Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market

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Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a volatile session in the red on Wednesday, extending losses to the fourth day in a row. Nervousness persisted on Dalal Street amid mixed moves in global markets as investors awaited key inflation data from the US due later in the day. Losses in IT, auto and FMCG stocks pulled the headline indices lower, though gains in select financial stocks lent some support. Broader markets also weakened, with the Nifty Midcap 100 declining 0.4 percent and its smallcap counterpart falling 2.9 percent.

Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
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  • Positive on consumption theme: Marcellus Investment's Pramod Gubbi

    "We are not a thematic investor, we are a bottom up investor. We try and find companies with very clean governance with resilient business models and with sustainable competitive advantages. It so happens that you find a lot of these companies in the in the consumer sector, partly because some of these competitive advantages are truly sustainable around distribution and supply chain efficiencies, particularly in a complex market like India, which is not just geographically vast, but also diverse in terms of demand patterns," Pramod Gubbi, Co-Founder of Marcellus Investment Managers, tells CNBC-TV18.

    He is positive on such businesses across both staples: Discretionary not just staples and discretionary across financial services particularly with a retail-focused play. "Consumption can be beyond just FMCG or consumer durables for us," Gubbi adds. 

  • Buy MCX crude oil May futures, target Rs 8,100: 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 futures at Rs 7,750 for a target of Rs 8,100 with a stop loss below Rs 7,600. 

    "MCX crude oil is likely to find support near Rs 7,750 and a short-covering move towards the immediate barrier of Rs 8,100 looks possible. Buying on dips is advised from a short-term perspective. From a medium-term horizon, however, the bias will be more clear on a breakout on either side of support at Rs 7,300 and resistance around Rs 8,400," he tells CNBCTV18.com. 

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Largecaps largely stable, some capitalisation in midcaps, smallcaps: Capitalmind's Deepak Shenoy

    "Even some of banks are positive as well. I think opportunities will continue for the next three or four months. Because until we know the extent of the rate hikes, there will still be pressure on stocks. If you're looking at a long-term buying opportunity, the next few months are probably a good time to start picking stocks," Capitalmind Founder Deepak Shenoy tells CNBC-TV18. 

    "We've been doing that throughout but we are just changing the constitution of some of our stocks, so that we can get more into more attractive players. We're still not yet in ‘sell everything else and buy stocks’ territory, but I think we're starting to seeing the signs of getting there soon," he adds. 

  • Expect some more correction or consolidation in IT stocks: Quantum Securities' Neeraj Deewan 

    Neeraj Deewan, Director at Quantum Securities, expects some more correction or consolidation in IT stocks. "Though largecap IT has corrected and valuations are becoming little better in stocks like Infosys, but the margin pressure should stay for a couple of more quarters. The kind of attrition levels that we have seen will also put pressure on wage bills and impact the margins," he tells CNBC-TV18. 

    His advice to long-term investors: "Look for more consolidation and a little more correction to happen, and then accumulate over the next couple of quarters.”

  • Market At Close | Banking stocks help Sensex, Nifty50 trim day's losses

    Here are some highlights: 

    --Financial stocks support market 

    --Midcap index recovers more than 500 points from day's low

    --ONGC top Nifty gainer as crude prices rise more than three percent

    --Cipla earnings miss Street estimates but positive commentary helps stock rise one percent

    --Asian Paints declines but two percent off day's low on mixed commentary post-earnings

    --HDFC, HDFC Bank, Axis, ICICI Bank lift Nifty

    --ITC, Infosys, HCL Tech drag index

    --City gas companies post healthy gains on strong quarterly numbers; Gujarat Gas up six percent, MGL three percent

    --SRF rises six percent on positive commentary, brokerage upgrade post-earnings

    --Indiabulls Housing falls 20 percent, top midcap loser

    --GNFC falls 14% as TDI prices slip

    --Dixon Tech, Motherson, Chambal, Can Fin, L&T Tech among top midcap losers

    --Market breadth firmly in favour of bears, advance-decline ratio at 2:9

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Sensex, Nifty50 end volatile session in the red

    Both headline indices finish the day half a percent lower. The 30-scrip index ends 276.5 points below the flatline at 54,088.4, having swung within a 1,079.3-point range during the session.

    The broader Nifty50 benchmark settles at 16,167.1, down 73 points from its previous close, having briefly slid seven points below the 16,000 mark in intraday trade. (Read more on the closing bell)

  • Vodafone Idea says most of the benefits of tariff hike have already flowed through

  • Rohit Srivastava of Indiacharts says sell-off is not over yet

    According to Srivastava, there might still be a further downside, so one shouldn't really pre-empt that the market or any particular stock has bottomed out just because it is oversold. 

    He explained that during bear markets, what ends up happening is a large part of declines actually end up having in oversold mode. So, especially for traders who are trying to bottom fish this market, they probably get their hands, handed to them. "So they shouldn't really try to do that - wait for things to settle down. I still think there could be a lot more downside. In fact, we are seeing the small cap index already break the March lows, I will not rule out that the Nifty eventually does that," he said.

  • Balaji Amines reports earnings for Jan-March 2022 quarter

  • WeekendInvesting.com founder Alok Jain's 4 themes in current market scenario

    --Auto stocks have over the last many years consolidated, and really did not go up so much with the prior run. So they don't have much to lose and it seems some undercurrent is coming back to them and they are relatively less damaged than others.

    --FMCG is another place where defensive money moves when markets are volatile.

    --Public sector enterprise is another sector where there is more hope of more divestments coming in, given that the government situation is getting tighter and combined with that energy stocks, which have been doing very well. I think that is one step pocket to look at.

    --A wildcard of course, maybe IT stocks which have actually dropped quite a bit, and there may be a good bounce due there. 

