Stock Market LIVE Updates: Sensex climbs 700 points, Nifty tops 16,500; all sectors in the green; RIL jum… – Economic Times

Sensex Today LIVE: Indian shares rose more than 1% on Wednesday, led by gains in oil producers and refiners following the government’s move to slash windfall taxes on crude and fuel exports.

India cut a windfall tax on oil producers and refiners and exempted gasoline from an export levy less than a month after it imposed the two charges. Reliance Industries jumped 4.3%, while shares of oil producers Vedanta Ltd, Oil and Natural Gas Corp , Oil India Ltd gained between 2.8% and 7%.

The Nifty energy index gained 1.7%.

“The sharp 8% pullback in Nifty from the June lows of 15183 is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may reemerge at higher levels,” says Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Indian rupee treaded water in morning trade on Wednesday as gains in the domestic share market and slight falls in global crude oil prices failed to wipe out concerns around a global dollar shortage.

The partially convertible rupee was trading at 79.9450 per dollar little changed from its close of 79.94 on Tuesday when it had hit a record low of 80.0650.round a global dollar shortage.

“The narrow band of 79.85-80.15 outlined for yesterday, held firm, setting up the environment for a breakout soon. We will continue our vigil along this range, before playing directional moves, with 79.95 continuing to be a crucial pivot,” says Anand James – Chief Market Strategist at Geojit Financial Services.

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FPIs, mutual funds increase stake in Paytm

Foreign portfolio investors and mutual funds have marginally increased stake in Paytm’s parent company One97 Communications, according to a regulatory filing.

The shareholding pattern of One97 Communications for June quarter 2022-23 shows that the number of shareholders as foreign portfolio investors (FPIs) rose from 54 to 83, taking the number of shares held by them to 3,53,72,428 from 2,86,80,948 in the previous March quarter.

With this, the shareholding of FPIs in the company has gone up from 4.42 per cent to 5.45 per cent. The number of shareholders as mutual funds also went up from just 3 to 19, taking the number of shares held by them to 74,02,309 from 68,19,790.

FPIs, mutual funds increase stake in Paytm

Delhi HC stays guidelines that prohibited restaurants from levying service charges

Price as on 20 Jul, 2022 12:22 PM, Click on company names for their live prices.

Market LIVE Updates: Hindustan Zinc, Tube Investments top losers at this hour

Price as on 20 Jul, 2022 12:21 PM, Click on company names for their live prices.

Vedanta zooms 4% after declaring dividend of Rs 19.5 per share

“We wish to inform you that the Board of Directors of the company through resolution passed by circulation on Tuesday, July 19, 2022, have approved second interim dividend of Rs 19.50 per equity share amounting to Rs 7,250 crore,” said the company in a filing to BSE.

Top gainers in IT today

Price as on 20 Jul, 2022 11:32 AM, Click on company names for their live prices.

Canara Bank, Coal India among 6 money-making ideas in the near term

Domestic equity markets are trading on a buoyant note for the last few sessions as benchmark indices are gaining momentum amid the June quarter result season. The recent upside in the market hints toward decent opportunities for traders to mint profits in the near term. Based on analysts’ recommendations, here are some ideas that can yield solid returns.

Canara Bank, Coal India among 6 money-making ideas in the near term

Market LIVE Updates: 4 Nifty50 stocks that hit 52-week highs!

Market LIVE Updates: 4 Nifty50 stocks that hit 52-week highs!

“We have reviewed and rationalized windfall gains tax,” says Finance Secretary, TV Somanathan

Market LIVE Updates: IIFL Wealth, Oil Indian among top gainers in early trade

Price as on 20 Jul, 2022 10:18 AM, Click on company names for their live prices.

Indian rupee treads water slightly below record low

The Indian rupee treaded water in morning trade on Wednesday as gains in the domestic share market and slight falls in global crude oil prices failed to wipe out concerns around a global dollar shortage. The U.S. dollar retreated on Wednesday as the euro extended its overnight bounce on relief Europe might be able to avoid the worst fears concerning energy shortages, and on the chance the European Central Bank may deliver a more aggressive rate hike. The partially convertible rupee was trading at 79.9450 per dollar little changed from its close of 79.94 on Tuesday when it had hit a record low of 80.0650.

The narrow band of 79.85-80.15 outlined for yesterday, held firm, setting up the environment for a breakout soon. We will continue our vigil along this range, before playing directional moves, with 79.95 continuing to be a crucial pivot.

– Anand James – Chief Market Strategist at Geojit Financial Services

The sharp 8% pullback in Nifty from the June lows of 15183 is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may reemerge at higher levels. Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly.

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

GoM on online gaming to hold meet on July 23-24 in Bengaluru

Price as on 20 Jul, 2022 09:43 AM, Click on company names for their live prices.

ONGC, SAIL among most active stocks on NSE

Price as on 20 Jul, 2022 09:21 AM, Click on company names for their live prices.

Market LIVE Updates: BSE Energy pack rallies 2% as stocks gain on cut in windfall taxes

Market LIVE Updates: BSE Energy pack rallies 2% as stocks gain on cut in windfall taxes

OPENING BELL: Sensex climbs 550 points, Nifty tops 16,500; RIL jumps 3%, Tata Steel 2%

OPENING BELL: Sensex climbs 550 points, Nifty tops 16,500; RIL jumps 3%, Tata Steel 2%

Asian shares extend a global rally as dollar languishes

Asian shares extended a global rally on Wednesday as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift sentiment and ease fears of a recession, while the dollar was mired near two-week lows.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 135.5 points, or 0.83 per cent, higher at 16,473, signaling that Dalal Street was headed for a positive start on Wednesday.

Quarterly earnings today

Wipro, Havells India, IndusInd Bank, Gland Pharma, Tata Communications, Oracle Financial Services Software, Syngene International, Mastek, Ceat and Hathway Cable are among companies that will announce their quarterly earnings today.

Tech View: Nifty50 forms bullish candle, eyes 16,500 level

Nifty50 on Tuesday settled higher for the third straight day. It formed a bullish candle on the daily chart and according to analysts 16,500 level looks a good possibility.

Oil falls on inflation concerns, anticipated stock builds

Oil prices fell slightly in early Asian trade on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. Brent crude prices fell 39 cents or 0.5% to $106.96 a barrel by 0045 GMT, while U.S. West Texas Intermediate (WTI) crude fell 62 cents to $103.60 per barrel.

Tokyo stocks open higher on US gains with eyes on BoJ

Tokyo stocks opened higher on Wednesday as investors took heart from US rallies and other positive factors while awaiting a Bank of Japan policy decision later this week. The benchmark Nikkei 225 index was up 1.27 percent, or 341.12 points, at 27,302.80 in early trade, while the broader Topix index advanced 1.29 percent, or 24.55 points to 1,927.34.

Wall Street closes sharply higher on strong corporate earnings

U.S. stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

Rupee recovers 6 paise to close at 79.92 vs dollar

The rupee recovered from its all-time low of 80.05 to close 6 paise higher at 79.92 against the US dollar on Tuesday following forex inflows and suspected RBI intervention. A positive trend in domestic equities and losses in the US dollar in overseas markets also boosted the local unit while a rise in crude oil prices restricted gains.

Sensex, Nifty on Tuesday

The 30-share pack Sensex advanced 246.47 points to close at 54,768. Its broader peer, Nifty50, managed to settle comfortably above the 16,300 mark. 60 per cent of the Nifty constituents settled in the black.

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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