's look at each of the points he made.

Stronger currencies, too, are depreciating

The spillover from the global monetary tightening has been impacting all the currencies. The historically high inflation in the US has been pushing the interest rates up. "Even the Japanese Yen, the Euro and British Pound Sterling have not been spared," said Das. In fact, foreign portfolio investors are also moving to safe haven assets.

Strong domestic financials

Das has listed strong domestic financials and macros as a reason for the rupee holding up well against the US dollar as compared to most advanced and emerging market peers. Das said the current account deficit is modest. Inflation is stabilising. Financial system is well capitalised and sound. External debt to GDP is declining. And forex reserves are also at an adequate level.

12:01 pm: JSW Energy shares gain over 6% on Rs 560-cr profit in Q1

Shares of JSW Energy gained over 6 per cent today after the firm reported a 179 per cent rise in net profit for the June quarter. Net profit rose to Rs 560 crore in Q1, on the back of higher revenues.

Profit after tax for the corresponding quarter of the previous fiscal stood at Rs 201 crore.

Buoyed by the strong earnings, JSW Energy stock opened with a gain of 4.91 per cent at Rs 245.70 today against the previous close of Rs 234.20 on BSE.

11:09 am : Sensex gainers

 Kotak Bank, Titan and HDFC Bank are the top Sensex gainers, rising up to 1.73 per cent.

 11:05 am: Market Update

 Sensex rises 42 points to 55,724 and Nifty gains 22 points to 16,626 in early trade.

10:50 am: Reliance Industries shares trading flat ahead of Q1 earnings

Shares of Reliance Industries Ltd (RIL) were trading flat ahead of its Q1 earnings set to be announced today.  RIL is likely to report strong earnings growth on both year-on-year (YoY) and quarter on quarter (Q-o-Q) basis. The Mukesh Ambani-led firm is likely to report stronger refining profitability, along with continued improvement in telecom average revenue per user (ARPU).

The company's net profit is likely to zoom 109 per cent to Rs 28,891.6 crore on a (YoY) basis on a 74.6 per cent rise in Q1 revenue, according to YES Securities. On a Q-o-Q basis, profit is likely to rise 60.3 per cent on the back of a 17.8 per cent rise in revenue for the quarter ended June, the brokerage said.

9:18 am: Market opens higher

 Sensex rises 222 points to 55,903 and Nifty gains 64 points to 16,669 in early trade.

8:34 am: Expert take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Technically, on daily charts, Nifty has formed a bullish candle and closed above the 100-day SMA (Simple Moving Average), which is broadly positive. For traders, 16,500 would act as a key support level and above which the index could move up to 16,700-16,750. On the flip side, strong possibility of a quick short-term correction is not ruled out, if the index trades below 16,500. Below the same, the index could slip till 16,450-16,420."

8:20 am: SGX Nifty

The Indian market is likely to open flat today as SGX Nifty rose 9 points to 16,626. 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 higher for the fifth straight session on Thursday led by a surge in capital goods and IT stocks. Sensex rose 284 points to 55,681 and Nifty ended 89 points higher at 16,610. In the last five sessions, market cap of BSE-listed firms has risen by Rs 9.81 lakh crore to Rs 260.46 lakh crore against Rs 250.65 lakh crore on July 14.