Stock Market Highlights: Sensex rebounds 574 pts, Nifty reclaims 17,100 as market halts 5-day losing streak boosted by Reliance, Infy, HDFC

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Remain cautious on NBFCs: Vaibhav Sanghavi

Vaibhav Sanghavi, Co-CEO of Avendus Capital Alt Strategies, continues to be cautious on shadow banks. "Incrementally, we are seeing banks getting aggressive because of the technology push on a fundamental basis and competition being faced by the fintech companies. We are a bit cautious on NBFCs and the increasing requirements for internal reporting and disclosures, and the capital outlay as per RBI requirements... Those are the things which we do think that from a structural perspective, from a long-term perspective," he says. 

Avoid large tech names for short to medium term: Sudip Bandopadhyay 

Sudip Bandopadhyay, Group Chairman of Inditrade Capital, suggests avoiding tech names for the short to medium term. "There is fundamentally nothing wrong, except the fact that they are going through cost pressures and the margins are under pressure, and revenue growth - the kind of growth they have seen over the last one-and-a-half-two years - is definitely not sustainable in the near future," he says. 

They have a strong order book and will continue to execute but the challenge is high multiples, he says. "At these multiples, there is very little scope for error and because the numbers are not coming as they were coming in the previous quarters, we are seeing these corrections. It is better to be kind of away from this space for some time," he adds.  

Bandopadhyay suggests long-term investors to pick up Infosys or TCS after the current correction. 

Cement sector still offers great valuation comfort: Prakash Diwan

Market expert Prakash Diwan is positive on cement, a sector that he believes still offers great valuation comfort. "On an absolute trailing P/E basis, it might not seem very comfortable, but cement probably is still looking favourable. It's now a winner-takes-it-all kind of a market in some of the segments and UltraTech is reaping the benefits," he says. 

His advice: Stick to the larger players.

"ACC typically sets a trend in terms of what largecap cement players or larger capacity players will be exhibiting going forward," he adds. 

Market At Close | Sensex, Nifty50 halt 5-day losing streak

Here are some highlights:

--Reliance, IT stocks lift headline indices; ICICI Bank, Bajaj Finance limit upside

--Nestle, HCL Tech rise, L&T Tech slips ahead of earnings

--Reliance, OMC stocks rise on higher Singapore refining margin

--HDFC twins snap 9-day losing streak, up 1-2 percent

--Unlock-theme stocks slip as COVID cases rise

--Cement stocks rise 2-7 percent after ACC's Jan-Mar margin beat

--L&T Infotech continues to fall downmove following merger reports, down 15 percent so far this week

--Shadow banking stocks slip following RBI's lending rules; Cholamandalam Investment top loser

--Market breadth neutral; advance-decline ratio at 1:1

Market At Close | Nifty Auto up 2.2%, top gainer among NSE's sectoral indices

Market At Close | BPCL, Tata Motors, Shree Cement, Eicher, Maruti top blue-chip gainers

UltraTech, Asian Paints, Reliance Industries, UPL and TCS are also among the top gainers. 

On the other hand, Bajaj Finance, Bajaj Finserv, ICICI Bank, JSW Steel, L&T, Tata Steel and ONGC are the worst hit among the 12 laggards in the Nifty50 basket. 

Here's what the 30-scrip pack looks like: 

Rupee ends higher at 76.21 vs US dollar

The rupee strengthens against the greenback to settle at 76.21 for the day, as against its previous close of 76.51.

Closing Bell | Sensex up 574 pts, Nifty50 reclaims 17,100

The Sensex ends 574.4 points or one percent higher at 57,037.5 and the Nifty50 settles at 17,136.6, up 177.9 points or 1.1 percent from its previous close. Both headline indices halt a five-day losing streak. (Read more on the closing bell)

Expect 2022 to remain volatile: Avendus Capital 

Avendus Capital tells CNBC-TV18 that it expects the remainder of 2022 to be volatile. Avendus is constructive on the auto space and sees commodity prices easing off going forward. 

It expects low levels in the market in the next three months followed by a recovery. It continues to be cautious on shadow banks. 

March domestic air passenger traffic up 36.7%

The domestic air passenger traffic stood at 1.07 crore in March, according to data from aviation regulator. 

The last hour starts! 

The stock market has shown strength for much of the session today, with the headline indices Sensex and Nifty50 on track to break a five-day losing streak. Both gauges rose as much as 1.3 percent during the session so far, led by sharp gains in the heavyweight Reliance Industries and IT stocks. 

Both indices have fallen about five percent in five consecutive sessions till April 19.

The HDFC twins remain the X factor stocks, edging higher after days of selling pressure. HDFC Bank and HDFC moved up one and two percent respectively before trimming their intraday gains. 

Once again, buying at the put-call ratio (PCR) -- a key derivatives indicator -- of less than 0.7 has worked. The Nifty50 is now expected to face congestion at its 200-DMA of 17,170.

On Tuesday, investors had suddenly hit the panic button in the last hour of trade.

India 'did not breach inflation aim so badly': Finance Minister Nirmala Sitharaman 

Even as Indian CPI (consumer price index) rose to a 17-month high of about 6.95 percent in March against 6.07 percent in February, Finance Minister Nirmala Sitharaman has said the country has "not breached inflation aim so badly.” India’s headline retail inflation has exceeded the Reserve Bank of India’s inflation target for three consecutive months.
“Even with challenges like rising prices of crude and commodities, India’s inflation today is about 6.9 percent (last month). Our tolerance band is only 4 percent, plus minus 2 percent. So, we could go up to 6… We have breached the 6 percent mark, but not so badly,” she said at an event organised by the Atlantic Council in Washington DC on the sidelines of International Monetary Fund (IMF) and World Bank annual meetings. (Read more)

Bank Of Maharashtra to consider fund raise on April 28

The lender's stock rises as much as 2.5 percent to Rs 18.4 apiece on BSE. 

Sun Pharma promoter releases pledge on 1 crore shares on April 12