Stock Market Highlights: Sensex ends 396 points lower, Nifty slips below 18,000 dragged by financial, oil & gas shares

Thank you, readers! That's all from CNBC-TV18.com's live market coverage on November 16. Stay tuned for other updates on our website: CNBCTV18.com.

You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

And on Facebook, LinkedIn, Instagram and Telegram

Download our mobile app for Android and iOS platforms

Market At Close | Five of top six Nifty gainers auto stocks

Here are some highlights: 

--Auto stocks surge on positive developments related to chip

--Financial stocks remain a drag

--Reports of cement companies dropping price hike plans drag cement stocks

--Nifty Bank slips 395 points to 38,307; midcap index falls 86 points to 31,943

--Reliance Industries amongst top Nifty losers; stock drags Nifty by 58 points

--Shree Cement, Tata Consumer, SBI, Hindalco, UltraTech top Nifty losers

--Five of top six Nifty gainers auto stocks: Maruti, M&M, Tata Motors, Hero MotoCorp, Eicher Motors

--Metal stocks remain weak on demand-supply mismatch; Nifty Metal 2% off highs

--Coforge surges 4% on announcement of US IPO via ADR route

--Thermax top midcap gainer, up 30% since Q2 earnings last week

--Auto ancillaries gain along with auto names; Bharat Forge up 3%, Motherson up 6%

--PB Fintech extends listing day gains, up another 12% 

--Nykaa slips for 2nd straight day after Q2 earnings

--Union Bank, HPCL, Manappuram, Ashok Leyland top midcap losers

--Thermax, Motherson, Chambal Fertilisers, Coforge, Birlasoft top midcap gainers

--Market breadth favours bears; advance-decline ratio at 4:5

Mixed global cues keeping market participants on edge: Ajit Mishra

Ajit Mishra, VP-Research at Religare Broking, believes mixed global cues are keeping market participants on edge, and expects the trend to continue at least in the near future. "Among the sectors, the continuous underperformance of the banking pack is dragging the benchmark lower... In the current scenario, it is prudent to stay light and wait for clarity," he said. 
 

Don't see much evidence of capex picking up: Anand Tandon

Market expert Anand Tandon does not see much evidence that capex in the country will pick up going forward. "If you have capacity utilisation in most industries still in the early 70s-late 60s kind of range or even lower, why would you really want to expand capacity? I would really want to see whether the capacity expansion story has will come through and therefore with that, you will get the engineering companies also doing very well... For the moment, I think market has probably run up in the expectation that it will happen. I would think that you may want to take a pause and wait for the reality to catch up," he said.

Manappuram Finance gold loan business should do reasonably well: Anand Tandon

Market expert Anand Tandon believes Manappuram Finance's gold loan business to perform reasonably well, given there is no major drop in terms of gold prices, and, therefore, no issue of in terms of non-performing assets (NPAs). "By and large when the prices remain reasonably firm, you will get fairly strong growth in terms of volume. So, on a net-net basis, that part of the business should be okay...It is always microfinance which is a little trickier. That has been a space which has been hit quite badly during the second wave of COVID... So if you want to be in that space, I would still argue that you're probably better with the banks which moved in that space, because at least the liability sides will be assured and will come in at a lower price than if you were just borrowing the wholesale market," he said. 

"Net-net, there are a better players for both gold loan by itself as well as the microfinance business. Of course, what is going for it is that it is not particularly expensive," he said.

RBI statement that equity market valuations are stretched added to pressure: Geojit Financial Services' Vinod Nair

Vinod Nair, Head of Research at Geojit Financial Services, said the RBI's statement that equity market valuations are stretched added to pressure in the market. 

"Global markets remained mixed as the Biden-Xi meeting ended with both the parties appealing for more cooperation. European and US markets are trading almost flat ahead of the release of Q3 Eurozone GDP and US retail sales data," he said.

Market At Close | Maruti Suzuki, M&M, Tata Motors, Hero MotoCorp top Nifty50 gainers

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

Closing Bell | Sensex tumbles 396 points, Nifty slides to 17,999   

The 30-scrip index ended 396.3 points or 0.7 percent lower at 60,322.4 and the broader Nifty50 benchmark settled at 17,999.2, down 110.3 points or 0.6 percent from its previous close. (Read more on the closing bell)

No more addition recommended in auto space now: Sushil Kedia

Sushil Kedia of Kedianomics has been long on autos for long. "A large move has happened on them; there is no time yet to sell them. I think the money is made by becoming a contrarian buying into weakness into a larger trend of strength. So we bought that into \autos when they were looking very weak. We are doing that on the banks now. So there is no sell on autos yet, but I am not going to add more or recommend here again," he said.

Bank Nifty to rise all the way to 44,000 once its crosses resistance at 38,800: Kedianomics' Sushil Kedia 

Sushil Kedia, Founder of Kedianomics, believes the Bank Nifty index will fly all the way up to 44,000 once its takes out resistance at about 38,800. "That translates to an almost 20 percent upmove each in HDFC Bank and ICICI Bank, and IndusInd Bank may go to new all-time highs of Rs 1,300-plus. Bandhan Bank and RBL Bank may go completely wild," he said. 

Kedia believes banking is the space where the money lies for now. "For those who want to laugh into the banks into Christmas or maybe even before that, banking is the sector now... It is a sectoral rotation game and I think banks are ready to really take off," he said. 
 

JM Financial Institutional Securities initiates coverage on PB Fintech with 'hold' rating, target price Rs 1,270 

The brokerage initiated coverage on PB Fintech with a 'hold' rating and a target price of Rs 1,270. JM Financial Institutional Securities cited significant upside risks in the medium term.

Policybazaar remains ideally positioned to leverage its brand presence and insurer coverage to rapidly penetrate physical insurance distribution, and Paisabazaar is expected to grow synergistically by leveraging the group’s digital fulfillment capabilities, according to JM Financial Institutional Securities. The brokerage forecasts the group's revenue to deliver an FY21-31 CAGR of 31 percent.

The midcap movers that hit 52-week highs

Beyond the auto and auto ancillary sector, there are a few stocks that actually buzzed in trade on Tuesday. Ingersoll Rand and Finolex Cables added to gains clocked on Monday. Chambal Fertilisers, Sterlite Technologies and VA Tech surged amid good volumes. (Read more on top midcap movers)

Zee-Invesco Case | NCLT to hear matter next on December 14

Zee Entertainment Enterprises shares were left with a gain of half a percent at Rs 326.3 in late afternoon deals, having risen as much as 3.7 percent earlier in the day. 

Zee-Invesco Case | NCLT to hear matter next on December 14

Zee Entertainment Enterprises shares were left with a gain of half a percent at Rs 326.3 in late afternoon deals, having risen as much as 3.7 percent earlier in the day. 

Government clears additional release of Rs 10,000 crore for MNREGA: Official

A government official told CNBC-TV18 the Centre has cleared an additional Rs 10,000 crore for the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) scheme.