Stock Market Highlights: Sensex ends 372 points lower, Nifty below 17,800; Paytm lists at discount, Sapphire at premium

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Staying away from auto stocks for the time being: Ambareesh Baliga

Independent market expert Ambareesh Baliga is avoiding auto stock for now. "I would be going a bit slow on autos at least for the next couple of months because clearly the sort of numbers which we have expected did not happen. The chip shortage is going to continue to trouble the auto space at least for a while longer. On my radar clearly is Maruti Suzuki which possibly I will look at buying closer to about Rs 7,003 or below, which is close to about Rs 800-900 lower than where it is now. The other pick would be Tata Motors. I would look at buying that closer to about Rs 425 or so. That is still sometime away," he said. 

India has been an outperformer among EMs, small correction always good: Vaibhav Sanghavi

Vaibhav Sanghavi, Co-CEO of Avendus Capital Alt Strategies, believes that some correction or consolidation is always good for a market like India, which has been an outperformer among emerging markets and other global markets. It improves the health of the market, he said. 

"So these consolidation phases are pretty much welcome. Also, it kind of sets in a check that valuations are not frothy. At this point, the valuations are bit rich. From our fund perspective, we have kind of raised some amount of cash, but largely, our hedges have kind of gone up, not that we are extremely bearish on a longer period of time, it's just that we want to play certain opportunities and we have pulled up our hedges in anticipation of some turbulence if it may come by... We haven’t dramatically raised the cash level because there are opportunities to be invested in and that is where we want to be as well," he said. 

Disruption, growth opportunities in new-age companies look exciting: Vaibhav Sanghavi

Vaibhav Sanghavi, Co-CEO of Avendus Capital Alt Strategies, said the market is trying to figure out how to track new-age businesses now but the disruption and growth opportunities in them look exciting. "We have seen some good amount of new-age economy stocks getting listed. What we believe is basically buying the business prospects, pretty good in terms of the growth opportunities, the market is trying to figure out the valuations which we would probably be able to give to all these business, because many of these businesses may not see net profits at least in the shorter term... So those guys who would continue to be the leaders, and have another ecosystem are someone who will make some good sized money in a longer period of time, which we have seen in the global economies as well. Maybe this is something which we will see here going forward as well. So interest would definitely be there," he said. 

Rupee rises marginally to 74.24 vs dollar

The rupee ended at 74.24 apiece against the US dollar, as against its previous close of 74.27.

Market At Close | All sectoral indices close with cuts; auto, metal top losers

Here are some highlights: 

--Market falls for 3rd straight session, Nifty closes below 50-day moving average

--All sectoral indices close with cuts; auto, metal top losers

--Nifty Bank falls 65 points to 37,976; midcap index drops 458 points to 31,271

--Most Nifty stocks close with cuts; Tata Motors, HCL, Eicher top losers

--Bosch amongst top midcap losers following UBS downgrade 

--Tata Power, Ashok Leyland, Coforge, Aurobindo top midcap losers

--Escorts hits record high on Kubota’s plan to raise stake at Rs 2,000 apiece

--Banks recover in the last hour; SBI, ICICI, HDFC Bank rise

--Paytm tumbles vs issue price, Sapphire Foods gains on listing day

--Chambal Fertilisers, PNB, SRF, AB Fashion gain in weak trading session

--Market breadth favours bears; NSE advance-decline ratio at 2:7

Paytm Listing | Should you buy, hold or sell One97 shares now?

“As a payment bank, they cannot lend, but of course, if they get a small finance bank, they can definitely lend. We are of the view that the probability of them getting a small finance bank would be relatively a bit lower. Of course, it all really depends upon what view the RBI takes on them. But this is our view currently," said Suresh Ganapathy of Macquarie Capital Securities. (Read more on Paytm shares)

Market At Close | Vedanta top midcap loser after announcement of company mulling demerger

Market At Close | Paytm shares at Rs 1,564 apiece, 27% discount

One97 Communications shares ended at Rs 1,564.2 apiece on BSE, a 27.3 percent discount compared with the issue price. 

Market At Close | Tata Motors, M&M, Tech Mahindra, HCL Tech, L&T top Nifty50 laggards

Forty three stocks in the Nifty50 universe ended with cuts. 

Here's how the 30-scrip Sensex pack fared:

Closing Bell | Sensex sheds 372 points, Nifty50 gives up 17,800

The 30-scrip index fell 372.3 points or 0.6 percent to end at 59,636 and the broader Nifty50 benchmark settled at 17,764.8, down 133.9 points or 0.8 percent from its previous close. Losses in IT, financial and automobile shares pulled the headline indices lower. (Read more on the closing bell)

L&T, TCS, Infosys, Bajaj Finance top Sensex draggers

Gains in HDFC Bank, Reliance Industries, SBI, Hindustan Unilever and ICICI Bank limited the downside for the 30-scrip index. 

