Stock Market LIVE Updates: Sensex rises 500 points, Nifty tops 17,100; SBI Life surges 7%, TVS Motor 6%

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Benchmark 10-year bond yield at two-month low tracking U.S. peers

India’s benchmark 10-year bond yield dropped to its lowest in over two months on Friday, tracking the drop in their U.S. counterparts, and on expectations that the Reserve Bank of India (RBI) may not raise rates by 50 basis points next week. The 10-year bond yield was trading at 7.2775% by 0420 GMT, after falling to 7.2695%, its lowest since May 26. It ended at 7.3316% on Thursday.

Earnings Impact: SBI Life jumps 9%, emerges best Nifty performer as the company reported a 17.78 per cent year-on-year (YoY) rise in net profit at Rs 262.85 crore for the June quarter compared with Rs 223.16 crore in the corresponding quarter last year.

Price as on 29 Jul, 2022 10:10 AM, Click on company names for their live prices.

Westlife, Delta Corp best performers from the tourism & hospitality space

Price as on 29 Jul, 2022 10:01 AM, Click on company names for their live prices.

Rupee at highest in nearly 3 weeks, tracks broad dollar losses

The Indian rupee strengthened to its highest in nearly three weeks on Friday, tracking broad losses in the dollar on easing concerns over the need for continued aggressive interest rate hikes by the U.S. Federal Reserve. The partially convertible rupee was trading at 79.40/41 to the dollar by 0345 GMT, from Thursday’s close of 79.7550. In early trade it rose to a high of 79.3925, its strongest since July 11.

Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Markets have ignored the technical recession in the US – GDP contracting for 2 consecutive quarters- and are pinning more faith on the resilience of the economy as reflected in very low unemployment of 3.6% and job vacancies at historical highs. Also, the Fed chief’s observations yesterday indicate that the Fed is likely to slow down rate hikes after one more large hike in September.

In India the big positive for the market is the FIIs reducing their selling substantially and even turning buyers for 8 days this month.

The expected outperformance of financials has played out well. Q1 results indicate improving prospects for this segment. The short covering bounce in IT may continue in the near-term.

If the ongoing market rally continues for some more time there is the danger of the market moving into overbought territory with the risk of vulnerability to correction.

Nifty reclaims 17,000, back above 200-DMA

OPENING BELL: Sensex rises 500 points, Nifty tops 17,100; SBI Life surges 7%, TVS Motor 6%

JMC secures new orders of Rs 631 crore

Price as on 29 Jul, 2022 08:41 AM, Click on company names for their live prices.

Asian shares rally as markets bet on more gradual rate hikes

Asian stocks took their cue on Friday from a late rally on Wall Street, as markets focused on a possible slowdown in the pace of rate hikes rather than a U.S. recession after data showed its economy shrinking for a second straight quarter.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 185.5 points, or 1.09 per cent, higher at 17,132.50, signaling that Dalal Street was headed for a positive start on Friday.

Quarterly earnings today

Housing Development Finance Corporation, Sun Pharmaceutical Industries, NTPC, Indian Oil Corporation, DLF, Cipla, Cholamandalam Investment, Torrent Pharma, Star Health, Piramal Enterprises and Ashok Leyland are among companies that will announce their quarterly earnings today.

Tech View: Nifty bulls are back, all eyes on 200-day SMA

Nifty50 on Thursday made an upside breakout, as the index closed above 16,900, breaching a slew of strong resistance hurdles. The index made a gap-up start and still ended up forming a strong bullish candle on the daily scale.

Oil prices rise on tight supply as attention turns to OPEC+ meeting

Oil prices gained about $1 in early trade on Friday, lifted by supply concerns and a weaker U.S. dollar as attention turns to what OPEC and allies including Russia agree at a meeting next week marking the end of their 2020 output reduction pact.

Tokyo stocks open higher

Tokyo stocks opened higher on Friday, extending rallies on Wall Street, after a contraction of the US economy sparked expectations of a slowdown in Federal Reserve rate hikes. The benchmark Nikkei 225 index was up 0.25 percent, or 68.16 points, at 27,883.64 in early trade, while the broader Topix index edged up 0.02 percent, or 0.36 points, to 1,949.21.

US stocks up for 2nd day;, Apple jump after hours

US stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

Rupee rises 22 paise to close at 79.69 against US dollar

The rupee appreciated 22 paise to close at 79.69 against the US dollar on Thursday, as a rally in the domestic equities and less hawkish signals from the US Fed triggered risk-on sentiments in the markets.

Sensex, Nifty on Thursday

The 30-share pack Sensex jumped 1,041 points. Its broader peer, Nifty50, settled above the 16,900 mark. Today, 40 of the Nifty 50 stocks rose, while 10 settled with cuts.

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