  • Losses in IT stocks drag benchmarks lower 

    Tech stocks were suffering the most losses with sector scrip Nifty IT slipping more than 2 percent. L&T Tech Services, MPhasis, and LTI were the worst performers in the pack. Here's how other stocks fared. 

    COFORGE  
    -0.18
    HCLTECH -1.13
    TECHM -1.49
    TCS -1.56
    WIPRO -2.46
    INFY -2.47
    MINDTREE -3.54
    LTI -4.06
    MPHASIS -4.13
    LTTS -5.05

       

  • Metal stocks under pressure 

    Shares in the Nifty Metal pack are under pressure with the sectoral index down 2 percent. Here's how shares in the group are performing  
     

    NMDC 0.11
    JINDALSTEL -0.54
    JSWSTEEL -0.57
    RATNAMANI -0.58
    ADANIENT -1.1
    HINDCOPPER -1.44
    NATIONALUM -1.57
    HINDALCO -1.8
    HINDZINC -2.82
    SAIL -2.85
    TATASTEEL -3.09
    APLAPOLLO -3.43
    VEDL -3.56
    WELCORP -6.06
    JSLHISAR -9.78
  • Buy Kotak Mahindra Bank, SBI Life: Pritesh Mehta

    Pritesh Mehta of Yes Securities shares two trading calls: 

    --Buy Kotak Mahindra Bank for a target of Rs 2,000 with a stop loss at Rs 1,750 

    --Buy SBI Life for a target of Rs 1,200

  • World’s biggest chipmaker mulling price hike of 'single-digit percentages' amid rising costs

    Taiwan Semiconductor Manufacturing Co (TSMC), the world's biggest contract chipmaker, is likely to hike prices of its products amid rising costs and inflationary pressures. It is also planning to expand operations that will help alleviate the global supply crunch, reports said.

    TSMC is likely to raise prices by "single-digit percentages" across both mature and advanced chip production technologies from January 2023, sources told Nikkei Asia. (Read more)

  • Exclusive | EV makers may have sent Grade-A cells for testing and used lower quality in two wheelers

    Some of India’s top electric two wheeler makers may have worked around the loosely-framed rules and that could have played a big role in the recent spate of fires.

    A source in the testing agency Automotive Research Association of India (ARAI) told CNBC-TV18.com that while almost all companies – the person didn’t want to name any one in particular – submit grade-A cells for testing, many may not be necessarily using the same in all the vehicles produced and sold. (Read more)

  • Kalyan Jewellers slides into the red despite 20 bps increase in margin

  • Asian Paints shares fall after Tuesday's rise on earnings boost

    Asian Paints shares are down 1.6 percent at Rs 3,035.5 apiece on BSE. During market hours on Tuesday, the paintmaker reported a quarterly revenue that topped Street estimates.

    Deven Choksey of KRChoksey tells CNBC-TV18 that the company's management is definitely looking confident about its implemented strategy. "Overall, we consider Asian Paints a stable company. Valuation-wise, this has never been cheap. If for some reason market gives the correction in the price, I think it will be a buying opportunity," he says. 

  • Sell Tata Motors, Axis Bank: Jay Thakkar

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

    --Sell Tata Motors for a target of Rs 365-350 with a stop loss at Rs 402 

    --Sell Axis Bank for a target of Rs 640-630 with a stop loss at Rs 670 

  • Nifty extends losses but manages to hold 16,100

    At the current level, it is some 1,137 points below its long-term simple moving average in a bearish signal. 

    Period (No. of sessions)
    DMA
    5 16,353.8
    10 16,690.2
    20 16,978.5
    50 17,006.8
    100 17,225.4
    200 17,250.3
     
  • Inflation worries and Fed reaction have been troubling equity investors: Standard Chartered's Manpreet Gill                 

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Market makes a U-turn

    The Sensex falls as much as 534.7 points from the strongest level of the day to hit 54,063.8 on the downside. The Nifty50 sinks to as low as 16,156, having risen to as high as 16,318.8 earlier in the day. 
    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Stock Tips | HCL Tech, GNFC among Shrikant Chouhan, Mitessh Thakkar's top picks

    --Shrikant Chouhan of Kotak Securities recommends buying HCL Tech shares for a target of Rs 1,130-1,150 with a stop loss at Rs 1,050

    --Mitessh Thakkar of earningwaves.com suggests buying GNFC for a target of Rs 840 with a stop loss at Rs 803 (Check out their other stock recommendations)

  • Rupee opens higher at 77.23 vs US dollar

    The rupee begins the day at 77.23 against the greenback. On Tuesday, it had settles at 77.33.

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Asian Paints, Shree Cement, Hindustan Unilever top blue-chip laggards

    A total of 26 stocks on the Nifty50 are in the red.

    Here's what the 30-scrip basket looks like 30 minutes into the opening bell:

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Sensex, Nifty make a mildly positive start amid mixed global cues

    Stock Market Highlights: Nifty cracks below 16,200, Sensex drops 510 pts from day's high as IT, oil & gas shares drag market
  • Pre-Open Market | Sensex up 181 pts, Nifty50 above 16,250

    In the pre-opening session, the Sensex is up 181.3 points or 0.3 percent at 54,546.1 and the Nifty50 at 16,270.1, up 30 points or 0.2 percent from its previous close.  

Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a volatile session in the red on Wednesday, extending losses to the fourth day in a row. Nervousness persisted on Dalal Street amid mixed moves in global markets as investors awaited key inflation data from the US due later in the day. Losses in IT, auto and FMCG stocks pulled the headline indices lower, though gains in select financial stocks lent some support. Broader markets also weakened, with the Nifty Midcap 100 declining 0.4 percent and its smallcap counterpart falling 2.9 percent.

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