Stock Market LIVE Updates: Sensex around 54,500; Nifty near 16,200 ; IT, Energy, Auto shine; Realty lags;… – Economic Times

Sensex Today Live: Indian shares rose on Friday and were set for a third straight weekly gain, led by automaker Mahindra on securing investment for its electric vehicle unit, while IT major Tata Consultancy Services was set to kickstart the earnings season later in the day. Overnight rise in US stocks and firm cues from other Asian markets along with softer crude oil prices also aided market mood.

TCS, meanwhile, slipped marginally ahead of its quarterly results. The IT major is seen reporting a double-digit rise in year-on-year profit on over 15 per cent rise in revenues. Margins are seen contracting due to wage hikes.

“The present rally is driven partly by expectations that given the steady decline in commodity prices inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering. It is quite probable that central banks may not tighten policy as much as the market feared earlier. If emerging data indicates the possibility of a soft landing for the US economy, the rally may gather momentum,” says Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Highlights from Trade:

  • TCS trades lower ahead of Q1 results
  • M&M climbs 5% as automaker looks to invest in new EV entity
  • Buffett’s Berkshire buys 12 mn more Occidental shares

!1 New UpdateClick here for latest updates

General Mills India unit, Pillsbury to settle dispute with Prataap Snacks with regards to the use of the phrase ‘Cookie Cake. Both parties have decided to end a three-year-old dispute, where Prataap Snacks, maker of ‘Yellow Diamonds,’ agreed to change the font size and the packaging of its ‘Rich Feast’ products being sold under the label of ‘Cookie Cake’ and will not use shades of yellow and blue in its packaging.

Price as on 08 Jul, 2022 12:06 PM, Click on company names for their live prices.

Oil ministry to push for Rs 44,000 crore compensation to offset LPG losses

The petroleum and natural gas ministry is planning to push for an allocation of Rs 44,000 crore to compensate state-run oil companies for the losses they have been incurring by selling domestic cooking gas at below-market rates, said people aware of the matter. The amount would go towards offsetting oil marketing companies’ losses on the sale of cooking gas in 2021-22 and 2022-23 as well as providing subsidies to Ujjwala customers this year, reports ET.

Sensex outperforms BSE midcap

Sensex outperforms BSE midcap

India has extended by two weeks a deadline for the export of 800,000 tonnes of sugar as annual monsoon rains make it tough for many producers to move stocks from factories to ports, the government said on Friday.

Price as on 08 Jul, 2022 11:29 AM, Click on company names for their live prices.

Shriram City Union Finance (SCUF) said it has received approval from equity shareholders and creditors for its merger with Shriram Transport Finance Company.

Price as on 08 Jul, 2022 11:21 AM, Click on company names for their live prices.

Nifty Metals: How the stocks stack

Nifty Metals: How the stocks stack

AMFI June Data

@Jefferies downgrades IT companies. #HCLTech, #TechMahindra put on ‘Hold’ rating. The brokerage is selective on the sector with @Infosys as top pick.

NSE phone tapping case

  • On the direction of MHA, CBI registers a fresh case against former NSE heads Chitra Ramkrishna, Ravi Narain and former Mumbai police commissioner Sanjay Pandey for allegedly tapping phones of NSE employees between 2009 and 2017

  • According to the MHA complaint, Isec securities, firm floated by Pandey was asked to conduct illegal surveillance of NSE employees by the former NSE chiefs

Here’s how IT stocks are faring today

Price as on 08 Jul, 2022 10:31 AM, Click on company names for their live prices.

Rupee falls 12 paise to 79.25 against US dollar in early trade

The rupee depreciated 12 paise to 79.25 against the US dollar in early trade on Friday tracking the strength of the American currency and persistent foreign fund outflows. At the interbank foreign exchange, the rupee opened at 79.20 against the American dollar, then lost ground to quote at 79.25, registering a fall of 12 paise from the last close. On Thursday, the rupee closed at 79.13 against the dollar.

Bank of Baroda is mulling raising capital by issuing long term bonds to finance infrastructure and affordable housing sectors in the country.

Price as on 08 Jul, 2022 10:19 AM, Click on company names for their live prices.

According to CLSA risk-reward on Hindalco is favourable even in a risk case scenario. It believes the stock’s underperformance is overdone given relatively resilient earnings. Novelis’ results over the past 15 years indicate stable growth. CLSA sees limited downside assuming sharp correction in Novelis’ profitability. This brokerage has a target of Rs 580 on the stock.

Price as on 08 Jul, 2022 10:18 AM, Click on company names for their live prices.

Top gainers at this hour

Price as on 08 Jul, 2022 10:07 AM, Click on company names for their live prices.

