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    Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags

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    Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags

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    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 halted a two-day winning run on Friday tracking five-week lows in other Asian markets, as Fed Chairman Jerome Powell's remark the US central bank will move aggressively to curb inflation brought back fears of steep hikes in pandemic-era interest rates. Losses across sectors pulled headline indices lower, with financial, IT and metal stocks being the biggest drags. Broader markets also weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices finishing 0.9 percent and 0.3 percent lower respectively. Globally, news flow on the Russia-Ukraine war and rising COVID cases in parts of the world remained on investors' radar.

    Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Thank you, readers! That's all from CNBCTV18.com's live market coverage on April 22, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

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    • Focus returning to manufacturing, mining: Anand Shah

      Anand Shah, Head-PMS and AIF Investments at ICICI Prudential AMC, points out that pockets such as manufacturing and mining are doing extremely well at a time when the broader market is not. "A lot of people over the last decade have forgotten that these companies exist," he says.

      "Over the next 3-6 months, we will see more of what is happening in the last one year... Being in the right segments and sectors of the market will be a continuous discovery for many market participants," Shah adds. 

    • Hindalco, SBI, Hindustan Unilever, Cipla, Dr Reddy's top blue-chip laggards

      IndusInd, HDFC Life, Axis Bank, Grasim and Bajaj Finserv are also among the top losers. Eight stocks in the Nifty50 basket finish above the flatline: Adani Ports, Mahindra & Mahindra, HCL Tech, ITC, Maruti Suzuki, Bharti Airtel, Britannia and Asian Paints.

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

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Market At Close | Sensex, Nifty50 dragged by financial stocks

      Here are some highlights: 

      --Adani Ports top Nifty gainer after co acquires 100 percent stake in Ocean Sparkle

      --ONGC slips, Asian Paints rises amid declining crude oil prices

      --Midcap IT stocks hold on to day's gains; Mindtree top gainer

      --42 Nifty50 in the red

      --Advanced-decline ratio at 1:2

      --HCL Tech ends near flatline after co reports Jan-Mar earnings

      --FMCG stocks rise; ITC up 0.3 percent

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Closing Bell | Sensex down 715 pts, Nifty50 sinks below 17,200

      Both headline indices finish near intraday lows. The Sensex drops 714.5 points or 1.2 percent to end at 57,197.2 and the Nifty50 settles at 17,172, down 220.7 points or 1.3 percent from its previous close. (Read more

    • Hindustan Zinc Jan-Mar net profit up 18% at Rs 2,928 crore, misses Street estimates

    • Explained | How RBI's new credit and debit card rules will help customers

      The RBI has put out a master circular covering issuing of credit and debit cards by banks, NBFCs and fintech companies. This circular covers a lot of ground to protect customers and will mean new processes for the banks.

      How are customers benefiting?

      Once the rules come into play, a customer's consent is needed to continue with a new card if the customer doesn’t use it within 30 days.

      If no response comes from the customer, then the card will be considered closed on the 37th day after it has arrived.

      Many credit card customers struggle to close their cards and this will be beneficial for them. (Learn more)

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • The Street enters the final 30 minutes of the week

      The Sensex is down 750 points or 1.3 percent at 57,161.6 and the Nifty50 17,150.3, down 242.4 points or 1.4 percent from its previous close. 

    • Can Nifty50 hold 200 DMA at the close?
       
      The Nifty50 is down 185.2 points or 1.1 percent at 17,207.5, not far from its day's lowest level of the day at 17,189.1. 
       
      Its 200-day simple moving average stands at 17,193.4. 
       
      Period (No. of days)
      SMA
      5 17,176.7
      10 17,398.8
      20 17,468.2
      50 17,130.2
      100 17,286.1
      200 17,193.4
    • Plan to conclude LIC IPO before mid-May, issue size likely to be closer to Rs 30,000 crore: Sources

      The government's current stance is to launch the LIC IPO broadly within a May 12 timeline, sources tell CNBC-TV18. A red herring prospectus (RHP) is likely to be filed next week, they say.

