Indices rally; Sensex up 550 points, Nifty ends above 16,600; Pharma shines | Mint
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Business News/ Markets / Live Blog/  Indices rally; Sensex up 550 points, Nifty ends above 16,600; Pharma shines

Indices rally; Sensex up 550 points, Nifty ends above 16,600; Pharma shines

Share Market Close: Indian benchmark indices gained a per cent in today's session after starting flat. Pharma and PSU Bank stocks gained the most, while Bharti Airtel ended in the red. The Asian market had a mixed day with the Nikkei closing in green, while Chinese indices ended in red.

Stock Market Today: Fed Rate Hike to Weigh on the Market (PTI)Premium
Stock Market Today: Fed Rate Hike to Weigh on the Market (PTI)

The market has its eye on the Fed meeting this week and key earnings reports in the coming days including Facebook. European stock markets mostly climbed at the start of trading Wednesday.

27 Jul 2022, 03:51:44 PM IST

Indices ended the 2-day negative streak and soared by a percent on Wednesday. Sensex gained almost 550 points and Nifty 160.

Indian benchmark indices bounced back and rallied by a per cent on Wednesday. The rally happened mostly towards the second half of the day after a flat morning. The Sensex gained 547 points to end at 55,815, whereas the Nifty settled at 16,641 points, up 158 points.

Sun Pharma, L&T, and SBI gained the most in today's session, whereas Airtel was down more than 1%. All broad indices were in green at the close with Pharma and PSU Bank indices shining the most.

Asian market once again had a mixed day. Tokyo stocks closed higher led by tech gains. The benchmark Nikkei 225 index ended up 0.22%. Hong Kong stocks ended sharply lower giving up most of the previous day's rally and fell 1.13%. The Shanghai Composite Index dipped 0.05%.

European stock markets mostly climbed at the start of the trading. However, European energy prices extended a scorching rally as Russia tightened its grip on the region’s energy supply, further threatening the economy and key markets.

US and European traders are preparing for an increase in the interest rate and the market will be weighing on this factor in today's session.

Sensex Close
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Sensex Close
27 Jul 2022, 03:23:11 PM IST

All broad indices in the green towards the closing. Pharma and PSU Banks shine the most

Broad Indices
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Broad Indices
27 Jul 2022, 03:19:47 PM IST

Over 7 lakh people got permanent jobs in central govt departments since 2014: Jitendra Singh

Union Minister Jitendra Singh on Wednesday informed the Lok Sabha that a total of 7,22,311 people got permanent jobs in different central Government departments since 2014.

Of the 7, 22, 311 people, a total of 1,30, 423 people got government jobs in 2014-2015; 1,11,807 in 2015-2016; 1,01,333 in 2016-2017; 76,147 in 2017-2018; 38,100 in 2018-2019; 1,47,096 in 2019-2020; 78,555 in 2020-2021 and 38,850 in 2021-2022.In a written reply to a question, Singh also said that "employment generation coupled with improving employability is the priority of the government.

27 Jul 2022, 03:12:40 PM IST

Europe Energy Prices Keep Soaring as Russia Tightens Supply

European energy prices extended a scorching rally as Russia tightened its grip on the region’s energy supply, further threatening the economy and key markets.

Benchmark natural gas surged as much as 14%, and is more than 10 times higher than the usual levels for this time of the year, as supplies through a key pipeline slump. The price surge is crippling Europe’s industrial output, driving up household bills and pushing inflation to the highest in decades. It’s also fed through to the power market with German futures rising further to unprecedented levels on Wednesday.

Europe’s energy crisis reached a new level this summer as Russia started to progressively cut flows through the Nord Stream pipeline to Germany, citing sanctions-related issues with a turbine.

27 Jul 2022, 03:06:07 PM IST

Prabhudas Lilladher view on Colgate Palmolive after the quarter 1 results

Amnish Aggarwal, Director - Research at Prabhudas Lilladher says, “CLGT reported largely in line numbers with our revenue expectations. However, the company saw sequential Gross/EBITDA margin pressure of 50/580bps which was well below our estimates. Loss of market share & margin slippage remain the key pain areas for the company. Valuations at 38.7x are slightly above 5 year avg of 35x."

