Stock Market Highlights: Sensex and Nifty hit 2-month lows amid global sell-off and rupee at record low

Thank you, readers! That's all from CNBCTV18.com's live market coverage on May 9, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

And on Facebook, LinkedIn, Instagram and Telegram

Download our mobile app for Android and iOS platforms

Rupee depreciation a short-term margin tailwind for IT space: Gurmeet Chadha

Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, believes currency depreciation is a short-term margin tailwind for the IT space.

"If there is sustained depreciation, it does get priced into the contracts either on renewables or both in terms of fresh contracts... It's a very competitive world out there... This is a year in which you have to pay reasonably for the growth you are projecting," he tells CNBC-TV18.

Earnings downgrades of 3-5% not ruled out with modest inflation impact: BNP Paribas India's Abhiram Eleswarapu

Abhiram Eleswarapu, Head of India Equity at BNP Paribas India, tells CNBC-TV18 that headline earnings haven't really been impacted by inflation so far. "We haven't seen any earnings downgrades so far to be honest and that's mainly because you had several upstream companies or commodity suppliers where earnings have been upgraded, and energy companies, for example, which have offset the downgrades that you've seen on the IT or consumer discretionary sides," he says. 

"We're yet to see a second order impact of inflation, which is when demand starts to get hurt when prices rise. Now, that has not yet happened," he adds. 

Market At Close | Sensex, Nifty50 off day's lows amid volatility

Here are some highlights: 

--Banking stocks a major drag on headline indices

--Barring Federal Bank, all Nifty Bank constituents slide

--Broder markets underperform headline indices

--UPL slips 4 percent from day's high as 2022-23 guidance shows growth below 2021-22 level

--Select IT stocks rise as rupee depreciates vs dollar

--HCL Tech, Infosys rise two percent

--Mindtree, L&T Infotech under pressure after merger announcement

--Commodity stocks continue to lose momentum as prices fall globally

--Tata Power among top midcap losers following weak quarterly performance

--Indus Towers, Federal Bank, ABB, Dalmia Bharat top midcap gainers

--NSE advance-decline ratio at 2:7

Don't look at market over next 3-6 months: Kotak AMC's Harish Krishnan

Harish Krishnan, EVP and Senior Fund Manager-Equity at Kotak AMC, suggests focusing on what has structurally changed for India. "We are likely to exit from a position of strength, which is what is underpinning our overall optimistic stance of increasing equity exposure... We are still only about 43 percent invested, but we will be looking any further declines in markets to further increase our exposure," he says. 

Rupee closes below 77 mark vs US dollar for first time

Closing Bell | Sensex down 365 pts, Nifty at 16,302

Both headline indices finish the day 0.7 percent lower. The Sensex sheds 364.9 points to end at 54,470.7 and the Nifty50 settles at 16,301.9, down 109.4 points from its previous close. (Read more on the closing bell)

Maruti Suzuki recovers more than 3% from day's low

HCL Tech shares up 2% on arm's acquisition of Swiss firm 

HCL Technologies shares are up by Rs 21.1 or two percent at Rs 1,071.2 apiece on BSE. 

The acquisition will help HCL Technologies gain market share in the fast-growing market of digital wealth management technology solutions, according to ICICI Direct Research. (Read more on HCL Tech shares)

LIC IPO subscription window closes today

According to market observers, the rollout of the LIC IPO has attracted a large number of new investors from Tier II and Tier III towns. (Read How to check LIC IPO share allotment status)

Can Fin Homes head says no 'serious irregularities' on news of RBI probe

Can Fin Homes stock is under pressure. The RBI is set to probe fraud detection in 37 accounts of Can Fin Homes. In an exclusive interview to CNBC-TV18, the company's MD and CEO, Girish Kousgi, clarifies that the company hasn't heard anything from the regulators and that there are no "serious irregularities".

“We have not heard anything from the regulator, either from the National Housing Bank (which is the regulator for regulation and licensing of housing finance companies) or the RBI,” Kousgi says. (Read more)

Can Fin Homes shares are down by Rs 31.5 or 5.8 percent at Rs 514 apiece.

Cryptos may soon attract 28% GST like betting and casinos in India

The GST Council is likely to consider levying a 28 percent GST on cryptocurrencies. The government's view is to bring cryptocurrencies at par with lottery, casinos, race course and betting, sources tell CNBC-TV18.

The GST Council has nominated a law committee to take up the proposal to levy 28 percent GST on services and all activities related to cryptocurrencies soon. The panel's view will be tabled before the GST Council for a formal nod. (Read more)

LIC subscribed 2.5 times so far on final day

Life Insurance Corporation's initial public offering (IPO) — the biggest share sale the country has ever seen — is subscribed 2.5 times so far.

By 2:09 pm, the state-run insurance behemoth's IPO, to raise up to Rs 21,000 crore, receives bids for 39.8 crore shares as against the total size of 16.2 crore shares, according to exchange data.

The mega IPO saw oversubscription across all investor categories.

Asia power outages and US warm temperature forecasts fuel coal prices to 2-month highs

Warm temperature forecasts coming in from US and power outages in various parts of Asia including India are supporting coal prices, which are at two-month peaks.

