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    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 suffered sharp losses on Friday amid weakness across sectors, as nervousness persisted across global markets after economic data from the US stoked fears of aggressive hikes in COVID-era interest rates. Losses in IT, financial, oil & gas and auto shares were the biggest drags on headline indices. Broader indices Nifty Midcap 100 and Nifty Smallcap 100 tumbled more than 2.5 percent each. Tamilnad Mercantile Bank shares remained under pressure on the second day of trade after a muted market debut.

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    Financial stocks have a good runway to earnings books: Girik Capital's Charandeep Singh 

    Charandeep Singh, Co-Founder and Fund Manager at Girik Capital, tells CNBC-TV18 that financial stocks, which have been elading the market, seem to be doing quite well, with ICICI Bank and SBI being big leaders for a while.

    "They have a significant earnings tailwind because of a pickup in credit growth, as you may have seen. The pickup in earnings growth as a result of credit growth, and the health and cleanliness of the balance sheet, particularly in these two banks, over the last 4-5 years has been quite significant. So they seem to have a good runway to earnings books, which was possibly not built in and now has been starting to get built in to the price," he adds. 

    Market At Close | Sensex and Nifty50 fall 1.8% dragged by IT and auto stocks

    Here are some highlights: 

    --Broader markets remain under pressure 

    --48 Nifty stocks in the red — UPL and Tata Consumer top losers

    --Cipla holds on to the green after positive brokerage view

    --Vedanta plunges eight percent after clarification on semiconductors manufacturing

    --Vodafone Idea drops five percent on reports company won’t convert deferred AGR-related dues

    --HFCL falls four percent after Delhi High Court vacates injunction order passed against company

    --GMR Power down three percent after company gets initial consideration of $420 million from PT ABM Investama Tbk

    --Cement stocks decline after Holcim announces completion of stake sale in Ambuja and ACC

    --Market breadth favours the bears — advance-decline ratio at 1:5

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Rupee edges lower vs US dollar

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Goa Carbon resumes production at Bilaspur unit from today

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Tamilnad Mercantile Bank shares extend losses after muted listing

    Tamilnad Mercantile Bank shares remained under pressure for a second straight session on Friday, a day after the one of the country's oldest private sector lenders debuted on bourses BSE and NSE. (Read more)

    Sell Bharat Forge, Sun TV, buy Max Financial Services: Hemen Kapadia

    Here are some recommendations by Hemen Kapadia of KRChoksey Securities
    -- Sell Bharat Forge for a target of Rs 730 with a stop loss at Rs 760 
    -- Sell Sun TV for a target of Rs 480 with a stop loss at Rs 525 
    -- Buy Max Financial Services for a target of Rs 850 with a stop loss at Rs 790

    Shilpa Medicare gets tentative US FDA nod for Tenofovir Alafenamide tablets

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Happiest Minds announces commissioning of a 183 kWp Solar Power Plant at its Smiles 2 campus at Madivala, Bengaluru

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Spandana Sphoorty's board to consider fund raise on September 21

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Strong recovery margins for auto companies: Pankaj Murarka

    Pankaj Murarka of Renaissance Investment Managers said that the auto sector is in an environment where demand is strong and supply chain issues, including the chips have got resolved significantly, and commodity prices are moderate. "This effectively means you get strong revenue growth and more importantly, we got very strong recovery margins for auto companies. I think over the next two years we believe that entire sector is a very sweet spot for investors who bet onto." From medium to longer term, according to Murarka, passenger vehicles in India remains a structural story. "Whereas all of us know CVs are very closely linked to the domestic economy. So the element of cyclicality cannot be eliminated. But I think next two and a half years, we have a very strong CV cycle on our hand as well."