27 Jul 2022, 02:56:51 PM IST

Maruti Suzuki Q1 net profit jumps over two-fold to ₹1,036 crore

Maruti Suzuki India (MSI) on Wednesday reported over two-fold jump in its consolidated net profit to 1,036 crore for the first quarter ended June 30.

The auto major had posted a net profit of 475 crore in the COVID-hit April-June quarter of the last fiscal.

Its net sales rose to 26,512 crore in the June quarter compared to 17,776 crore in the same period of 2021-22.

27 Jul 2022, 02:42:10 PM IST

India wheat prices jump to record high, limit scope for govt

Indian wheat prices jumped to a record high, despite a ban on exports, amid strong demand and dwindling supply from a crop damaged by the heatwave.

The price rally has reduced the chances of India supplying substantial amounts of wheat under government-to-government deals with countries struggling to secure shipments amid the disruption of the war in Ukraine.

Local wheat prices jumped to a record 23,547 rupees per tonne on Wednesday. That was up nearly 12% from recent lows that followed the government's surprise ban on exports on May 14.

Supplies in grain markets were much lower this year than normal, showing that 2022 production had dropped far more than the government had estimated, said a Mumbai-based dealer with a global trading firm.

27 Jul 2022, 02:29:09 PM IST

Sun Pharma up 3%

Sun Pharma
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Sun Pharma
27 Jul 2022, 02:27:09 PM IST

Alibaba Primary Listing May Lure Billions of Dollars From China

Alibaba Group Holding Ltd. may attract at least $16 billion of Chinese money by shifting to a primary listing in Hong Kong, strategists say, getting a much-needed boost as its stock struggles to bottom out.

The move paves the way for the e-commerce giant to be included in the city’s trading links with mainland bourses, allowing an influx of new capital. Chinese investors hold around 7% stake of firms included in the links, suggesting an inflow of $16 billion into Alibaba over the next few years, according to Goldman Sachs Group Inc. Sanford C. Bernstein estimates $21 billion.

27 Jul 2022, 02:23:53 PM IST

Over 50% of Indian startups belong to non-metros, govt informs Parliament

Over 50 per cent of the recognized Indian startups belong to non-metropolitan cities, Union Minister of State for Commerce and Industry Som Prakash informed the Parliament on Wednesday.

"As on 30th June 2022, a total of 72,993 startups are recognized by DPIIT, of which 34,473 (48%) recognized startups belong to metropolitan cities of Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, Pune, and Ahmedabad. Therefore, over 50% of the recognized startups belong to non-metropolitan cities," he said to the Lok Sabha in reply to a question about whether 50 per cent of recognized startups in the country are from Tier-II and III cities.

27 Jul 2022, 02:07:47 PM IST

Serum institute prepares to import Monkeypox vaccine in India amid global worry

With India having reported four Monkeypox cases so far, the Serum Institute of India (SII) has said that it is negotiating the import of a small of the vaccine with the Danish firm Bavarian Nordic, reported PTI.

Quoting SII CEO Adar Poonawalla, the news agency stated in case of a collaboration, it may take two to three months to get the vaccine into the country.

27 Jul 2022, 02:04:36 PM IST

Chinese Indices dip on Wednesday

Hong Kong stocks ended sharply lower Wednesday, giving up most of the previous day's rally, as investors prepare for an expected Federal Reserve interest rate hike later in the day. The Hang Seng Index fell 1.13%, or 235.84 points, to close at 20,670.04. The Shanghai Composite Index dipped 0.05%, or 1.68 points, to 3,275.76,

27 Jul 2022, 01:44:19 PM IST

Nestlé Milo, JSW’s Inspire Institute of Sport collaborate to support athletes

Nestlé-owned Milo drinks and JSW’s Inspire Institute of Sport (IIS), have collaborated to support infrastructure, coaching, and sports science to scout for young athletes and train them to become future Olympians of the country.

