Stock Market Highlights: Nifty50 slides below 17,000 and Sensex ends 844 pts lower dragged by IT and financial shares

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Largecap IT companies fare better than others during slowdown or recession: BNP Paribas India's Abhiram Eleswarapu 

Abhiram Eleswarapu, Head of India Equity at BNP Paribas India, tells CNBC-TV18 that largecap IT companies fare better during a slowdown or a recession as they are able to deal with such a situation with better control over their costs and attrition. 

“If you look at the playbook of previous slowdowns or recessions, typically what we have had in IT is that you tend to have a couple of quarters where there is not a whole lot of growth or maybe no growth, but once that is factored in, you will probably see that the risk to revenue growth estimates is probably around 2-4 percent," he says.

"During downturns, larger companies tend to hold up their orderbooks a lot better than smaller companies. I am not sure there will be a change this time as the playbook of the last several slowdowns is that largecap companies have come out better during a recessionary environment,” he adds. 

Market At Close | Sensex and Nifty50 mirror global peers as BoE decides to widen daily gilt purchase 

Here are some highlights: 

--Nifty slips below 200-day moving average

--All sectoral indices in the red

--Volatility index VIX surges five percent

--47 Nifty stocks in the red — Divi’s, IndusInd, JSW and Nestle top losers

--Divi’s Labs top Nifty loser as brokerages see a weak Q2 for the co — stock down five percent

--IndusInd falls nearly four percent as 1.5 percent of co's equity changes hands 

--TCS falls despite better-than-expected Q2 performance — down nearly two percent

--Infosys buyback announcement fails to boost investment — stock down more than two percent

--Axis Bank, Adani Enterprises and Asian Paints gain 

--India Cements plunges 12 percent following sale of Springway Mining to JSW Cement

--Delta Corp down five percent ahead of Q2 earnings

--USL and United Breweries fall 4-5 percent on India-UK FTA deadlock

--Market breadth favours the bears — advance-decline ratio at 2:7

Rupee ends flat at 82.31 vs dollar

Medium-term bullish on IT: Jai Bala

"I have been painting a medium-term bullish picture for it, but it just needs one more lower low below 26,100. If it does that and holds 24,400 that will be bullish back. So basically, in the short term, some downsides need to be worked out," said Jai Bala, Cashthechaos.com. 

Metal stocks near day's lows

Cipla’s Indore plant in World Economic Forum Lighthouse Network

Jet Airways identifies 5 aircraft for its initial fleet: Sources

Jet Airways has identified three A320 Neo and two B737-8 MAX planes for its initial fleet, sources tell CNBC-TV18. The airline is yet to sign lease agreements with lessors, they say, adding: "It's work in progress."

The grounded carrier, Jet Airways is unlikely to relaunch in October, they say. 

A query sent to Jet Airways on the story by CNBC-TV18 is yet to elicit response. 

It's possibly going to beone of the rainiest October: Skymet's GP Sharma

GP Sharma, President-Metrology and Climate Change at Skymet, is of the view that October 2022 will possibly finish with a record rainfall. "The number has increased in the last four days exponentially but till yesterday (Monday), it was just about little over 50 percent. Today, it's gone to 67 percent; it is huge. And that's not the end of it. We keep on adding this figure day by day," he tells CNBC-TV18. 

Buy IRCTC, Trent: Shrikant Chouhan

Here are two recommendations by Shrikant Chouhan, EVP, Kotak Securities:
-- Buy IRCTC for a target of Rs 770-780 with a stop loss at Rs 720 
-- Buy Trent for a target of Rs 1,530-1,550 with a stop loss at Rs 1,410 

ITD Cementation bags new orders worth Rs 1,755 crore

JSW Energy arm gets Letter of Intent for Chhatru hydro electric power plant from Himachal Pradesh government

Nifty is drifting towards 17,000 support: Sacchitanand Uttekar

"Nifty is quietly drifting towards that 17,000 support. On the higher side, I think 17,330 was a very clear resistance where it's five-day exponential moving average was placed. Now, this particular average has drifted lower, which is now placed somewhere close to 17,280...unless we don't see it breaking out above that level...we may not see a surge immediately," said Sacchitanand Uttekar of Tradebulls. "On the lower side, I think 17,000 support the built up looks strong, but the oscillation, which we have been witnessing since last two trading sessions, that may continue. I think it's better to continue with your short positions when it comes to index especially if you look at Nifty, the stop loss should be placed at 17,230 on a closing basis. And on the lower side, your position should be reviewed once we are closer to that 17,050 mark."

GM Breweries shares in green after Q2 result announcement

Large Trade | 5.9 lakh shares of India Cements worth Rs 15.3 crore change hands 
"We are generally negative on cement stocks at this point of time, India Cements included. The reason being that there are going to be disruptions within the sector and the way the capacity is going to come up, eventually there'll be pricing pressure as well," said, Dipan Mehta, Director, Elixir Equities. "I would be a bit cautious. This quarter numbers also are not going to be that great. So I would like to avoid cement."