Stock Market Highlights: Sensex ends 1,021 pts lower and Nifty cracks below 17,350 as rupee sinks to lifetime low

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Rupee hits record closing low of 80.99 vs dollar

During the session, the rupee breached the 81 mark for the first time ever to log a lifetime low of 81.23 against the greenback.

Market At Close | Sensex and Nifty50 turn negative for 2022

Here are some highlights:

--Sensex and Nifty slide over four percent from recent highs hit last week

--44 Nifty stocks fall

--PowerGrid plunges eight percent on a brokerage note with respect to reports of REC acquisition

--M&M Financial tumbles 13 percnet on RBI order suspending collections via 3rd party

--Shriram Transport and Cholamandalam investment fall on RBI’s M&M Financial order 

--4 of 5 Nifty stocks near 52-week lows from IT: Infy, HCL, TCS and Wipro

--Divi’s and Sun Pharma rise 

--Dr Lal, Metropolis, Ambuja Cememts and UBL top midcap gainers

--Mkt breadth firmly in favour of the bears — advance-decline ratio at 1:5

Manappuram Finance accepts rights issue proposal of subsidiary Asirvad Micro Finance

UK services PMI reading falls short of estimate

Sensex turns negative for 2022

PowerGrid extends losses

Dollar index hits 20-year high above 112 

The gauge measures the American currency against the euro, the franc, the yen, the Canadian dollar, the pound and the krona.

Buy Metropolis Healthcare, Ipca Laboratories, UltraTech Cement: Hemen Kapadia

Here are Hemen Kapadia of KRChoksey Securities: 
-- Buy Metropolis Healthcare at Rs 1,465 for a target of Rs 1,565 with a stop loss at Rs 1,415 
-- Buy Ipca Laboratories at Rs 875 for a target of Rs 925 with a stop loss at Rs 850 
-- Buy UltraTech Cement at Rs 6,200 for a target of Rs 6,600 with a stop loss at Rs 6,000 

Sensex turns flat year-to-date

Indian equity benchmarks nearly gave up all of their gains on a year-to-date basis amid sustained a market-wide sell-off and a lifetime low in the rupee against the US dollar. The Fed's third back-to-back hike of 75 basis points in the key US interest rate — though along expected lines — and its commitment to battling inflation sent shockwaves across global markets, denting the sentiment on Dalal Street. (Read more)

Tata’s metal companies slip following merger announcement with Tata Steel

Buy Ambuja Cements, Sun Pharmaceutical: Prakash Gaba

Here are two recommendations by Prakash Gaba of prakashgaba.com:
-- Buy Ambuja Cements for a target of Rs 580 with a stop loss at Rs 540 
-- Buy Sun Pharmaceutical Industries for a target of Rs 940 with a stop loss at Rs 920 

Crude makes a sharp downmove

Growth likely to be consistent for larger IT Indian players: Omkar Tanksale

"I am positive about the Accenture results for quarter four FY22", said, Senior Research Analyst at Axis Securities, Omkar Tanksale. "I believe that the demand for business has become dependent more on the system driven and the dependency is getting higher so it is likely to fetch more resilience in business in terms of outsourcing. However, the uncertainties will lead to more discretionary spend, once that is likely to happen for the next couple of quarters at least."

Tanksale believes that the demand for larger IT Indian players will likely be consistent. "The growth can be seen at around 0.5-0.4 percent of the growth for the quarter on quarter basis for this quarter."

Frontline indices down 1-2%

Broader market indices mirrored trends in headline indices. Nifty Midcap 100 and Nifty Smallcap 100 was 1.3 percent and 1.1 percent down respectively at the time of writing.