In this partnership, as the official dairy partner of the institute, Nestlé India will contribute one year's worth of milk and Milo to its athletes. The two have also launched a new campaign featuring javelin star Neeraj Chopra along with athletes, high jumper Dev Karthick from Tamil Nadu and judo champ Olivia from Manipur.

27 Jul 2022, 01:41:33 PM IST

HDFC Securities recommends these 2 stocks to buy over next 2 quarters. Its top picks

Domestic brokerage and research firm HDFC Securities, while sharing its top picks, has recommended two stocks that investors can look to buy, which are from Footwear and Auto Ancillaries sectors with the time horizon of over two quarters. The two stock picks are Metro Brands Ltd and Suprajit Engineering Ltd.

27 Jul 2022, 01:24:33 PM IST

Over 1,000 Lufthansa flights cancelled as staff strikes; fresh nationwide rail strikes hit UK

27 Jul 2022, 01:23:06 PM IST

India has not imposed any country-specific ban on imports, minister Goyal informs Parliament

India has not imposed any country-specific ban on imports, Union Minister of Commerce and Industry Piyush Goyal informed Parliament in reply to a question on whether the central government has taken or proposed to take any steps to impose a ban on Chinese products.

"India and China, are both members of the WTO, and any trade restriction imposed must be WTO compliant. Government has from time to time reviewed and taken WTO compliant measures to address the concerns raised by various stakeholders to have a holistic global trade strategy," he said further in his reply.

27 Jul 2022, 01:03:39 PM IST

After a flat start, all broad market indices are in green now.

Broad Market Indices
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Broad Market Indices
27 Jul 2022, 12:53:30 PM IST

European stocks mostly rise at open, awaiting Fed

European stock markets mostly climbed at the start of trading Wednesday, awaiting another large interest rate hike by the US Federal Reserve to combat decades-high inflation.

London's benchmark FTSE 100 index climbed 0.5 percent to 7,340.56 points.

In the eurozone, Frankfurt's DAX index grew 0.4 percent to 13,148.49 points and the Paris CAC 40 was flat at 6,209.46.

27 Jul 2022, 12:34:47 PM IST

Tech Mahindra, Genesys to imagery data for Google Street View in India

Tech major Google on Wednesday announced a partnership with IT services firm Tech Mahindra and mapping firm Genesys International to launch the Street View product of Google Maps in India. The Street View product was not allowed in India so far, since government policies wouldn’t allow foreign firms to own imagery data in the country, but the new National Geospatial Policy, 2021, allows such products as long as foreign firms don’t own such data.

Google said it will be licensing imagery data for Street View from Tech Mahindra and Genesys and won’t own the data itself. Google Street View will be available in ten cities from today, which include Bengaluru, Chennai, Delhi, Mumbai, Hyderabad, Pune, Nashik, Vadodara, Ahmednagar, and Amritsar.

27 Jul 2022, 12:18:02 PM IST

Yes Securities: BUY for Tanla, Sterlite Tech, Ujjivan Bank, Symphony, Orient Electricals

The report recommended ADD for Tech Mahindra and NEUTRAL for Finolex Industries

27 Jul 2022, 12:07:08 PM IST

Pharma index gains 1.5%

Pharma Index
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Pharma Index
27 Jul 2022, 12:04:02 PM IST

Noon Update: Benchmark indices are up 0.5% after a flat start. Sensex has added 270 points and Nifty is trading above the 16,550 mark.

Pharma index gained 1.5% with most of the broad indices in green. Sun Pharma and L&T zoomed in the morning session, while Airtel and Bajaj Finserv sank.

Sensex Noon
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Sensex Noon
27 Jul 2022, 11:54:55 AM IST

5G spectrum: Fifth round of bidding underway, auctions may conclude today

After a better-than-expected response from players on the opening day, the 5G spectrum auctions entered the second day on Wednesday, with the fifth round of bidding currently underway.

