Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800

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Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 ended a volatile session in the red on Friday, extended losses to the sixth back-to-back session in a row. Financial and metal shares dragged headline indices lower. Broader markets, however, strengthened, with the Nifty Midcap 100 and the Nifty Smallcap 100 rising around one percent each. Global markets rebounded after a sell-off that stretched to days though investors remained on the back food amid concerns about elevated inflation, interest rate hikes and receding global growth. 

Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
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  • Everything getting beaten down due to risk-off mood: Inditrade Capital's Sudip Bandopadhyay 

    "Even the domestic macro news is nothing great, we have inflation at record levels... That is not cheering the domestic investors," Sudip Bandopadhyay, Group Chairman of Inditrade Capital. "It is a bit of an adverse situation and that is what is taking down stocks like SBI,” he says.

    He doesn't see any problem with SBI earnings. "If one is taking a slightly longer-term view and looks beyond this sell-off, I would probably make a basket of SBI, ICICI Bank and HDFC Bank and start to buy slowly," he added. 

  • Market At Close | Financial, metal stocks drag Sensex, Nifty50 

    Here are some highlights: 

    Sensex, Nifty slide two percent from day's highs

    --Nifty Bank three percent below day's high

    --Hindalco, JSW, SBI top Nifty losers

    --Tata Motors top Nifty gainer after co reports better-than-expected quarterly earnings

    --Titan rises two percent on strong growth target for next few years

    --SBI falls over seven percent from day's high after quarterly results

    --ICICI Bank, SBI, HDFC Bank, Bharti Airtel top drags on indices

    --Bandhan Bank rises but off day's high after strong earnings 

    --RBL Bank top midcap gainer on better-than-expected earnings

    --IGL, MRF, TVS Motor, AU Small Finance Bank, IRCTC top midcap gainers

    --GNFC, Honeywell, Vedanta, Chambal Fertilisers, Ambuja, HDFC AMC top midcap losers

    --Market breadth favours bulls, advance-decline ratio at 2:1

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Twitter plunges 20% as Elon Musk says deal temporarily on hold

    Twitter shares plunge 19 percent after Elon Musk tweeted that the deal is temporarily on hold pending details supporting the calculation that spam/fake accounts do indeed represent less than five percent of users. On the other hand, Tesla rises five percent on the US futures in pre-market trade. (Read more)

  • Closing Bell | Sensex drops 992 pts from day's high as market makes a U-turn, Nifty gives up 15,800

    The Sensex index ends 136.7 points or 0.3 percent lower at 52,793.6 in a sharp reversal in the last hour of trade, having risen to as high as 53,785.7 earlier in the day. 
     
    The Nifty50 settles at 15,782.2, down 25.9 points or 0.2 percent from its previous close. 
     
  • Rupee weakens against US dollar

  • Musk: Twitter deal temporarily on hold 

  • US futures rises

  • ICICI bank falls after touching 702.40

  • SBI gives up initial gains after quarterly earnings 

    State Bank of India reported a 41.3 percent year-on-year jump in quarterly net profit to a record Rs 9,113.5 crore. SBI shares rose after the earnings announcement as the bank's profitability was boosted by strong loan growth, however, the stock soon made a U-turn and was trading in the red, down 2.8 percent from previous close.  (Read more)

  • Escorts Q4 earnings largely in line with CNBC-TV18 estimates

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Bandhan Bank reports Q4 earnings

  • LIC Housing Finance ups home loan interest rate

    Mortgage financier LIC Housing Finance (LIC HFL) on Friday increased the interest rate on home loans by 20 basis points to 6.9 percent, from 6.7 percent, for select borrowers. For borrowers with CIBIL score of 700 and above, the rate hike has been limited to only 20 bps, LIC Housing Finance said in a statement, adding that the revised rates are applicable from Friday. ( Read more)

  • SBI likely to catch up on profit margin in next few quarters: Prakash Diwan after Q4 result

    Large lenders must remember that increasing interest rate scenario always ends up being profitable, market expert Prakash Diwan said after SBI's quartely earnings report.

    SBI has already cleaned up books to such a large extent, there is no new addition to SMA accounts, so it may probably catchup on the profit margin in the coming quarters whereas the balance sheet is completely in place to ride on the growth they have started seeing. 

    "Loan growth is a great start, it is just that the profit margins will have to get padded along the way," he told CNBC-TV18.

  • SBI's net NPA down 19% QoQ

  • SBI reports 41.3% jump in profit YoY

    -Provisions at Rs 7,237.4 cr vs Rs 6,974 cr (QoQ) & vs Rs 11,051 cr (YoY)

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • SBI reports 41.3% jump in profit YoY

    -Provisions at Rs 7,237.4 cr vs Rs 6,974 cr (QoQ) & vs Rs 11,051 cr (YoY)

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Union Bank reports Q4 earnings

    --Net profit up 8.3 percent at Rs 1,439.6 cr Vs Rs 1,329.8 cr (YoY)
    --NII up 25.3 percent at Rs 6,769.3 cr Vs Rs 5,403 cr (YoY)
    --Gross NPA at 11.11 percent Vs 11.62 percent (QoQ)
    --Net NPA at 3.68 percent Vs 4.09 percent (QoQ)
    --Gross NPA at Rs 79,587 cr Vs Rs 77,786 cr (QoQ)
    --Net NPA at Rs 24,303 cr Vs Rs 25,257 cr (QoQ)
    --Provisions at Rs 3,618 cr Vs Rs 2,550 cr (QoQ) & Vs Rs 3,683 cr (YoY)

  • Tyre companies in focus
     
     
    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Street cheers Larsen & Toubro's largest order backlogs in history

    The shares of Larsen & Toubro rose as high as 2.43 percent to Rs 1,561.45 during early trade as the Street reacted to a positive set of fourth quarterly numbers from the company.

