Sensex up 630 pts, Nifty atop 16,500; ONGC, RIL, Infy, TCS top contributors

CLOSING BELL: ONGC, Tech M, Reliance Industries, TCS, HCL Tech, SBI, and Infosys were the top gainers, up between 2 per cent and 3.7 per cent

3:26 PM

Building material players take a demand, margin hit in June quarter

Slowdown in construction activity, high inventory levels and cost spike key negatives. Read here

3:19 PM

RBI prepared to spend $100 bn more for defending rupee, says report

RBI is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks, said a senior source of Reuters. Read here

3:19 PM

STOCK ALERT :: ITC hits 52-week high of Rs 299.5

3:11 PM

Hatsun Agro breaches Rs 2,000 crore sales mark in Apr-Jun quarter

Dairy products maker Hatsun Agro Products has crossed the Rs 2,000 crore sales mark during the quarter ending June 30, 2022 for the first time, the company said. Read here

3:00 PM

Adani Enterprises, Bajaj Auto among stocks that hit 52-week high

2:56 PM

World shares hit 3-week high as recession fears ease, dollar hovers low

World shares hit a three-week high on Wednesday as strong US corporate earnings and the expected resumption of Russian gas supply to Europe allayed fears of a recession. READ MORE

2:51 PM

ICICI Lombard General Insurance dips 5% post June quarter earnings

The country's largest private sector general insurer reported 80 per cent YoY growth in net profit at Rs 349 crore in Q1FY23 on the back of a healthy growth in premium income. READ MORE

2:44 PM

European markets edge higher on strong corporate earnings

2:32 PM

Rupee depreciation against US dollar lower than other major currencies: CEA

CEA Nageswaran said that the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen. READ MORE

2:23 PM

UK inflation hits new 40-year high of 9.4% in June

2:16 PM

Realty stocks lose steam; Prestige, Phoenix tank over 2%

2:06 PM

FPIs, mutual funds increase marginally stake in Paytm in Apr-June qtr

Foreign portfolio investors and mutual funds have marginally increased stake in Paytm's parent company One97 Communications. READ MORE

1:55 PM

Aether Industries slides 4% after stock hit 52-week high

1:49 PM

MARKET VIEW: Seen definite reduction in volatility in the last couple of weeks

The Indian markets have opened higher on positive global cues, with overnight US markets up more than 2% on the back of strong corporate earnings.

Weakness in the dollar index is also helping generate a risk-on environment. Domestically, the move by the Indian government to reduce tax on windfall gains for Oil and Gas companies is helping heavyweights like RIL and ONGC to outperform.

We believe that there is a definite reduction in market volatility in the last couple of weeks, but one needs to be wary of risk emanating from Europe.

Especially with issues relating to the resumption of gas supplies to Europe from Russia and the corresponding effect on growth rates if the gas supply is not restored.

We advise investors to gradually increase allocation to equity, especially since FII selling pressure has significantly ebbed in recent times. Some sectors we like are Banks, Auto, and Capital Goods.

Views by Naveen Kulkarni, Chief Investment Officer, Axis Securities

1:42 PM

Q1 impact: Hindustan Unilever can rally to Rs 3,000-mark, indicates chart

The HUL chart has seen breakout of the 'Inverse Head and Shoulder' after the stock conquered the Rs 2,400-level, thus indicating an upside target of Rs 3,000 in the medium-term. READ MORE