Stock Market Highlights: Sensex ends 250 points lower and Nifty50 below 17,700 amid losses in oil & gas and FMCG shares

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Rupee ends at 82.73 vs dollar

If Nifty can stay above 17,428, the uptrend could continue: Jai Bala

“As long as the Nifty can stay above 17,428, the uptrend could continue. However if 17,428 were to break, we could see at least a short-term visit to 17,000," Jai Bala of Cashthechaos.com tells CNBC-TV18.

Speaking on the banking sector, he says: “There is weakness in HDFC Bank relative to the Nifty Bank. If HDFC Bank were to trade below Rs 1,365, it is quite bearish for the whole banking sector. SBI seems to be coming towards the end of the move. So if these were to happen, that will bring the sector down.”  

More money coming into Indian markets compared to any other market in the world: N Jayakumar
"If you look at India and China stocks in the international market, given the kind of political fragility there is in China, I am not too sure if people are going to go there and bottom fish," N Jayakumar, Managing Director at Prime Securities, tells CNBC-TV18.

"Of course, there will be people who will go, there, will be domestic people who will buy into those markets. My point here is that at the margin, there is more money coming into Indian markets, at least for the next four to six years compared to any other market in the world."

Market At Close | Sensex falls 287 points and Nifty below 17,700 breaking seven-day gaining streak

Here are some highlights:

-- HUL continues the downmove on below-than-expected Q2, down six percent in two sessions

-- Bajaj Finance and Bajaj Finserv see profit booking following earnings, stocks fall 1-3 percent

-- ICICI Bank fails to hold gains despite a strong Q2, stock closes two percent off highs

-- PSU Banks build on to gains with government expecting FY23 profit at Rs 1 lakh crore

-- City Gas companies rise on positive commentary from IGL, stocks up 2-6 percent

-- MCX top midcap gainer with a move of nine percent on strong earnings

-- BHEL, MGL, IGL, PNB, Canara Bank, Torrent Power, USL, Ipca top midcap gainers

-- Laurus falls another five percent today, down 14 percent in three session on rev guidance cut  

-- IDFC and IDFC Bank see profit booking following recent upmove, stocks fall four percent

-- Birlasoft, RBL Bank, Atul extend losses following below-than-expected earnings

-- Market breadth favours declines despite midcap index closing in the green, NSE advance-decline ratio at 1:2

Hold on to Laurus Labs, TTK Prestige, Tata Steel: Kush Bohra
Hold on to Laurus Labs with a tight stop loss of Rs 400, suggests Kush Bohra of kushbohra.com. "If the stock falls to those levels or below, that's when you know, there could be a bit of an issue. But otherwise, structurally, it does not look as bad. One could actually see levels of Rs 550 also in the coming days, or in rather in the coming months on Laurus Labs," he said. 
He suggesting similar holding on TTK Prestige. "Have a tight stop loss at around Rs 880 because that's where the support zone is. But once the stock sees through this selling pressure that it's been witnessing, it could come to over Rs 1,200 levels, he will have a chance to exit maybe at a marginal profit, but the profit nonetheless, he said.
"The entire metal pack has been under pressure. We are hoping that you know, there will be some sort of revival globally." Bohra suggests holding on to Tata Steel with a tight stop loss of about Rs 95. "If that revival does come through, then the stock could see levels of Rs 130. Otherwise, you may have to exit at cost."

Samir Arora has no IT stock in his investment portfolio

His view: It is better to focus on stocks less impacted by external factors, given the Indian market's outperformance to its major peers, rising interest rates and warnings of a global recession. (Read more)

Switch from Ashok Leyland to Tata Motors: Sharad Avasthi

Sharad Avasthi of SMIFS suggests switching from Ashok Leyland to Tata Motors for a target of around Rs 600-650. On Hindustan Zinc, Avasthi suggests investors with a longer-term horizon to hold on the the stock.

"One, one and a half year may not be so much of a gain that can be racked in from Hindustan Zinc, but if you extend your horizon I think it could be a very good investment," he tells CNBC-TV18. 

Why Yes Bank's CEO is optimistic despite a decline in quarterly net profit

Prashant Kumar, Managing Director and CEO of Yes Bank, tells CNBC-TV18 that the lender is seeing continuous improvement in its asset quality.

Last week, the private sector bank reported a 32 percent decline in standalone net profit for the July-September quarter due to higher provisions. The profit for the period under review came in at Rs 152.82 crore as against Rs 225.50 crore for the corresponding period a year ago. (Read more)

Federal Bank and City Union Bank top picks in midsize banks: Krishnan ASV

Krishnan ASV of HDFC Securities has Federal Bank and City Union Bank as his top picks from the midsize banking space. 

He also likes Bajaj Finance, desribing it as the NBFC that has built consistent gates in terms of digital bridges. "We do have a ‘reduce’ stance there. But competitive intensity is a reality. If competitive intensity means that profit pools or revenue pools begin to shrink, that definitely... multiples do come under pressure. But I think that's still very early days right now. Just an announcement does not really materially change anything...The current multiple given to Bajaj Finance is at seven times," he tells CNBC-TV18. 

Intellect Design bags order from Foresight

BHEL is at day's high

Fed has to stay on tightening path for inflation control: Port Shelter's Richard Harris

Richard Harris, Chief Executive at Port Shelter Investment Management, believes that the Fed will have to continue continue to hike interest rates as it is unlikely to control inflation otherwise. "There are all sorts of zombie companies and zombie employees in the markets that have really been held in place by low interest rates. Now, if interest rates go up too much, we are going to see the economy slip into a recession," he says in an interaction with CNBC-TV18.
The Fed probably has to play a very delicate balance between putting rates up and trying to control inflation, he adds. 

Revenue guidance for year ending March 2023 intact at 20-25%: Lalit Khetan of Ramkrishna Forgings

Laurus Labs shares fall over 6%  

Cumulatively, the Laurus Labs stock has registered a decline of nearly 15 percent in four trading sessions taking Tuesday’s low into account. (Read more)