Stock Market Highlights: Sensex ends 867 pts lower, Nifty50 gives up 16,450 amid broad sell-off as inflation fears rattle global markets

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CNBC-TV18 Newsbreak Confirmed | L&T Infotech-Mindtree combined entity to be named LTIMindtree

The combined entity will have a total employee strength of 81,719, and total revenue of $3.51 billion.

For now, both companies will function independently.

Rupee ends lower at 76.92 vs US dollar

The rupee finishes the day at 76.92 vs the greenback. On Thursday, it had settled at 76.26.

Market in for volatility going forward: Mihir Vora

"We have clear indications that central bank is now giving priority to inflation as the as the number one enemy and we have seen most of central banks, including our RBI, coming out unequivocally to say that 'whatever is required to tame inflation, we shall do that'. The risk is - what I think the market is now factoring in - that probably the central banks can go too far, and the medicine might be worse than the cure," says Mihir Vora, Director and CIO at Max Life Insurance.

Market At Close | Sensex, Nifty50 plunge amid global sell-off

Here are some highlights: 

--Sensex, Nifty at 2-month closing lows

​--39 Nifty stocks slip

--Bajaj Finance, Divi’s, Shree Cement, UP top losers

--Hero MotoCorp, Tech Mahindra, PowerGrid, ITC gain 

--Cholamandalam Investment falls 10 percent despite strong earnings

--Voltas down eight percent after lower-than-expected earnings

--Most midcap stocks slip

--Coforge, Deepak Nitirte, Torrent Power top losers

--Shriram Transport Finance, Tata Communications, Zee, ABB, Colgate top midcap gainers

--Canara Bank, Federal Bank slip after mixed earnings

--Market capitalisation of BSE-listed companies drops by Rs 11 lakh crore this week

Closing Bell | Sensex down 867 pts, Nifty50 at 16,411

Both headline indices finish the day 1.6 percent lower, having fallen as much as two percent during the session. (Read more on the closing bell)

Nifty Pharma index falls 1.5 percent dragged by Divis Lab, Biocon, Strides Pharma Science

Zomato, Policybazaar, Info Edge down up to 9%; hit 52-week lows

Shares of Zomato were trading 6 percent at Rs 57.65 while those of Policybazaar were trading 5 percent lower at Rs 597.20. Stock of both the companies touched their respective all-time lows since their stock market debut.

Investors wealth tumbles over Rs 5.10 trillion in early trade

Tracking an extremely weak trend in equities, the market capitalisation of BSE-listed firms tumbled Rs 5,10,150.97 crore to Rs 2,54,54,738.40 crore in initial deals.

Canara Bank standalone net profit jumps 65% in Q4 to Rs 1,666 crore

State-owned Canara Bank on Friday reported a 65 percent jump in its standalone net profit at Rs 1,666.22 crore for quarter ended March 2022.

Q4 Earnings | Fertilisers and Chemicals Travancore record 57% jump in net profit

Fertilisers and Chemicals Travancore (FACT) has posted 57.5 percent jump in its consolidated Q4 net profit at Rs 233.4 crore versus Rs 148.2 crore and revenue at Rs 1,692.5 crore versus Rs 821.2 crore, YoY.

Federal Bank reports Q4 net profit at Rs 540.5 cr; shares tank over 3%

Federal Bank shares gave up their initial gains of 4.14 percent in choppy trade, on Friday, and touching an intraday low of Rs 90.9, down 3.40 percent. The bank reported its fourth-quarter net profit at Rs 540.5 crore.

Won't be surprised to see RBI hike hike repo rate by 75 bps in June: Citi South Asia's Badrinivas NC

Badrinivas NC, Head-Markets at Citi South Asia, says he won't be surprised to see the RBI hike the repo rate by 75 bps in June to take it to pre-pandemic levels. "We do expect a few more rate hikes down in the coming policies all the way till the end of the year. The expectation, as things stand now is probably to get to a 6.5 to seven percent kind of repo rate," he says. 

"We have to look at the whole rate cycle, the upcoming rate cycle in two steps. One is really to get to the level of pre-pandemic and remove the ultra-accommodative stance and then the question is: Where is inflation? Where is growth? What is it that they need to do? So if you look at it in those steps, one could argue that maybe the RBI was at the risk of falling behind the curve given what they said in February and even in some of the press conferences in March... However, some of the data, and obviously the world that is moving fast with the Ukraine war, has accelerated many of the trends that we saw previously, and therefore, you saw that change in April. And now it's a very clear message from them that there is an urgency to get to a pre-pandemic level," he adds. 

Here's what the BFSI basket looks like at this hour

Axis Bank shares at day's low

Canara Bank quarterly net profit jumps 65% to Rs 1,666.2 crore but misses Street estimates

The lender's stock is down by Rs 10.5 or 4.7 percent at Rs 214.2 apiece on BSE, having fallen as much as 5.4 percent earlier in the day. 

