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Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares

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Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares

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Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 failed to hold on to the green in a third back-to-back volatile session on Wednesday. Losses in IT, auto and metal shares pulled the headline indices lower, though gains in financial names limited the downside. Broader markets bled, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 2.5 percent and 3.5 percent respectively. Investors awaited the last leg of earnings reports from India Inc for cues.

Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
  • Thank you, readers! That's all from CNBCTV18.com's live market coverage on May 25, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

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  • Asian Paints the most expensive paint company in the world: Deepak Shenoy

    Deepak Shenoy, Founder of Capitalmind, tells CNBC-TV18 that Asian Paints has seen deep corrections earlier. "Of course, like you said, it's almost always corrected by the end of the calendar year but I feel there's not that much value in there anymore and quality in general is overvalued," he says.

    He does not suggest buying the stock at this point. He believes it will correct simply because it's been overvalued so far.

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    Margins will be where they will not be able to push their way to better numbers, he says.

    Given the current fuel and power prices, which are higher expenses for the sector, it is difficult for the companies to push the margins through. "One has to wait for another quarter or so to see how the margins pan out," he adds. 

  • Rupee ends lower at 77.52 vs US dollar

    The rupee ends lower by 10 paise from its previous close. 

    Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
  • Closing Bell | Sensex down 303 pts, Nifty50 gives up 16,100

    Both headline indices finish the day 0.6 percent lower. The Sensex loses 303.4 points to end at
    53,749.3 and the Nifty50 settles at 16,025.8, down 99.4 points from its previous close.

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  • Nifty once again trying to take support at 16,000

    It is one of the toughest and slowest bear markets indeed. The IT has taken a big hit, taking its losses to 30 percent from its peak. 

    Market breadth continues to favour the bears in a big way, with the advance-decline ratio being at 1:7. 

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  • Tata Steel breaches Rs 1000 per share

  • Why IT stocks are pulling back

    Sanjeev Prasad, MD, Co-head, Kotak Institutional Equities, said the market witnessed is a big rerating in the multiples of IT stocks until late last year. "Look at Infosys, for example, until 2019. Last decade, most of the time, it used to trade at 15 to 19 times P/E and the peak last year had gone up to almost 32 to 33 times one year forward P/E," he said. 

    According to Prasad, there is rerating in the multiples now because of to reasons
    --People are generally building in higher cost of equity in their models, and
    --Maybe some concerns are emerging on the demand given the talk of slowdown and recession in the US and other developed countries.

    "I don't know whether we are actually going to see recession but clearly, a slowdown is looking like a likely outcome now. So that is where some concerns have started emerging," he added. 

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    --HDFC Life: up three percent

    --ICICI Prudential Life: up three percent

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  • Steel stocks extend losses

    Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
  • Steel stocks extend losses

    Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
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    Pritesh Mehta of Yes Securities is of the view that investors should wait for the three big IT stocks to stabilise, which may lead to some opportunity.

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  • Tata Steel, JSW Steel, Wipro, Divi's, Shree Cement hit 52-week lows 

    SAIL, HPCL, Lupin, Godrej Properties and Aurobindo Pharma also hit 52-week lows. 

    Here are some other stocks on the list: 

    --Repco Home Finance

    --Muthoot Capital

    --ICICI Securities

    --Equitas SFB

    --Sundaram Finance

    --IDBI Bank

    --Manappuram Finance

    --IDFC First Bank

    --Nandan Denim

    --UTI Amc

    --New India Assurance

    --Firstsource

    --Whirlpool

    --Vakrangee

    --Alkyl Amines

    --NMDC

    --BSE 

    --Exide

    --Info Edge

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    Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
  • Zomato shares down nearly 2% after rising 19% in previous session  

    Stock Market Highlights: Sensex drops 630 pts from day's high and Nifty50 cracks below 16,100 dragged by IT shares
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    Because of this, the market pricing of what the US Federal Reserve will do in 2022 came off at 185 basis points (bps) versus 195 bps on Monday. (Read more)

Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 failed to hold on to the green in a third back-to-back volatile session on Wednesday. Losses in IT, auto and metal shares pulled the headline indices lower, though gains in financial names limited the downside. Broader markets bled, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 2.5 percent and 3.5 percent respectively. Investors awaited the last leg of earnings reports from India Inc for cues.

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