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    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 suffered sharp losses on Friday, continuing to fall for a third straight day, tracking weakness across global markets after the Fed announced a widely-expected rate hike and reiterated its commitment to keep up increases into 2023 to fight red-hot inflation. Losses across sectors pulled the headline indices lower, with financial, oil & gas and auto shares being the biggest drags. Broader indices Nifty Midcap 100 and Nifty Smallcap 100 fell more than two percent each.

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    Rupee hits record closing low of 80.99 vs dollar

    During the session, the rupee breached the 81 mark for the first time ever to log a lifetime low of 81.23 against the greenback.

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Market At Close | Sensex and Nifty50 turn negative for 2022

    Here are some highlights:

    --Sensex and Nifty slide over four percent from recent highs hit last week

    --44 Nifty stocks fall

    --PowerGrid plunges eight percent on a brokerage note with respect to reports of REC acquisition

    --M&M Financial tumbles 13 percnet on RBI order suspending collections via 3rd party

    --Shriram Transport and Cholamandalam investment fall on RBI’s M&M Financial order 

    --4 of 5 Nifty stocks near 52-week lows from IT: Infy, HCL, TCS and Wipro

    --Divi’s and Sun Pharma rise 

    --Dr Lal, Metropolis, Ambuja Cememts and UBL top midcap gainers

    --Mkt breadth firmly in favour of the bears — advance-decline ratio at 1:5

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Manappuram Finance accepts rights issue proposal of subsidiary Asirvad Micro Finance

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    UK services PMI reading falls short of estimate

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Sensex turns negative for 2022

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    PowerGrid extends losses

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Dollar index hits 20-year high above 112 

    The gauge measures the American currency against the euro, the franc, the yen, the Canadian dollar, the pound and the krona.

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Buy Metropolis Healthcare, Ipca Laboratories, UltraTech Cement: Hemen Kapadia

    Here are Hemen Kapadia of KRChoksey Securities: 
    -- Buy Metropolis Healthcare at Rs 1,465 for a target of Rs 1,565 with a stop loss at Rs 1,415 
    -- Buy Ipca Laboratories at Rs 875 for a target of Rs 925 with a stop loss at Rs 850 
    -- Buy UltraTech Cement at Rs 6,200 for a target of Rs 6,600 with a stop loss at Rs 6,000 

    Sensex turns flat year-to-date

    Indian equity benchmarks nearly gave up all of their gains on a year-to-date basis amid sustained a market-wide sell-off and a lifetime low in the rupee against the US dollar. The Fed's third back-to-back hike of 75 basis points in the key US interest rate — though along expected lines — and its commitment to battling inflation sent shockwaves across global markets, denting the sentiment on Dalal Street. (Read more)

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Tata’s metal companies slip following merger announcement with Tata Steel

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Buy Ambuja Cements, Sun Pharmaceutical: Prakash Gaba

    Here are two recommendations by Prakash Gaba of prakashgaba.com:
    -- Buy Ambuja Cements for a target of Rs 580 with a stop loss at Rs 540 
    -- Buy Sun Pharmaceutical Industries for a target of Rs 940 with a stop loss at Rs 920 

    Crude makes a sharp downmove

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Growth likely to be consistent for larger IT Indian players: Omkar Tanksale

    "I am positive about the Accenture results for quarter four FY22", said, Senior Research Analyst at Axis Securities, Omkar Tanksale. "I believe that the demand for business has become dependent more on the system driven and the dependency is getting higher so it is likely to fetch more resilience in business in terms of outsourcing. However, the uncertainties will lead to more discretionary spend, once that is likely to happen for the next couple of quarters at least."

    Tanksale believes that the demand for larger IT Indian players will likely be consistent. "The growth can be seen at around 0.5-0.4 percent of the growth for the quarter on quarter basis for this quarter."

    Frontline indices down 1-2%

    Broader market indices mirrored trends in headline indices. Nifty Midcap 100 and Nifty Smallcap 100 was 1.3 percent and 1.1 percent down respectively at the time of writing.  