LIC IPO subscribed 1.2 times so far on Day 3

By 12:40 pm, the IPO received bids for 18.7 crore shares as against the total size of 16.2 crore shares, according to exchange data. 

Nifty Bank down nearly 2%

Continue to like ITC, entire FMCG pack: Goldilocks Premium Research's Gautam Shah

Gautam Shah, Founder and Chief Strategist at Goldilocks Premium Research, is positive on not just ITC but the entire FMCG pack. He is of the view that ITC is under-owned "People are still lost as to how they should be reacting to what ITC has done. So my view all along has been that ITC should be testing a level of Rs 300. So there is easily 20 percent upside from current levels and 20 percent upside I don't see on the Nifty very easily and in many of the largecaps. So in that sense, I think ITC is one of the better stocks to buy and it gives you a lot of stability as well," he says. 

"Many FMCG stocks are now gradually bottoming out and trying to sort of form a reversal. So it's a space which I'm eyeing very closely along with public sector enterprises, which I continue to believe is the theme for the next one year," Shah adds. 

Sell Divi's, Federal Bank: Mitessh Thakkar

Here are two trading calls from Mitessh Thakkar of earningwaves.com:

--Sell Divi’s Labs for a target of Rs 4,100 with a stop loss at Rs 4,225 

--Sell Federal Bank for a target of Rs 87 with a stop loss at Rs 93 

Natural gas hits 14-year high as sanctions threat on Russia roils energy markets

Brent crude prices were trading around $110-111 per barrel on Friday while natural gas prices also surged to a 14-year high. US gas prices, meanwhile, were again trading at a record highs.

The markets still are reacting to the European Union (EU) proposing a ban on Russian oil and phasing it out in six months. Also, the Organization of the Petroleum Exporting Countries (OPEC) and allies met on Thursday and is sticking to a 432,000 barrel per day increase for the month of June, implying no movement or change in OPEC stance. (Read more)

Buy Hero MotoCorp, sell DLF, Bajaj Finance: Chandan Taparia

Here are three trading calls from Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services: 

--Buy Hero MotoCorp for a target of Rs 2,630-2,650 with a stop loss at Rs 2,440 

--Sell Bajaj Finance for a target of Rs 6,000 with a stop loss at Rs 6,450 

--Sell DLF for a target of Rs 315 with a stop loss at Rs 353 

Lost a $4 million deal due to Ukraine crisis: Intellect Design's Arun Jain

Arun Jain, CMD of Intellect Design, tells CNBC-TV18 that the company's product business deal sizes  range between $3 million and $10 million.      

The company's EBITDA margin would have hit 30 percent had it not lost a $4 million deal due to the Ukraine crisis. 

India orders all imported coal plants to operate at full capacity as emergency circumstances push power demand

The government has ordered all imported coal power plants to operate at full capacity as power demand has surged almost 20 percent in energy terms, according to a statement by the Ministry of Power on Thursday.

With the power crisis at hand, all states and generation companies based on domestic coal have been directed to import at least 10 percent of their requirement of coal for blending. (Read more)

Positive on midcap IT, largecap banking, avoid commodities: Dipan Mehta

Dipan Mehta of Elixir Equities is bullish on growth companies, especially from the midcap IT and largecap banking spaces. He is also positive on contarion plays such as commodity consumers like auto and auto ancillaries, which in his view are likely to benefit from correction in prices.

"This is a perfect time for someone to start an investment portfolio and hope for outperformance over the next 3-5 years. In any case, if you want to deploy your cash immediately, there's, of course, the LIC IPO, which is attractively valued and a good starting point to start investing," he says.  

He suggests avoiding commodities at this point of time. "The war on inflation will eventually cause a lot of damage to commodity companies. Growth is anyway slowing down in terms of volumes and prices also have cooled off. And what's happening in China. I think that's negative for commodity stocks. And they have run up a lot," he says.

UPL shares down 3%

The UPL stock is down by Rs 27 or 3.3 percent at Rs 797 apiece on BSE, having dropped as much as 3.9 percent earlier in the day. (Read more on UPL)

Nifty over 750 pts below 200-day moving average

The 50-scrip index manages to rise as much as 22.9 points from the lowest level of the day to 16,482.8, still more than 750 points below its long-term simple moving average.

Brokerage Calls | TVS Motor, Tata Consumer, Dabur in the spotlight

--CLSA on TVS Motor Company | Rating: Outperform | Target price: Rs 724

--Credit Suisse on Tata Consumer | Neutral | Target: Rs 820

--Morgan Stanley on Dabur | Overweight | Target: Rs 726 (Check out the complete list of brokerage views)

Stocks To Watch | TVS Motor, Voltas, Happiest Minds in focus

--Cholamandalam Investment disbursals up 57.6 percent in January-March period, NIM improves by 40 bps on year to 8.1 percent

--Voltas EBITDA down 21 percent, margin drops by 270 bps on year to 9.8 percent (Check out the complete list of stocks to track)