Stock Market Highlights: Sensex ends 638 pts lower and Nifty50 gives up 16,900 — rupee sinks to 81.87 vs dollar

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Long-term reains very promising for India: SBI MF's Gaurav Mehta 

Gaurav Mehta, CIO-Alternatives at SBI Mutual Fund, believes the long term will remain "very promising" for India. "But I think that said we shouldn't also wish away whatever we are seeing with respect to short-term macro concerns... Most of them are but global in nature," he tells CNBC-TV18. 

"With a large part of the global economy sort of struggling, it is difficult to see how even though on a relative basis India will withstand that better... But on an absolute basis, I think we will also face some of those concerns coming from a weak global macro."

Market At Close | Headline indices continue to fall after Friday's relief rally on RBI boost 

Here are some highlights:

Banks under pressure — ICICI Bank contributes most to Nifty’s loss 

42 Nifty stocks in the red — Adani twins top losers

All sectoral indices in the red except Nifty Pharma — DRL top Nifty Pharma gainer

Metal stocks fall the most — Hindalco and JSPL fall more than two percent

ONGC and Oil India surge following windfall tax cut on crude oil production

MCX rises two percent as co extends services to 63moons for trading and clearing platform

City Gas Cos Slip After Gas Prices Hiked To $8.57/mmbtu For H2FY23

Zee Ent Closes 2% Lower Over Rpts Stating Co To Shut Channel For CCI Merger Nod

Welspun Corp Down 3.7% As Co Signs MoU W/Laxmi Organic For Land & Equipment Sale

Nykaa Up 2.5% After Bd Approves Bonus Issue Of 5 Shares For Every 1 Share Held

Sensex Slips 638 Points To 56,788 & Nifty 207 Points To 16,887

Nifty Bank Sheds 602 Points To 38,029 & Midcap Index 383 Points To 30,284

Market Breadth Favours Declines, Advance-Decline Ratio At 1:2

Interesting what the Indian market has done in handling macro challenges: Mark Mobius of Mobius Capital Partners

Aster DM arm Medcare announces acquisition of 60% share in Skin III clinic

Kajaria Ceramics in 50-50 joint venture with Nepal's Ramesh Corp

The JV is for a manufacturing facility project worth Rs 250 crore.

Large Trade | 1.90 lakh shares of Ajanta Pharma worth Rs 24.46 crore change hands 

Buy Larsen & Toubro Infotech, Bharti Airtel: Himanshu Gupta

Here are two recommendation by Himanshu Gupta of Globe Capital:
-- Buy Larsen & Toubro Infotech for a target of Rs 4,600 with a stop loss at Rs 4,440 
-- Buy Bharti Airtel for a target of Rs 830-835 with a stop loss at Rs 802 

J Kumar Infra gets LoA worth Rs 350 crore from Municipal Corporation of Greater Mumbai

Sources to CNBC-TV18 on IDBI Bank stake sale

Reliance Industries, L&T, HDFC Bank, ICICI Bank to be top gainers in next few weeks: Pritesh Mehta
"The next leg of upmove will be driven by Reliance Industries, L&T, HDFC Bank and ICICI Bank," according to Pritesh Mehta of Yes Securities. "These stocks will be the leaders in the next few weeks."

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Bharat Gears board approves issuance of bonus shares

Veranda partners E&ICT Academy IIT Guwahati to launch advance certificate courses

Buy Glenmark Pharmaceuticals, Avenue Supermarts: Gaurav Ratnaparkhi

Here are two recommendations by Gaurav Ratnaparkhi of Sharekhan:
-- Buy Glenmark Pharmaceuticals for a target of Rs 425-427 with a stop loss at Rs 389 
-- Buy Avenue Supermarts for a target of Rs 4,700 with a stop loss at Rs 4,330