Share Market update: Sensex falls 111 pts, Nifty ends at 15,750; RIL top loser

The Indian market closed lower today. Sensex fell 111 points at 52,908 and Nifty closed 28 points lower at 15,752. Sensex ended 8 points lower at 53,018 and Nifty lost 19 points to 15,780 in volatile trade on Thursday. Tech Mahindra, Bajaj twins were the top Sensex losers, falling up to 2.09 per cent. Axis Bank, SBI, and Kotak Bank were the top Sensex gainers, rising up to 1.74 per cent.

Here's a look at live market updates today.

Stocks in news: Reliance Industries, Indian Oil, HUL, Bharti Airtel and more

3:30 pm: Sensex falls 111 points at 52,908 and Nifty closes 28 points lower at 15,752. 

2:53 pm: Market update

Sensex down 298 points at 52,720 and Nifty slips 81 points to 15,699 in the afternon session. 

2:05 pm: Bajaj Auto stock falls 3% after BofA Sec cuts target price

Shares of Bajaj Auto fell nearly 3 per cent today after Bank of America Securities (BofA Sec) downgraded the stock to 'underperform' from a 'buy' call. The international brokerage and financial services body cut its target price to Rs 3,450 from Rs 4,200.

Bajaj Auto shares plunged 2.81 per cent to Rs 3,601.65 against the previous close of Rs 3,705.65 on BSE. The large cap stock trades higher than 200-day moving averages but lower than 5-day, 20-day, 50-day and 100-day moving averages. A total of 0.12 lakh shares of the firm changed hands, amounting to a turnover of Rs 4.28 crore on the BSE. Market cap of Bajaj Auto slipped to Rs 1.04 lakh crore. READ MORE

1:19 pm: CRISIL cuts India's FY23 GDP growth forecast to 7.3 per cent

Rating agency CRISIL has lowered India's real gross domestic product (GDP) growth forecast to 7.3 per cent from 7.8 per cent earlier for the financial year ending March 31, 2023, citing higher oil prices, slowing global demand for exports and higher inflation.

In a report, the rating agency said that inflation reduces purchasing power and would weigh on the revival of consumption -- the largest component of GDP which has been backsliding for a while. READ MORE

12:29 pm: Sensex falls 411 points to 52,607 and Nifty slips 138 points to 15,642 in the afternoon session.

11:45 am: Reliance Industries shares plunge over 8%, here's why

Shares of Reliance Industries Ltd (RIL) fell over 8 per cent today after the government announced taxes on windfall gains made by crude oil producers. The government imposed an additional cess of Rs 23,250 per barrel on domestic crude production.

The move is aimed to take away windfall gains accruing to producers from high international oil prices. It has also raised export duties on select petroleum products. READ MORE

10:44 am: Rupee hits record low of 79.11 against US dollar

The rupee depreciated 5 paise to a record low of 79.11 against the US dollar in opening trade on Friday as persistent foreign funds outflows weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened on a weak note at 78.99 against the American dollar, then lost ground to quote at 79.11 -- its all-time low level, registering a fall of 5 paise from the last close.

On Thursday, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar.

10:28 am: Market update

Sensex falls 674 points at 52,344 and Nifty loses 194 points to 15,586.

10:00 am: Globus Spirits stock rises 4% on agreement with Tilaknagar Industries

Shares of Globus Spirits Ltd rose over 4 per cent amid a weak market today after the company said it would provide various services to distillery assets of Tilaknagar Industries. Globus Spirits stock gained 4.31 per cent to Rs 955.75 against the previous close of Rs 916.30 on BSE.

The stock trades higher than 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages. Shares of Globus Spirits have gained 32.2 per cent in a year but lost 26.25 per cent in 2022.

Total 8,621 shares changed hands amounting to a turnover of Rs 81.72 lakh on BSE.

Market cap of the firm rose to Rs 2,703.28 crore.

The stock hit a 52-week high of Rs 1,760 on January 14, 2022 and a 52-week low of Rs 650 on July 1, 2021.

9:23 am: Expert take

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"H1 of 2022 has ended with the benchmark S&P 500 correcting sharply by 21% - the worst half since 1970. This weakness has reflected declines in other markets too. But it is important to appreciate the fact that India  has outperformed with Nifty correcting only around 9%.

With the economy showing signs of gradual recovery despite global headwinds (RBI), the prospects for H2 appear better for markets.

Leading indicators suggest improving prospects for banking, IT, telecom and autos. Stock price movements in the near-term in July will be in anticipation of better-than-expected Q2 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results."

9:21 am: Top losers

Titan, M&M, Dr Reddy's top  Sensex losers, falling up to 2.79 per cent.

9:17 am: Market update

Sensex falls 330 points at 52,688 and Nifty loses 126 points to 15,653 in early trade.

8:34 am: Expert take

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, Nifty is holding a crucial support zone of 15,700-15,750 and we may see an up move towards 16,000 if it continues to hold this support zone. Immediate support and resistance for Nifty are 15,600 and 15,900 respectively. Immediate support and resistance for Bank Nifty are 32,800 and 33,750 respectively."

8:20 am: SGX Nifty

The Indian market is likely to open lower as SGX Nifty fell 31 points to 15,691. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Thursday

Sensex ended 8 points lower at 53,018 and Nifty lost 19 points to 15,780 in volatile trade. Tech Mahindra, Bajaj twins were the top Sensex losers, falling up to 2.09 per cent. Axis Bank, SBI, and Kotak Bank were the top Sensex gainers, rising up to 1.74 per cent. Market breadth was negative with 1,369 stocks ending higher against 1,907 stocks falling on BSE. 144 shares were unchanged. Banking stocks were the top sectoral gainers with BSE bankex ending 236 pts higher.