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

Paytm's Vijay Shekhar Sharma says today's share price not a true reflection of company's scale

"People will take time to understand the business model. The fact that a payment company can do financial services like private insurance and wealth is something new to the Indian stock market... Over the period it will show up what this business model and scale is," Paytm Founder and CEO Vijay Shekhar Sharma said. (Read more)

CNBC-TV18 Exclusive | Escorts Chairman Nikhil Nanda says extremely excited about synergies brought in from Japan

Escorts Chairman Nikhil Nanda said in an exclusive interaction with CNBC-TV18 that he is extremely excided about synergies brought in from Japan. 
There is no intention to sell any shares from the Nanda family, he said. 

Vijay Shekhar Sharma says people will take time to understand Paytm business model

Paytm Listing | Finance, tech model crossover something new, lending fantastic opportunity: Paytm

Paytm's management told CNBC-TV18 the crossover of finance and tech company models is something new. Lending is a fantastic opportunity for Paytm, it said. 

The Paytm management also said the company's gross merchandise value (GMV) has grown 100 percent on a year-on-year basis. 

Paytm says today's share price will never be a true reflection of business model 

Paytm's management told CNBC-TV18 Thursday's share price of the company will never be a true reflection of its business model. The remarks come after Paytm parent One97's shares made a weak debut in the secondary market. 

People will take time to understand the business model, the management said. 

Escorts shares up 11%, near 52-week high hit earlier on Thursday

Escorts shares trraded 10.8 percent higher at Rs 1,805.9 apiece on BSE, having jumped as much as 11.5 percent earlier to a 52-week high of Rs 1,818.

The farm machinery major said its Japanese partner Kubota Corporation would acquire an additional 5.9 percent stake in it for Rs 1,872.74 crore, taking the total holding to 14.99 per cent and becoming a joint promoter in the Indian firm. 

Suresh Ganapathy, Macquarie Capital Securities on Paytm 

“As a payment bank they cannot lend, but of course, if they get a small finance bank, they can definitely lend. We are of the view that the probability of them getting a small finance bank would be relatively a bit lower. Of course, it all really depends upon what RBI takes a view on them. But, this is our view current.”

Escorts zooms over 8%; Japanese JV partner Kubota to raise stake, make open offer

Escorts Ltd shares soared over 8 percent on Thursday after Japanese tractor major Kubota announced that it will increase its shareholding in the Nikhil Nanda-led company. Kubota is set to raise its stake via a fresh issue and make an open offer for Escorts at Rs 2,000 per share. The company's open offer at Rs 2000 per share will be for a maximum 26 percent stake i.e. 3.75 crore shares.

Sensex pare some losses, still trade in red; Nifty below 17,800

Benchmark indices erased some of the intraday losses but still traded lower with Nifty below 17,800. The Sensex was down 456.07 points or 0.76 percent at 59,552.26, and the Nifty was down 163.70 points or 0.91 percent at 17,735. About 797 shares have advanced, 2234 shares declined, and 103 shares are unchanged.

Paytm shares extend losses after weak debut, tumble 26%

Paytm shares continued to decline after a weak debut in the secondary market on Thursday. Shares in Paytm parent One97 Communications listed on stock exchanges at a discount of nine percent. At 12:30 pm, the Paytm stock quoted at Rs 1,668.1 on BSE, and Rs 1,668 on NSE. Earlier in the day, Paytm parent One97's shares dipped to as low as Rs 1,586 on both the bourses - a discount of 26 percent to the issue price of Rs 2,150. 

Would like to wait before we give growth guidance. Raw material prices in some cases have gone up by 100 percent, says Sunil Chari of Rossari Biotech.

UBS downgrades Bosch to 'sell', here’s why

UBS has downgraded Bosch to ‘sell’ from ‘buy,’ cutting the target price sharply to Rs 16,000 from its earlier target price of Rs 19,600. According to UBS, risk-reward is on the downside for the company on the back of rising electric vehicle (EV) risk. The brokerage house has sharply cut estimates on the back of slower growth and margin slippage.

Seeing strong recovery in H2FY22. We are on an expansion spree, says Sanjay Purohit of Sapphire.

Rajnish Kapur, JK Cement On CNBC-TV18

We will maintain volume growth similar to last year and margin will improve going ahead. We had a couple of one-offs that impacted margin in the last quarter. Margin will be in the range of 24-25 percent. We don’t see debt inching higher by more than Rs 300-400 crore. We have already done financing for peak debt numbers.

IRCTC falls over 3%; Singapore govt cuts stake, retail holding jumps to nearly 21%

Indian Railway Catering and Tourism Corporation (IRCTC) share price declined over 3 percent ton Thursday, continuing the downtrend for the second straight day. After opening flat at Rs 903.50, the IRCTC stock price hit the day’s low of Rs 871.10 on BSE. At 12:10 pm, IRCTC shares quoted at Rs 880.50 on the BSE.

ESCORTS STAKE SALE |

Kubota to raise stake in Escorts at ₹2,000/sh via pref issuance & open offer. Also, Kubota will acquire control over the company to become a joint promoter.