Firms run by tycoons Mukesh Ambani, Sunil Bharti Mittal and Gautam Adani as well as Vodafone Idea had put in bids of about 1.45 lakh crore to buy fifth-generation (5G) airwaves on Tuesday.

27 Jul 2022, 11:46:30 AM IST

Rakesh Jhunjhunwala cuts stake in Indiabull Housing Finance stock in Q1

Indian ace investor and stock market trader Rakesh Jhunjhunwala has pared stake marginally in his portfolio stock Indiabulls Housing Finance during the first quarter ended June 2022, showed the recent shareholding pattern. Rakesh Jhunjhunwala's stake in Indiabulls Housing Finance stands at 1.17% in Q1, down from 1.28% in the previous quarter

27 Jul 2022, 11:36:32 AM IST

China, Hong Kong stocks fall ahead of Fed meeting outcome

At the midday break, the Shanghai Composite index eased 0.09% at 3,274.37 points, while the blue-chip CSI300 index fell 0.46% to 4,226.53 points. he financial sub-index dropped 0.34%, the consumer staples sector lost 0.92%, and the healthcare sub-index fell 1.59%.

In Hong Kong, the benchmark Hang Seng Index fell 1.51% to 20,590.46, while Chinese H-shares listed in Hong Kong dropped 1.67% to 7,064.98.

27 Jul 2022, 11:28:52 AM IST

Axis Securities recommendation on Asian Paints, Tata Steel, Ujjvan SFB

Asian Paints: Firing on all Cylinders; Upgrade to BUY

Tata Steel: Robust Performance in Europe Leads to Upbeat Q1; Q2 to be Challenging

Ujjvan SFB: Robust Quarter, Ripe for Re-Rating!

27 Jul 2022, 11:22:44 AM IST

Dr Reddy's launches cancer treatment injection Bortezomib in US

Dr Reddy's Laboratories on Wednesday said it has launched Bortezomib for Injection, used to treat certain types of cancer, in the US market. The Hyderabad-based drug major has launched the product after getting approval from the US Food and Drug Administration (USFDA). The company's product is the generic version of Velcade brand.

27 Jul 2022, 11:08:55 AM IST

Bajaj Finserv down 1% today. The stock had gained more than 5% on Tuesday's session

Bajaj Finserv
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Bajaj Finserv
27 Jul 2022, 10:58:54 AM IST

Gold prices today fall for 3rd day in a row, down ₹5,000 in 4 months

Gold and silver prices were subdued today ahead of Fed rate decision later today. On MCX, gold futures were down at 50,540 per 10 gram, extending losses to third day. Silver futures fell 0.3% to 54,540 per kg. In global markets, gold rates were steady today as investors remained cautious ahead of a US Federal Reserve interest rate decision that could influence the outlook for bullion. Spot gold was nearly flat at $1,716.59 per ounce.

27 Jul 2022, 10:45:09 AM IST

Companies can spend CSR funds for activities related to 'Har Ghar Tiranga' campaign: Govt

Companies can spend their CSR funds for activities related to the 'Har Ghar Tiranga' campaign, according to the government.

The campaign is being organised by the government as part of the Azadi Ka Amrit Mahotsav to encourage people to bring home the national flag and hoist it to mark the 75th year of India's independence.

Under the Companies Act, 2013, certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities.

27 Jul 2022, 10:23:06 AM IST

Zomato shares surge today after crashing for last two straight sessions

Shares of Zomato snapped two-day losing streak to rise in Wednesday's opening deals as the stock surged more than 5% to 43 apiece on the BSE. Zomato shares hit new record lows for last two consecutive sessions post the ending of the mandatory pre-IPO (Initial Public Offering) shareholders lock-in period on July 23.