      The government is working on approvals from the LIC board and market regulator SEBI for IPO dates and the amount to be raised, they add. 

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • European shares fall tracking 5-week low in Asian markets

      European markets begin the day in the red taking negative cues from Asian peers as investors fret about rate hikes in the US and the eurozone. The pan-European Stoxx 600 index drops as much as 1.2 percent in early hours, after MSCI's broadest index of Asia Pacific shares outside Japan hits a five-week low.

      --UK's FTSE: down 0.3 percent

      --France's CAC: down one percent

      --Germany's DAX: down one percent

      --S&P 500 futures: down 0.1 percent

    • Buy Ramco Cements, Honeywell Automation: Hemen Kapadia

      Hemen Kapadia of KRChoksey Securities shares two trading calls: 

      --Buy Honeywell Automation for a target of Rs 43,000 with a stop loss at Rs 39,500 

      --Buy Ramco Cements for a target of Rs 840 with a stop loss at Rs 795 

    • Buy ICICI Bank, PVR, MCX: Prakash Gaba

      Here are five trading calls from Prakash Gaba of prakashgaba.com: 

      --Buy MCX for a target of Rs 1,420-1,440 with a stop loss at Rs 1,385 

      --Buy Granules India for a target of Rs 305 with a stop loss at Rs 293 

      --Buy ICICI Bank for a target of Rs 800

      --Buy PVR for a target of Rs 1,900

      --Buy UBL for a target of Rs 1,560

    • Buy Maruti Suzuki, Infosys: Jay Thakkar

      Jay Thakkar of Marwadi Shares & Finance shares two trading calls: 

      --Buy Maruti Suzuki India for a target of Rs 8,400 with a stop loss at Rs 7,850 

      --Buy Infosys for a target of Rs 1,650-1,675 with a stop loss at Rs 1,575

    • SBI Cards top gainer in BFSI pack

      Here's what the basket looks like at this hour:

      Stock Change (%) Price (in rupees)
      SBICARD 2.5 815.5
      BAJFINANCE 0.3 7,156.2
      HDFC 0.2 2,234.4
      PFC 0 119
      MUTHOOTFIN -0.2 1,330.6
      RECLTD -0.3 129.6
      HDFCBANK -0.3 1,369.9
      ICICIPRULI -0.8 528.4
      PEL -0.9 2,218.3
      SBILIFE -1 1,132.8
      CHOLAFIN -1.1 713
      ICICIBANK -1.2 753.3
      HDFCAMC -1.4 2,064.1
      KOTAKBANK -1.6 1,733.5
      SRTRANSFIN -1.7 1,131
      BAJAJFINSV -1.8 15,547.2
      AXISBANK -1.9 786.5
      SBIN -2.2 505
      HDFCLIFE -2.4 557.4
      ICICIGI -5.1 1,330
    • Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • 2022-23 visibility excellent for software sector: Emkay Global's Nirav Sheth 

      Emkay Global CEO-Institutional Equities Nirav Sheth is positive on the IT space and likes Infosys, even though he is concerned what the earnings will look like in the financial years ending March 2024 and March 2025 if recession were to happen.

    • IndusInd Bank hikes 3-month to 3-year MCLR by 5-10 basis points

      Marginal cost of funds-based lending rate (MCLR) is the minimum rate below which a financial institution cannot lend.

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • IndusInd Bank hikes 3-month to 3-year MCLR by 5-10 basis points

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • HDFC Life board to consider fund raise on April 26

      HDFC Life shares are down by Rs 9.8 or 1.7 percent at Rs 560.3 apiece in late morning deals, having declined as much as 2.6 percent to Rs 555.1 apiece earlier in the day. 