    Buy Garden Reach Shipbuilders & Engineers, sell LIC: Ruchit Jain

    Here are two recommendations by Ruchit Jain of 5paisa.com
    -- Buy Garden Reach Shipbuilders & Engineers for a target of Rs 385-390 with a stop loss at Rs 340 
    -- Sell LIC Housing Finance for a target of Rs 419 with a stop loss at Rs 444 

    Induslnd Bank shares rise over 4%

    Shares of IndusInd Bank surged over 4 percent after the re-appointment of Sumant Kathpalia as managing director (MD) and chief executive officer (CEO) of the company. (Read more)

    Large Trade | 3.67 lakh shares of United Breweries worth Rs 60.59 crore change hands 

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Buy MMFSL, sell Lupin: Mitessh Thakkar

    Here are two recommendations by Mitessh Thakkar of earningwaves.com
    -- Buy MMFSL for a target of Rs 850 with a stop loss at Rs 815 
    -- Sell Lupin for a target of Rs 620-621 with a stop loss at Rs 657 

    RCF at day's high

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Buy Bharat Dynamics, sell Havells India: Ashish Kyal

    Here are two recommendations by Ashish Kyal of Waves Strategy:
    -- Buy Bharat Dynamics for a target of Rs 981 with a stop loss at Rs 884 
    -- Sell Havells India for a target of Rs 1,245 with a stop loss at Rs 1,385 

    Tata Metaliks expands Ductile Iron pipe capacity with Rs 600 crore investment

    Tata Metaliks is looking to expand its Ductile Iron Pipe capacity as demand as tripled due to the government's push on potable water. However, the stock is unmoved this year after surging nearly 40 percent in 2021. (Read more)

    Large trade | 48.3 lakh shares of Embassy Office Parks worth Rs 169.2 crore change hands 

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Escorts announces amalgamation of Escorts Kubota & Kubota Agricultural India

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Indian equities have started to show signs of fatigue: Geojit's VK Vijayakumar

    "Globally, the major concern now is that the Fed might oversteer and end up raising rates too much too fast, pushing the US economy into a sharp recession. There are talks of the terminal Fed rate rising to 4.25 percent," says VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    "Sharply rising rates, rising bond yields and a rising dollar are negatives for equity. In this challenging environment, it would be difficult for India to sustain the recent pattern of decoupling from the global trend," he says.

    Tech Mahindra, HDFC Bank and ONGC top blue-chip laggards

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Market At Open | Sensex down over 350 pts and Nifty50 slips below 17,800

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Stocks To Watch | Reliance, Vodafone Idea, Bharti Airtel and oil & gas stocks in the spotlight

    Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

    Global Cues | Crude oil prices slip on demand-supply concerns — Brent at $91 a barrel

    Rupee inches lower against US dollar

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    US inflation print to improve over next quarter: Adrian Mowat

    India looks the best place to be from an international perspective, he tells CNBC-TV18. 
     

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Asian shares fall following weakness on Wall Street overnight

    Equities in other Asian markets begin Friday deep in the red, mirroring a weak session on Wall Street overnight, as nervousness persists among investors that the Fed has little reason to ease its rate hiking cycle.

    MSCI's broadest index of Asia Pacific shares outside Japan is down one percent at this hour.

    --Japan's Nikkei 225: down one percent

    --Hong Kong's Hang Seng: down one percent

    --China's Shanghai Composite: down 1.1 percent

    --S&P 500 futures: down 0.6 percent 

    Trade Setup | More pain on the cards for the bulls

    The Nifty50 has formed a long negative candle on the daily chart, reflecting selling pressure at the 18,100 hurdle, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

    The 50-scrip index may find support around 17,750-17,700 levels in the short term, he says. (Here's what to expect on Dalal Street and key levels to track today)

    Stock Market Highlights: Sensex ends 1,093 pts lower and Nifty cracks below 17,600 amid broad sell-off — rupee at 79.74 vs dollar

    Wall Street indices fell on Thursday 

    The three main US indices slid into the red in a choppy session on Thursday session while bond yields rose as investors digested economic data that provided the Fed little reason to ease its aggressive interest rate hiking cycle.

    Oil futures tumbled more than three percent on demand concerns and after a tentative agreement that would avert a US rail strike, as well as continued dollar strength with expectations for a large US rate increase. 

    --S&P 500: down 1.1 percent

    --Dow Jones: down 0.6 percent

    --Nasdaq Composite: down 1.4 percent

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