Sensex rises 712 pts, Nifty tops 17,150; Tata Steel rallies 7%, HDFC 2%

CLOSING BELL: Public sector banks were the only losers with the Nifty PSB index down 1.2 per cent

11:10 AM

China backs away from growth goal target, sticks to Covid control measures

China acknowledged the struggling economy won't hit its official 5.5% growth target this year and said they will try to prop up sagging consumer demand but will stick to strict anti-Covid tactics. Read here

11:01 AM

Dairy firms plagued with margin woes; pick value-added players: Analysts

Analysts are wary of companies majorly focused in the low-margin milk segment as they believe firms with a strong market share in value-added products (VAPs) are more likely to sustain in the industry. READ MORE

10:51 AM

Granules gains 1% as board plans to mull share buyback on August 9

10:40 AM

Ashok Leyland soars to a 4-year high, up 6% ahead of June quarter results

The demand for MHCV Trucks is expected to increase, driven by pickup in fleet utilization levels and supported by replacement demand in-line with recovery in economic activity and government spending. READ MORE

10:29 AM

Metal stocks shine in trade: Tata Steel surges over 8%

10:15 AM

Rupee at highest in nearly 3 weeks, tracks broad US 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 Fed rate hikes. READ MORE

10:06 AM

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.

10:00 AM

SBI Life Insurance rallies 8%, nears 52-week high on strong Q1 earnings

The company displayed a strong show in Q1FY23 with 80 per cent YoY growth in APE along with a sharp jump of 132 per cent YoY in VNB. READ MORE

9:55 AM

Telecom stocks gain on Day 4 of 5G spectrum auction: Vi, Airtel up 1%

9:51 AM

Bajaj Finserv rises 3% after stock split, bonus issue announced

9:44 AM

NTPC gains 1% ahead of Q1FY23 results

9:40 AM

Profit-booking in STFC after net profit jumps four-fold in Q1

9:34 AM

SBI Cards gains 3% after net profit jumps 106% YoY in Q1

9:31 AM

Dr Reddy's, Cipla, Sun Pharma top Nifty50 losers

9:28 AM

SBI Life, Bajaj Finserv, Eicher Motors top Nifty50 gainers