27 Jul 2022, 10:00:37 AM IST

Twitter sets date for shareholders to vote on Elon Musk's USD 44 billion takeover offer

Despite Twitter's ongoing legal battle with Elon Musk, the microblogging site has set a date for its shareholders to vote to approve its USD 44 billion takeover offer by Tesla CEO.

As per CNN, Twitter on Tuesday sent shareholders a letter saying it would hold a virtual special meeting on September 13 to vote on the merger agreement.

The shareholder meeting will commence at 10:00 AM PT, and will be available via a webcast. Shareholders will be able to watch the meeting live and then vote, the company said in a filing with the Securities and Exchange Commission.

27 Jul 2022, 09:48:57 AM IST

COVID-19: India reports 18,313 fresh cases, 57 fatalities

With 18,313 fresh cases reported in a day, India's COVID-19 tally has climbed to 4,39,38,764, while the count of active cases of the infection has declined to 1,45,026, the Union health ministry said on Wednesday.

The death toll due to the viral disease has gone up to 5,26,110 with 57 more fatalities, according to the ministry's data updated at 8 am.

The active cases account for 0.34 per cent of the total caseload, while the national COVID-19 recovery rate was recorded at 98.47 per cent, the ministry said.

27 Jul 2022, 09:37:44 AM IST

L&T share price zooms following their Quarter 1 result on Tuesday

Larsen & Toubro (L&T) on Tuesday said its consolidated net profit increased 44.9% to 1,702.07 crore in June 2022 quarter due to higher revenue from operations.

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27 Jul 2022, 09:35:15 AM IST

Pharma stock announces 1930% special dividend. 5 things you should know

The board of directors of pharma company Sanofi India has recommended special dividend of 193 against face value of 10 per equity share (1930 per cent) for the financial year ending 31st December 2022. The company board announced the decision after its scheduled board meeting held on 26th July 2022. the board also fixed 8th August 2022 as record date for one time special dividend payment. 

27 Jul 2022, 09:34:27 AM IST

Oil steady as demand concerns offset U.S. crude stock drawdown

Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles.

Brent crude futures were at $104.35 a barrel at 0250 GMT, down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $95.07 a barrel. WTI had climbed nearly $1 earlier in the session.

27 Jul 2022, 09:24:26 AM IST

IT Index gains in an otherwise flat start. FMCG down

Broad Indices
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Broad Indices
27 Jul 2022, 09:20:52 AM IST

Sensex and Nifty open flat. Asian Paints and L&T gain

Sensex Open
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Sensex Open
27 Jul 2022, 09:11:45 AM IST

GAIL's bonus shares issue decision to be taken in board meet today

GAIL (India) Ltd's board will meet on Wednesday, July 27, 2022 to consider the issuance of bonus shares of its equity shares by the company. Bonus shares are fully paid additional shares issued by a company to its existing shareholders. 

27 Jul 2022, 09:08:04 AM IST

Apple Supplier SK Hynix’s Outlook Sours as Tech Demand Wanes

South Korean chipmaker SK Hynix Inc. warned of waning memory growth and rising inventories, becoming the latest tech giant to sound the alarm over global economic uncertainty.

The downbeat sentiment came after the Apple Inc. supplier logged a 56% jump in second-quarter profit on resilient demand and a weak Korean won on Wednesday. But executives said they see a slowdown in demand from its main growth engines of PCs, smartphones and servers.

27 Jul 2022, 09:04:18 AM IST

Sensex pre-opens flat

Sensex pre-open
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Sensex pre-open
27 Jul 2022, 08:53:24 AM IST

Bajaj Auto expects domestic motorcycle biz to improve, but exports to take a hit in Q2

Pune-based two-wheeler maker Bajaj Auto expects its performance in the domestic motorcycle market to improve with improving supply of semi-conductor chips in the second quarter of the ongoing fiscal, a top company official said. On the other hand, the company, which exports half of what it produces to the global markets, will see international shipments slow down in the quarter as fears of a global recession plays spoilsport and several global economies stare at a slowdown.