    The infrastructure company stock has gained after 5 days of consecutive falls and has barely outperformed the sector by 0.3 percent. (Read more)

  • Buy Bajaj Auto, target price Rs 3,800: Mitessh Thakkar

    Mitessh Thakkar of earningwaves.com suggests a stop loss at Rs 3,650.

  • Buy Hindustan Unilever, sell Axis Bank: Ruchit Jain 

    Ruchit Jain of 5paisa.com shares two trading calls: 

    --Sell Axis Bank for a target of Rs 624 with a stop loss at Rs 667 

    --Buy HUL for a target of Rs 2,270 with a stop loss at Rs 2,130 

  • Tata Motors shares locked in 10% upper circuit

    The Tata Motors stock is locked in the upper circuit at Rs 409.3 apiece on BSE.

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Most stocks in the BFSI basket hold on to the green

    Stock Change (%)
    CHOLAFIN 6.5
    ICICIGI 4.1
    SRTRANSFIN 2.6
    ICICIPRULI 2.4
    MUTHOOTFIN 2.2
    HDFCLIFE 1.9
    BAJFINANCE 1.8
    PEL 1.7
    BAJAJFINSV 1.3
    HDFC 1.2
    KOTAKBANK 1.2
    SBIN 1.1
    SBICARD 0.9
    RECLTD 0.9
    PFC 0.8
    SBILIFE 0.3
    HDFCBANK 0.2
    AXISBANK 0.2
    ICICIBANK -0.5
    HDFCAMC -0.6
  • Nifty50 still 1,250 pts below long-term moving average

    The 50-scrip index is left with a gain of 174.9 points or 1.1 percent at 15,982.9, having climbed to as high as 16,032.3 earlier in the day. 

    Period (No. of sessions) Simple moving average
    5 16,104.5
    10 16,446.5
    20 16,810.6
    50 16,985.7
    100 17,199.1
    200 17,252.2
  • Indian valuations still very high relative to other emerging markets: Credit Suisse's Dan Fineman

    Dan Fineman, Co-Head of Equity Strategy-Asia Pacific at Credit Suisse, is of the view that India in not a place that "we really want to be in when inflation is high". The real key for India is that the valuations are still very high relative to other emerging markets," he tells CNBC-TV18. 

    “I would come back into India as maybe sort of a safe-haven play, if we see global growth concerns become more of an issue and inflation become less of an issue. Right now, I would say inflation is a bigger problem for global equities than growth is and that really doesn't play to India's strong suit," he says. 

    He believes that in India, one doesn't have to focus on tech names to get growth. "You can go with private sector banks and some consumer companies. I think private sector banks are still attractive right now, and consumer companies less so because of input cost pressure, but I would be gravitating towards non-tech growth stocks that you do have on offer in India,” he adds. 

  • L&T getting into value zone relative to market: Prakash Diwan

    Market expert Prakash Diwan is positive on L&T shares. He believes it is a stock that is getting into that value zone relative to the market.

    "The results are fairly decent and I would believe there will be takers for it, especially long-term institutional investors, who would love this kind of play, which kind of helps you outperform the market in a convincing way," he tells CNBC-TV18.

  • Larsen & Toubro shares rise 

    L&T shares rise as much as 2.9 percent to Rs 1,567.8 apiece on BSE. After market hours on Thursday, the construction major reported a net profit of Rs 3,620.7 crore for the January-March period, up 10 percent on a year-on-year basis. Its revenue increased 9.9 percent on year to Rs 52,850.7 crore, according to a regulatory filing. 

    Analysts in a CNBC-TV18 poll had predicted the company's quarterly profit at Rs 3,950 crore and revenue at Rs 53,100 crore. 

  • Banks have reasonable valuations now: Kotak Mahindra AMC's Nilesh Shah

    Stock Market Highlights: Sensex drops 992 pts from day's high as market makes a U-turn, Nifty slides below 15,800
  • Banks have reasonable valuations now: Kotak Mahindra AMC's Nilesh Shah

Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 ended a volatile session in the red on Friday, extended losses to the sixth back-to-back session in a row. Financial and metal shares dragged headline indices lower. Broader markets, however, strengthened, with the Nifty Midcap 100 and the Nifty Smallcap 100 rising around one percent each. Global markets rebounded after a sell-off that stretched to days though investors remained on the back food amid concerns about elevated inflation, interest rate hikes and receding global growth.

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