Stock Market LIVE Updates: Sensex rises 750 pts, tops 56,000; Nifty above 16,800; MTNL surges 11%, SpiceJet plunges 8%.

Stock Market LIVE Updates: Sensex rises 750 pts, tops 56,000; Nifty above 16,800; MTNL surges 11%, SpiceJet plunges 8%.

Sensex Live Today: On Thursday, Indian shares surged to levels not seen in nearly two months, helped by increases in non-bank borrower Bajaj Finance after it reported better-than-anticipated quarterly earnings and the US Federal Reserve’s expected to rise in the rates. Stock Markets felt some relief after the US Federal Reserve raised interest rates by 0.75 percent and Fed Chair Jürgen Powell ruled out the possibility of a recession in his results.

Following the non-bank lender’s release of better-than-anticipated first-quarter results, Bajaj Finance rose 5.8 percent to reach its highest level in almost three months, outpacing all of the progress that was made on the Nifty 50.

After the manufacturer reported a more major loss, hurt by a rise in costs, Tata Motors fell 2.8 percent, its worst intraday drop in almost a month. After India’s aviation controller cut the budget carrier’s talents and capacities in half on Wednesday, citing recent safety issues, SpiceJet plunged 9.3 percent to a March 2020 low.

Dr. Reddy’s Laboratories, Bajaj Finserv, and SBI Life Insurance, three Nifty 50 constituents, are scheduled to release results later in the day.

Tuesday’s session was highly turbulent, and benchmark indexes closed lower because of the result of fag-end buying in FMCG, banking, and IT equities, and a bad start to the European stock markets.

Sensex lost 100.42 figures, just ending the day at 53,134.35. It increased by 631.16 percentage, or 1.18 percent, to 53,865.93 over the day.

Additionally, giving up intraday gains, the Nifty dropped 24.50 figures to 15,810.85. Sensex declines of up to 1.73 percent were led by notable losers like the ITC, Wipro, Axis Bank, Mahindra and Mahindra, L&t, Maruti Suzuki India, IndusInd Bank, and Asian Paints.

The top Sensex gainers, with gains of up to 1.54%, were Power Grid, Bajaj Finserv, Unilever, Sun Pharma, Ambani Industries, and Tata Steel.

Geojit Financial Services’ Head of Research, Vinod Nair, stated: “Strong macroeconomic data had helped the domestic market start out strong, but weak introductions in international stock interchanges and share markets have caused it to conclude with small losses.

The current global market trend suggests that investor confidence is still plagued by the uncertainty surrounding the recession and tighter and better monetary and fund policies. The performance of developing currencies was impacted by the dollar index opening substantially very high, which caused the INR to decline.”

The BSE Midcap and Smallcap indexes experienced respective declines and gains of 77 and 49. The BSE indices for banking and IT companies both dropped by 145 and 168 figures, respectively, making them the top sectoral losers.

On the BSE, 1,714 stocks ended up vs. 1,569 falling, resulting in all of the favourite places of the market breadth. 160 shares have still been the same. Compared to the other session, the market valuation of BSE-listed companies was Rs 245.32 lakh crore today.

“Domestic indexes made a great start on the well-suited global cues and strong India’s services PMI data, which increased the most in 11 years to 59.2 for June,” said Siddhartha Khemka, the Head Of Retail Research Motilal Oswal Financial Services. Nifty began the day very well and eventually crossed the 16k barrier.

However, the weakness in the US Futures market and the European markets caused it to decline in the session’s last hour. Investors booked out of the intraday gains due to anxiety around the US Fed meeting minutes and expectations of weakening in the following results season. The Indian rupee hit a fresh record low, adding to the market’s overall sluggishness. “

In the mean time, the rupee dropped 41 paisas to end the day at a record-low 79.36 against the US dollar. The Sensex had increased by 326.84 or 0.62 percent to close at 53,234.77 in the other session. To complete at 15,835.35, the Nifty gained 83.30 percentage or 0.53 percent.

According to the interchange of the data, files (FIIs) continued to be net sellers on Monday, selling shares of Rs 2,149.56 crore in the capital market.

Global markets

Shanghai’s stock market ended slightly lower than other Asian markets in Tokyo, Seoul, and Hong Kong. In mid-session trades, European stock markets were moving in the red. Monday’s US stock market was closed due to a holiday. While this was happening, the benchmark Brent of crude price fell by 0.88 percent to $112.5 per barrel.

As news of the Federal Reserve’s slower percentage of funds or monetary tightening spread to international markets on Thursday, equities on Wall Street continued to rise, bonds increased, and the dollar maintained losses.

To combat inflation, the Fed increased rates by 75 percent for the other month, but it said the percentage of increase would slow down.

Concerns about inflation and Ukraine caused a decline in Indian equity market places. For the second day in a row, the benchmark indices refused on Friday. The Nifty 50 was up 532 or 3.06 percent at 16,842.80 at closure, while the Sensex was down 1,747.08 or 3.00 percent at 56,405.84. All the sectoral indexes completed in the red, with 2–6% declines in the sectors of the auto, bank, oil & gas, PSU Bank, pharmaceutical, FMCG, metal, real estate, and capital goods indices.

BSE Midcap and Rates at least indices declined 3–4% on the complete market. The Top Nifty losers were JSW Steel, HDFC Life, ITC, Tata Steel, and Tata Motors, while TCS was the only gainer.

“The volatility measures of the index increase by 22.97% to 22.97%. Even the Oil prices may rise even further, which would be bad for India if the conflict between Russia and Ukraine worsens or if the US imposes reprisal penalties. Additionally, the larger market confirms a correction, and because of the result, the market’s breadth favoured bears. Up 1.05 percent TCS was the top gainer in the 50-share pack. JSW Steel, which fell 6.68%, was the group’s major loss.

Other losses in the group included Tata Motors Bank, ITC, and HDFC Life. 16,800 is a crucial support level for the Nifty 50, while 17,200 may present some resistance.

Concerns about inflation and Ukraine caused a decline in Indian stock markets. For the second day in a row, benchmark indices refused on Friday. The Nifty 50 was down 532 or 3.06 percent at 16,842.80 at closure, while the Sensex was down 1,747.08 or 3.00 percent at 56,405.84. All the sectoral indexes were almost done in the red, with 2–6% declines in bank, oil & gas, PSU Bank, pharmaceutical, FMCG, metal, real estate, and capital goods indices. BSE Facilitated and Smallcap indices declined 3–4% on the overall market.

Edited by Prakriti Arora