27 Jul 2022, 08:36:14 AM IST

British Indian spice firm acquired by UK’s Premier Foods

The Spice Tailor, an award-winning Indian spice company created a decade ago by a British Indian couple, is to be acquired by UK manufacturer Premier Foods for an initial consideration of GBP 43.8 million.

Premier Foods, which owns several iconic food brands including producing Cadbury cakes under licence, said the acquisition of the company known for its premium and authentic Indian meal kits is aligned with the company’s growth strategy.

27 Jul 2022, 08:35:35 AM IST

Stocks to Watch: L&T, Asian Paints, Tata Power, Bajaj Auto, JSW Energy

Bajaj Finance, Colgate Palmolive, Biocon, Maruti Suzuki India, JSW Holdings, and Tata Motors will be in focus as they declare their June quarter earnings today. 

27 Jul 2022, 08:24:15 AM IST

Strong growth in sales in India during H1'22: Unilever

The Anglo-Dutch FMCG major Unilever on Tuesday said its sales grew strongly in the priority market of India in the first half of 2022. The company reported an underlying sales growth of 8.1% in the January-June period of 2022 to 29.6 billion euros, said an earning statement by Unilever. While Covid-19 restrictions have been eased in most markets, the lockdown in China affected consumers, particularly in the second quarter.

27 Jul 2022, 08:20:36 AM IST

Multibagger stock: BSE listed share to debut on NSE today. Details here

In a bid to continue its commitment towards the stakeholders of the company, Dynamic Cables Ltd (DCL), a Jaipur based wire and cables manufacturer, has announced listing approval of its equity shares on National Stock Exchange (NSE). Company shares are presently listed on Bombay Stock Exchange (Scrip code: 540795). Company was listed on BSE SME Exchange through its IPO in December 2017 and migrated to main board on October 1, 2020. 

27 Jul 2022, 08:11:43 AM IST

Microsoft soothes market fears with forecast for strong revenue growth

Microsoft Corp on Tuesday forecast revenue this fiscal year would grow by double digits, driven by demand for cloud computing services and sending shares up 5%. The strong outlook shows Microsoft continues to benefit from the pandemic-led shift to hybrid work models and comes at a time when investors are bracing for an economic downturn, with inflation roaring and consumers cutting spending.

27 Jul 2022, 08:10:43 AM IST

Kotak Securities Market Wrap: The correction wave is likely to continue till 16400-16350

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd: Traders were nervous ahead of the US Federal Reserve meet on rate decision on Wednesday and hence trimmed their position by dumping IT, banking and realty stocks. As the market has already risen continuously last week, investors are booking profit given the overall negative sentiment. Technically, on intraday charts, the Nifty has maintained a lower top formation and also formed a bearish candle on daily charts, which suggests further correction from the current levels. For traders, 16600 would act as an immediate resistance level and below the same, the correction wave is likely to continue till 16400-16350. A fresh uptrend rally is possible only after the 16600 breakout. Above which, the index could retest the level of 16700-16735.

27 Jul 2022, 07:48:48 AM IST

Coca-Cola witnesses strong growth in India in Q2

Global soft drinks major Coca-Cola Company on Tuesday said its India business recorded the best-ever volumetrically growth in the second quarter. It reported unit case volume growth in the June quarter, helped by its sparkling soft drinks portfolio and fruit drink brand Maaza.

In the second quarter, Coca-Cola Company's sparkling soft drinks grew 8 per cent, which was "primarily led by India, Mexico and Brazil", said the Atlanta-headquartered firm in its global earnings released on Tuesday.

27 Jul 2022, 07:48:08 AM IST

Jet Airways starts hiring pilots for A320, 737NG and 737Max aircraft

Jet Airways on Tuesday started the process for hiring pilots for Airbus' A320 aircraft as well as Boeing's 737NG and 737Max planes.

The airline -- which received air operator certificate from aviation regulator DGCA on May 20 -- is yet to place an order for aircraft with either European planemaker Airbus or American aerospace company Boeing.

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