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Buy Sun Pharma, sell SBI Cards: Mitessh Thakkar

    Here are two recommendations by Mitessh Thakkar of earningwaves.com:
    -- Buy Sun Pharma for a target of Rs 960 with a stop loss at Rs 908 
    -- Sell SBI Cards for a target of Rs 881 with a stop loss at Rs 940 

    All the companies already a part of Tata Steel's consolidated entity: Koushik Chatterjee

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Hercules Hoists board approves scheme of arrangement to split businesses between company & Indef Manufacturing

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Tata Steel Mining, S&T Mining and Indian Steel & Wire to also merge with Tata Steel 

    In an interview to CNBC TV-18, Tata Steel Executive Director and CFO Koushik Chatterjee says that the move makes logical sense for the company and will be accretive to its EPS. Tata Steel is one of India's largest steel producers. (Here's what the latest announcements mean for investors)

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Rupee recovers 35 paise from record low of 81.23 against US Dollar

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Sell AU Small Finance Bank, LIC Housing Finance: Ruchit Jain

    Here are two recommendations by Ruchit Jain of 5paisa.com:
    -- Sell AU Small Finance Bank for a target of Rs 600 with a stop loss at Rs 618 
    -- Sell LIC Housing Finance for a target of Rs 392- 385 with a stop loss at Rs 424 

    Tighter Fed policy means slower growth & recession risks: Nathan Sheets of Citi

    Our all vehicle disbursals & recovery are done in-house: Shriram Trans to CNBC-TV18

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Large Trade | M&M Financial shares worth Rs 66.5 crore change hands

    A total of 33.6 lakh M&M Financial shares — representing 0.3 percent of the company's equity — worth Rs 66.5 crore change hands at an average price of Rs 196 apiece. 

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Rupee plunges to all-time low against US dollar

    The rupee depreciated by as much as 39 paise to a record low of 81.18 against the US dollar on Friday. The greenback hovered near two-decade highs putting pressure on the rupee. (Read more)

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Here's what some of these stocks look like at this hour

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Tata Steel Long, Tinplate, Tata Metaliks and TRF to be merged with Tata Steel

    Here's what it means for shareholders: 

    --Shareholders to get 33 shares of Tata Steel for 10 shares held in Tinplate 

    --Shareholders to get 79 shares of Tata Steel for 10 shares held in Tata Metaliks

    --Shareholders to get 67 shares of Tata Steel for 10 shares held in Tata Steel Long 

    --Shareholders to get 17 shares of Tata Steel for 10 shares held in TRF

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

    Expect follow-up selling in HDFC Bank and Kotak Mahindra Bank: Religare Broking's Manoj Murlidharan

    Manoj Murlidharan, VP-Derivatives at Religare Broking, expects follow-up selling in the stock stocks following short positions on Thursday. 

    He recommends buying the put option for the Rs 1,900 strike for Kotak Mahindra Bank at Rs 25-28 for a target of Rs 30 with a stop loss at Rs 10.

    He suggests going short on HDFC Bank futures at Rs 1,500-1,503 for a target close to Rs 1,460-1,470 with a stop loss at Rs 1,520.

    M&M Financial Services shares locked in 10% lower circuit here's what's pulling the stock lower

    M&M Financial Services says the RBI has directed the company to immediately cease carrying out
    any recovery or repossession activity through outsourcing arrangements until further orders. However, M&M Financial Services may continue to carry out recovery or repossession activities through its own employees, according to a regulatory filing by the company. 

    "In the normal course of its business, the Company repossesses about 4,000-5,000 vehicles
    per month, using the third-party agencies and its own employees. The Company expects this
    number to go down temporarily by about 3,000 to 4,000 per month, as the Company
    implements the RBI order with immediate effect," the filing adds.

    M&M Financial also says it has not outsourced any collection activities in its vehicle finance business to any third-party agencies and therefore, it does not expect any impact on the collections in this business.

    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low
    Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

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