Stock Market Highlights: Sensex, Nifty50 plunge 5% in 5 days as market extends losses

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More downside possible, can be a great buying opportunity: Ambareesh Baliga

Market expert Ambareesh Baliga sees some more downside in the market. Especially midcap or smallcap stocks, which have got battered, can possibly see some sort of capsulation in the next few days, he says.

"I think that would be a great buying opportunity. It is a great time for those actually sitting on cash to start buying. But, at the same time, they should also have the courage to buy and hold," he adds. 

All sectors finish the day deep in the red

Market At Close | Sensex, Nifty tank over 2%

Here are some highlights: 

--Nifty sheds 359 points to 15,808

--Headline indices down five percent each in five sessions

--Investors lose nearly Rs 19 lakh crore in five sessions as market cap of BSE-listed companies falls

--45 Nifty stocks in the red 

--Adani Ports, IndusInd, Tata Steel, Hindalco, JSW top Nifty losers

--15 Nifty stocks less than 10 percent away from 52- week lows

--10 Nifty stocks down over 30 percent from 52-week highs including Apollo Hospitals, Hindalco, Wipro, Tech Mahindra 

--PNB top midcap loser after co reports over Rs 10,000 crore in slippages in January-March period

--Rain Industries, RBL Bank, Federal Bank, IRCTC, IDFC First, Vodafone Idea top midcap losers

--Gujarat Gas, Ambuja, Chambal, IOC, Ashok Leyland gain 

--Indiabulls Housing rises seven percent on co’s plan of buying back Rs 800-crore NCDs

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

--Rupee ends at 77.42 vs US dollar after hitting all-time low of 77.62 during session

Finance Secretary TV Somanathan expresses satisfaction over the response received by LIC IPO

Finance Secretary TV Somanathan expresses satisfaction over the response received by LIC IPO

Former Scoot head Campbell Wilson is the new Air India CEO

Sensex and Nifty nearly falls 2.5% approaching March 8 low

ICICI Bank is growing fast — and taking risks

Wondering what's the secret sauce behind ICICI Bank’s exceptional outperformance on loan growth, net interest margin (NIM) and return ratios, following Sandeep Bakshi’s ascent to the helm. The answer lies in its unsecured and high yield loans. (Read full story here)

Coforge shares fall over 3% as Street fails to rejoice better attrition rate than peers

The shares of Coforge fell over 3 percent as the Street factored in a miss in its fourth-quarter earnings despite the firm saying it had one of the lowest attrition levels in the IT sector and showing a robust order book. (Read more)

Kotak Securities invests in fintech startup Multipl

Kotak Securities Limited (KSL) today announced its investment in a fintech startup Multipl as part of the $3mn Pre-Series A round along with other investors. 
  
Multipl is a platform that encourages people to save money for short-term goals. The  fintech firm is creating a new category all together – 'Plan Now Pay Smarter' aka 'Save Now Buy Later' for its users.  

Multipl has developed and launched an app that works in contrast to BNPL (Buy Now Pay Later). It has created Brand Saver plan among others, where the company has partnered with leading brands and its users save more money with these brands for future spending.  

Sell Tata Steel, Shree Cement: Jay Thakkar

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

--Sell Shree Cement for a target of Rs 21,500 with a stop loss at Rs 23,600 

--Sell Tata Steel for a target of Rs 1,015 with a stop loss at Rs 1,155 

Kalyan Jewellers targets double-digit EBITDA margin over next few years

Here's why ITC shares are in focus 

The stock was down 1.62 percent at Rs 251.50 on the NSE.

Don’t expect US CPI to go below 3-4%: Morgan Stanley's Jitania Kandhari

Dollar at two-decade high as CPI keeps aggressive US rate hikes likely

The dollar hit a two-decade high on Thursday after US inflation moderated less than markets had expected, keeping the Federal Reserve on course to tighten policy aggressively.

The safe-haven greenback also got support amid a slide in global equities amid investor worries that central banks are behind the curve in trying to rein in consumer prices, with growth already facing risks from China's prolonged COVID-19 lockdowns.

Riskier currencies like the Aussie and New Zealand dollars sank along with cryptocurrencies.

Paint companies see recovery

Mitessh Thakkar of earningwaves.com has a sell call on these stocks

--Sell PVR with a stop at about Rs 1,752 and a target of around Rs 1,690
--Sell TVS Motor with a stop at about Rs 600.50 and a target of around Rs 585

Don't chase what's looking very safe now: White Oak Capital's Prashant Khemka

Rupee hits record low

The Indian rupee plunged to a record low for a second time this week at 77.63 against the dollar amid a broader decline in Asian currencies.

Tata Motors shares fall 13% in 5 days as market expects quarterly margin to nearly halve

The auto major will report its financial results for the January-March period later in the day. (Read more)

All sectors in the red as sell-off deepens

Nifty Bank down 2.5%, PNB top loser

Fear index soars 7%

The India VIX -- known in market parlance as the fear index -- surges as much as 7.2 percent to 24.2.

PNB shares hit 52-week low as investors frown at double slippages

PNB shares breach the 10 percent lower circuit to hit a 52-week low of Rs 29.5 apiece on BSE in the first few minutes of trade itself. After market hours on Wednesday, the state-run lender reported a quarterly performance that fell short of Street estimates by a huge margin.

A surge in slippages marred the bank’s profitability in the January-March period.

Sensex, Nifty50 hit fresh 2-month lows

Rupee near record low

The currency begins the day at 77.52 against the greenback. On Wednesday, it had settled at 77.24.

Most blue-chip stocks sink

All stocks but one suffer losses amid a market-wide sell-off. TCS ekes out a gain of 0.1 percent. 

The 30-scrip basket is in a sea of red: 

Pre-Open Market | Sensex down 480 pts, Nifty50 at 16,021  

In the pre-opening session, both headline indices are down 0.9 percent. The Sensex is down 480 points at 53,608.4 and the Nifty50 at 16,021.1, down 146 points from its previous close.