    • Hindalco drops 5%, top Nifty50 loser

      Hindalco shares fall by as much as Rs 26.1 or 4.8 percent to Rs 514.1. 
      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Buy crude oil on dips: Motilal Oswal Financial Services' Amit Sajeja

      Amit Sajeja, VP-Technical Commodities and Currencies Analyst-Commodities at Motilal Oswal Financial Services, recommends buying MCX crude oil April futures at Rs 7,600 for a target of Rs 8,150 with a stop loss below Rs 7,300. "MCX crude oil has corrected from short-term resistance near Rs 8,400 and looks headed towards strong short-term support in the Rs 7,600-7,500 zone. The medium-term trend looks bullish, with the price holding above this support area. Buying on dips is advised," he tells CNBCTV18.com. 

      "Momentum indicator RSI is sustaining above 50 and is likely to turn higher, which could support the upswing in price. A test of immediate resistance around Rs 8,150 looks possible in the short term," he adds. 

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Bond Deals | HDFC, SBI Cards, SAIL in the spotlight 

      --HDFC to raise funds through a one-year commercial paper at a 5.2 percent coupon

      --SBI Card & Payment Services to raise funds through a five-month commercial paper at a 4.65 percent coupon

      SAIL to raise funds through a May-end commercial paper at a 3.84 percent coupon (Check out the complete list of key bond deals)

    • Large Trade | Rs 171.6-crore SBI Cards shares change hands

      A total of 20.95 lakh SBI Cards shares -- representing 0.2 percent of the company's equity -- worth Rs 171.64 crore change hands.

      The SBI Cards stock rises as much as 3.8 percent to Rs 826.8 apiece on BSE. 

    • Here's how the IT pack fares this morning

      Stock Change (%) Price
      MINDTREE 2.4 3,827.5
      HCLTECH 2 1,120.7
      LTI 1.1 5,131.8
      MPHASIS 0.4 2,913.6
      TECHM 0.2 1,315.6
      WIPRO -0.3 537.5
      COFORGE -0.4 4,076.9
      INFY -0.7 1,607
      LTTS -0.8 4,209.3
      TCS -1.1 3,587.3
    • HCL Tech, Infosys top picks in Tier I technology space: Manik Taneja

      Manik Taneja, Research Analyst-IT Services at JM Financial Institutional Securities, has HCL Tech and Infosys as his top picks in the Tier I technology space. "Within the Tier II space, our preference has been with Mphasis and Persistent Systems through the last 18 months and that continues, though valuations have come off for some other names as well and there might be some tactical trade ups in those names," he says. 

    • HCL Tech shares jump 

      HCL Technologies shares hold on to most of their initial gains, a day after the software exporter reported its financial results for the January-March period. The stock rises as much as 3.2 percent to Rs 1,135 apiece on BSE. 

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Adani Ports, HCL Tech, ONGC, Tata Steel, Bharti Airtel among top blue-chip gainers

      PowerGrid, Coal India, Tech Mahindra and JSW Steel are also among the top gainers 30 minutes into the opening. Hindalco, Eicher, Dr Reddy's, HDFC Life, SBI, Tata Consumer and SBI Life are the worst hit among the 41 laggards in the Nifty50 pack. 

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

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    • Sensex falls over 650 pts, Nifty50 cracks below 17,200

      The Sensex falls as much as 666.9 points or 1.2 percent to 57,244.8 in the first few minutes of trade after a gap-down opening. The Nifty50 begins the day at 17,196.1, down 196.6 points or 1.1 percent from its previous close. 

      Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags
    Stock Market Highlights
    : Indian equity benchmarks BSE Sensex and NSE Nifty50 halted a two-day winning run on Friday tracking five-week lows in other Asian markets, as Fed Chairman Jerome Powell's remark the US central bank will move aggressively to curb inflation brought back fears of steep hikes in pandemic-era interest rates. Losses across sectors pulled headline indices lower, with financial, IT and metal stocks being the biggest drags. Broader markets also weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices finishing 0.9 percent and 0.3 percent lower respectively. Globally, news flow on the Russia-Ukraine war and rising COVID cases in parts of the world remained on investors' radar.
     

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