There has been continued robust demand for power generation. Firm natural gas prices in Europe and Asia are also putting coal prices on the higher side. (Read more)

Bullish on India story but cannot isolate from global factors: Andrew Holland

"In India, the growth is still there. It is not as though we are falling into the problems that we are seeing in the West, in developed markets," Andrew Holland, Chief Executive Officer at Avendus Alternate Strategies, tells CNBC-TV18. 

"But I think we can't just fight what is happening globally at the moment and so there are not too many places to hide in the markets. I think the only kind of trade I could think of at the moment is really the reopening trade, because there is still India still reopening, whereas other global markets have already done so," he adds. 

Buy UPL, PowerGrid, Hero MotoCorp: Sameet Chavan

Here are two trading calls from Sameet Chavan, Technical Analyst at Angel One: 

--Buy UPL for a target of Rs 820-825 with a stop loss at Rs 784 

--Buy PowerGrid for a target of Rs 250-252 with a stop loss at Rs 238 

He likes Hero MotoCorp.

Here's what grey market suggests ahead of Delhivery's Rs 5,235-crore IPO

Potential investors will be able to bid for Delhivery shares under the IPO in a price band of Rs 462-487 in multiples of 30. The subscription window for the IPO will be open from May 11 to May 13.

The Delhivery stock is likely to be listed on exchanges BSE and NSE on May 24. (Read more on Delhivery IPO)

Buy PowerGrid, Lupin: Meghana V Malkan

Meghana V Malkan of www.malkansview.com shares two trading calls: 

--Buy PowerGrid for a target of Rs 259 with a stop loss at Rs 235 

--Buy Lupin for a target of Rs 780 with a stop loss at Rs 718 

Nifty IT up 0.4%, the only NSE sectoral gauge in the green

IT stocks are a mixed bag at this hour, though most stocks have come off their weakest levels of the day. (Read: It's a party for IT stocks as rupee hits all-time low)

UPL shares slide into the red after the earnings announcement

The UPL stock is down two percent at Rs 771.3 apiece on BSE, having climbed to as high as Rs 806.2 apiece earlier in the day. 

LIC IPO subscribed over 2 times so far on final day

By 12:30 pm, the mega IPO of the state-run life insurance behemoth saw a subscription of 2.1 times the shares on offer.

Central Bank Jan-Mar net profit at Rs 310.3 crore vs loss of Rs 1,349.2 crore a year ago

Central Bank of India shares recover initial losses to rise above the flatline after the earnings announcement. The stock is up 0.3 percent at Rs 18.5 apiece on BSE. 

The lender's net interest income increased 59.3 percent on a year-on-year basis to Rs 2,416.1 crore, according to a regulatory filing. Its gross non-performing assets as a percentage of total loans came down by 32 basis points sequentially to 14.84 percent.

Provisions came in at Rs 1,061 crore for the January-March period, as against Rs 736.3 crore for the previous quarter and Rs 3,080 crore for the quarter ended March 2021.

Expect loan growth to return to 15-18%: Federal Bank CEO

Shyam Srinivasan, CEO of Federal Bank, tells CNBC-TV18 the lender does not want to be unsecured portfolio-heavy, and expects its loan growth to return to 15-18 percent. It also expects organic loan growth to pick up in the coming quarters, he adds.

Federal Bank shares rise by Rs 2.3 or 2.5 percent to Rs 93 apiece on BSE despite overall weakness in the market. 

During market hours on Friday, Federal Bank reported a 13.1 percent year-on-year increase in net profit to Rs 540.5 crore for the January-March period. Its net interest income -- or the difference between interest earned and interest paid -- came in at Rs 1,525.2 crore for the three-month period, up 7.4 percent on year, according to a regulatory filing. 

Analysts in CNBC-TV18 poll had estimated the bank's quarterly net profit at Rs 557.6 crore and NII at Rs 1,587.6 crore.

The lender's net interest margin -- a key measure of profitability -- slipped to 3.16 percent in the January-March period from 3.27 percent in the previous quarter. 

L&T Construction wins orders in range of Rs 1,000-2,500 crore

Campus Activewear has increased market share by 100-150 bps annually: CEO Nikhil Aggarwal 

Nikhil Aggarwal, CEO of Campus Activewear, tells CNBC-TV18 the company has increased its market share by 100-150 bps annually, and expects its growth rates to continue after registering a CAGR of 27 percent over the past 10 years. 

The addressable market for Campus is Rs 40,000-45,000 crore, he says. 

Remarks from the company's top management come on a day the stock made a strong debut on bourses BSE and NSE. 

Here's what the BFSI basket looks like 125 minutes into the opening

Indian market has been remarkably strong, stable: Richard Harris

The Indian market has been remarkably strong among major world markets, Richard Harris, Chief Executive at Port Shelter Investment Management, tells CNBC-TV18. "It's difficult to sort of really see the reasons for that, except perhaps to say that maybe India is getting slightly less connected to the rest of the world. Of course, there are big trade issues, but India has had a lot of issues of its own," he says. 

"Before it has had inflation where other countries haven't, and it has had interest rates where other countries pretty well haven't. To a certain extent, there is some early protection for the Indian market and the kind of fall that we're seeing at the moment," he adds. 

Market trying to digest rate hike: Andrew Holland 

Andrew Holland tells CNBC-TV18 that global markets may see a further fall of 5-7 percent, as the narrative has changed from ‘buy on dips’ to ‘sell on rise’.