TCS, Infy, SBI lift Sensex 548 pts ahead of Fed outcome; Nifty tops 16,600

CLOSING BELL: Sun Pharma, Divis Lab, L&T, Asian Paints, SBI, TCS, Ultratech Cement, and Grasim led from the front, rising over 2 per cent each

4:00 PM

Nifty tech view: Trend positive currently; recovery may continue towards 16,750-16800

Following a start on a weak note, the Nifty recovered smartly as the day approached.

On the lower end, it found support around 16,400 whereas, on the higher end, it moved above 16,600.

The trend looks positive at the current juncture; on the higher end, the recovery may continue towards 16,750-16,800.

Support on the lower end is placed at 16,400-16,350.

Views by Rupak De, Senior Technical Analyst at LKP Securities. 

3:58 PM

Closing view: Markets tracking global trend, discounting domestic earnings

Indian benchmark indices made a flat opening but were able to close at day's high in a highly volatile session.
 
Indian markets are following the trend of global markets and reacting to the upcoming meeting of FOMC, which may hike rate by 75 bps. Also markets are discounting the earnings of various Indian companies and their future outlook.

Among sectors, Banks, IT, Pharma, Oil& gas ended in green. All major Indices were up by 1-2%. 

Views by Mohit Nigam, Head - PMS, Hem Securities

3:54 PM

Rupee falls 12 paise to close at 79.90/$

3:53 PM

Bharat Forge up 1.5%; co unit signs pact with Talgo India to make high-speed passenger trains

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3:51 PM

Gail India approves 1:2 bonus issue; stock gains 2%

 

3:49 PM

Laurus Labs gains over 6%; Q1 PAT comes higher at Rs 250 crs

 

3:47 PM

MTNL races over 13% on reports of govt nod for debt restructuring

 

3:45 PM

Latent View surges 8%; reports Rs 3.2 cr Q1 PAT vs Rs 2.2 cr year-ago

 

3:43 PM

All sectors close higher; Pharma, PSB indices soar 2% each

 

3:41 PM

Gains spread to broader markets; MidCaps outshine

 

3:39 PM

Airtel, Bajaj Auto, HDFC Life, Kotak Bank sole Nifty losers

 

3:37 PM

SBI, Divis Labs, TCS additional winners index winners

 

3:36 PM

Sensex heatmap: 17 of 30 stocks gain led by Sun Pharma, L&T

 

3:34 PM

Closing Bell: Nifty reclaims 16,600; only 4 stocks end in red

 

3:33 PM

Closing Bell: Sensex snaps two-day losses; soars 548 pts ahead of Fed decision

 

3:23 PM

Global update: European indices move up ahead of Fed decision

 

3:13 PM

5G spectrum auction enters Day 2: Jio may be lead bidder in fifth round

With better than expected Rs 1.45 lakh crore bids coming in on the first day, the auction of 5G spectrum entered the second day on Wednesday with the opening of the fifth round. Read here

3:00 PM

Maruti Suzuki logs Q1 profit of Rs 1,013 cr; clocks highest-ever exports

The company's Q1 numbers missed Street estimates as far as net profit is concerned. Analysts had pegged PAT growth between 200 and 300 per cent on year. Read more

2:43 PM

ITC hits over 3-year high as FPIs hike stake; stock up 40% so far this year

FPIs holding in ITC increased to 12.68% in June quarter from 11.99% in the preceding quarter and 9.99% at the end of December quarter. Read here

2:35 PM

US Fed on track for most aggressive rate hike cycle in 2022: Report

Acuite believes that the INR may stabilise in the band Rs 79-81 by March 2023 with the expected moderation in commodity and crude oil prices and the prospects of some reversal of the sharp capital outflows seen over the last six months. READ MORE

2:23 PM

Sri Lanka Crisis: Are Indian states on the same path to economic distress?

Several Indian states are under severe economic stress. According to official data, Rajasthan, Punjab, and Tamil Nadu have the highest revenue deficit at 3.64 per cent, 2.64 per cent and 2 per cent of the gross state domestic product (GSDP), respectively. READ MORE

2:13 PM

Dr Reddy's Q1 revenue may grow up to 10% YoY, margins may expand: Analysts

Dr Reddy's Labs Q1 results preview: Analysts said that despite pricing pressures in the US, the company is likely to have recorded steady growth in this segment due to a ramp-up of new products. READ MORE

2:08 PM

RBI MPC preview: Das and Co may hike repo rate by 25-50 bps in August

If the inflation remains above 6% on average for the next three months, the RBI will have to explain to the govt in writing the reasons for its failure to keep the rate of price rise in check. READ MORE

2:01 PM

Global Check:: US stock futures firmly in green ahead of US Fed decision

Source: Investing.com

1:53 PM

5G Auction: Bharti Airtel, Voda Idea struggling below 200-DMAs, charts show

Despite the buzz in the telecom sector with the ongoing 5G spectrum auction, Bharti Airtel and Voda Idea need to break and sustain above their respective 200-DMAs for hopes a rally to emerge. READ MORE

1:42 PM

South Indian Bank net profit up 10-fold in Q1, asset quality improves

In Q1, South Indian Bank's gross advances saw a growth of 10.95 per cent compared to the same period last financial year. READ MORE

1:33 PM

Amid 'extraordinary' uncertainty, IMF doesn't rule out global recession

The IMF slashed its earlier projections of global economic growth by 0.4 percentage points to 3.2 per cent for 2022 and by 0.7 per cent to 2.9 per cent in 2023. This is a marked deceleration when compared to the growth of 6.1 per cent in 2021, but not a recession, which was seen in 2020 when the global economy declined by 3.1 per cent. READ MORE

1:24 PM

We invested, supported our UK biz for a long time: Tata Steel's Narendran

Tata Steel Europe — which has steelmaking operations in the UK and Netherlands – surprised all in Q1 of FY23 with its best-ever quarterly earnings before interest, taxes, depreciation and amortisation (Ebitda). However, the UK operation continues to be fragile with an impending transition to greener steel. Tata Steel and Tata Sons chairman, N Chandrasekaran, indicated in a recent interview to Financial Times that without government aid there could be closure of sites. READ MORE

1:17 PM

Explained: How 2% MDR on RuPay-UPI may affect credit card industry

According to analysts, SBI Card and Paytm stand to gain the most if RBI agrees to levy 2% merchant discount rate (MDR) on RuPay-based credit cards linked to UPI. READ MORE

1:09 PM

Market Check:: Sensex at day's high, up 400 points