Crypto Price Today: Polygon, Shibu Inu, Bitcoin rally up to 11% in 24 hours

  • Top cryptocurrencies in terms of market capitalisation gained up to 11 per cent in the last 24 hours, led by Polygon, Shibu Inu, Bitcoin and Ethereum amid a rise in risk appetite.

  • Bitcoin, the largest cryptocurrency, jumped 7.83 per cent in the last 24 hours to $21,961.59 and is up 8.15 per cent in the last seven days.

  • Ethereum gained 6.71 per cent to $1,249.91, taking its weekly rise to 14.36 per cent. XRP advanced 7.17 per cent to $0.3528.
Crypto Price Today: Polygon, Shibu Inu, Bitcoin rally up to 11% in 24 hours

Vedanta said it will acquire debt-ridden Athena Chhattisgarh Power for Rs 564.67 crore. Liquidation process for the company was initiated in March last year.

Price as on 08 Jul, 2022 09:59 AM, Click on company names for their live prices.

British International Investment will invest up to Rs 1,925 crore or $250 million into a new electric passenger vehicle company to be set up by Mahindra & Mahindra.

Price as on 08 Jul, 2022 09:57 AM, Click on company names for their live prices.

Here’s how the Nifty Real Estate index is faring

Price as on 08 Jul, 2022 09:47 AM, Click on company names for their live prices.

USD-INR July Future

USD-INR July Future

TCS will announce results today. The IT major is likely to report nearly 15 per cent year-on-year (YoY) jump in revenues and 7-11 per cent YoY rise in June quarter profits . The demand commentary could be strong, even as margin may take a hit on wage hikes.

Price as on 08 Jul, 2022 09:32 AM, Click on company names for their live prices.

Voda Idea, SAIL, ONGC among most active stocks on NSE

Price as on 08 Jul, 2022 09:31 AM, Click on company names for their live prices.

The recovery in Nifty and Nifty Midcap by 6% and 10 % respectively from their recent lows indicates the resilience of the markets and its potential to scale newer heights under a favorable macro construct. The present rally is driven partly by expectations that given the steady decline in commodity prices inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering. It is quite probable that central banks may not tighten policy as much as the market feared earlier. If emerging data indicates the possibility of a soft landing for the US economy, the rally may gather momentum. Therefore, commodity prices have to be closely watched.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Stocks in focus: Indiabulls Housing Fin, Star Health, TCS, Tata Motors, Dr Reddy’s Labs, Vedanta and more

Opening Bell: Sensex gains 275 points, Nifty tops 16,200; M&M, Hind Zinc climb 3% each

Opening Bell: Sensex gains 275 points, Nifty tops 16,200; M&M, Hind Zinc climb 3% each

Asian markets rise in early trade

Asian shares opened higher on Friday following gains on Wall Street, with investors shifting their focus to fresh data due in coming days for cues on US monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.81 per cent.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 128 points, or 0.79 per cent, higher at 16,261, signaling that Dalal Street was headed for a positive start on Friday.

Quarterly earnings today

Tata Consultancy Services, MMTC, Kohinoor Foods, Shrenik, Brahmaputra Infrastructure, Morarka Finance and Spectrum Foods are among companies that will announce their quarterly earnings today.

Tech view: Nifty50 above 50-day SMA; further upside possible

Nifty50 on Thursday closed above its 50-day simple moving average and formed a bullish candle on the daily chart, with a long wick. Analysts said that since the breakout of 15,900, the technical setup for the index looks positive. They believe a push above the 16,150-175 range may attract further buying.

Oil dips as investors torn by tight supply worries and recession fears

Oil prices slipped in early Asian trade on Friday, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand.

Tokyo stocks open higher with eyes on US data

Tokyo stocks opened higher Friday following gains on Wall Street, with investors shifting their focus to fresh data due in coming days for cues on US monetary policy. The benchmark Nikkei 225 index was up 0.49 percent or 129.69 points, at 26,620.22 in early trade, while the broader Topix index advanced 0.35 percent, or 6.63 points, to 1,888.96.

S&P, Nasdaq end higher as July hot streak continues

Wall Street benchmarks ended up on Thursday, with the S&P 500 and Nasdaq recording their fourth successive higher closes, as traders leaned in to U.S. equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.

Rupee resumes slide, tumbles 19 paise to 79.13 against USD

Resuming its slide after a day’s pause, the rupee declined 19 paise to close at 79.13 against the US dollar on Thursday as a firm greenback overseas and unabated foreign capital outflows outweighed the impact of RBI’s measures to support the domestic currency.

Sensex, Nifty on Thursday

The 30-share pack Sensex advanced 427 points or 0.80 per cent to close at 54,178. Its broader peer, Nifty50, rose 143 points 0.89 per cent and managed to close above the 16,000 mark.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day

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