Stock Market Highlights: Sensex ends 413 pts lower and Nifty50 gives up 17,900 — rupee slides to 79.70 vs dollar

Mkt Ends Mixed Weighed Down By Metals & IT Stks, In A Volatile Session
Nifty Bank Slips 640 pts After Hitting Record High In Intra-day Trade
Tyre Stocks Rise On Positive Brokerage Rpts, MRF Ends 8% Higher
Auto Stocks Hold On To Gains, Maruti, Eicher Motors Top Gainers On Nifty
LIC Up 1.4% After Srcs Say Co Considering Starting Own Depository For Ins Demat
PVR Down More Than 4% On Rpts Of PE Stake Sale In Co
BPCL Down 1.4 %, After Oil Min Says Divestment Plans Not Currently On The Table 
Redington India Ends 4% Higher On Rpts Of Partnership W/Google Cloud India 
Vedanta Ends 3% Higher, After Co Declared Highest Bidder For Odisha Coal Block
Sensex Slips 413 Points To 59,934 & Nifty 126 Points To 17,877
Nifty Bk Down 196 Pts To 41,209 While Midcap Index Rises 124 Pts To 32,415 
Market Breadth Favour Declines, Advance-Decline Ratio 1:1

Rupee declines to settle at 79.70 vs US dollar

On Wednesday, it had settled at 79.44 against the greenback. 

Banking index's record high may be an early sign of fresh peaks in Nifty50 — here's why

Banking stocks are back in vogue on Dalal Street thanks to record highs in State Bank of India (SBI), ICICI Bank and Bank of Baroda, which have powered the Nifty Bank's run to a lifetime high. The phenomenal run in the banking index — which tracks the performance of 12 major lenders in the country including HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank — may be an early sign of fresh al-time highs in headline indices.

Financial services carry the maximum weight in the Nifty50, followed by IT, which is one of the worst performing spaces on Dalal Street since October 2021 — a month that saw the last of record highs in both Sensex and Nifty following a liquidity-driven rally that lasted for 18-odd months. (Read more)

GST Council unlikely to meet in September: Sources to CNBC-TV18

Air India eyes 30 percent local market share in 5 years vs 8.4% in July; Unveils transformation plan, Vihaan.AI 

Veranda Learning to raise funds worth Rs 300 crore via preferential issue and convertible warrants

Smallcaps and midcaps should outperform the largecaps: Anil Sarin

On markets, Anil Sarin, CIO, Centrum PMS, said, "We've had quite a divergence. Now I think we should be consolidating. And I would not be surprised if the market gives up a little bit of the gains. It has been in a compressed period of time."

Sarin said, "we have observed is that when things are tough for the economy, when there is a lot of pressure, a market participant seek comfort, in large caps, in safe kind of names. On the other hand, when there is optimism, when there is more of a buoyant economy, such as which we are seeing in India right now." Sarin said that people look for new names, for opportunities, that favors smallcap stocks and midcap stocks. According to him smallcaps and midcaps should outperform the largecaps in the current senario.

SBI, ICICI Bank, Bharti Airtel and Maruti Suzuki hit 52-week highs

Here are some of the other stocks that hit the milestone: 

--Eicher Motors

--M&M Financial

--CEAT

--Adani Transmission

Focus today is on the auto pack: Sacchitanand Uttekar
Sacchitanand Uttekar of Tradebulls said, "From a trading perspective, I think the focus today is on the auto pack." Uttekar said that most of the auto stocks have been doing well and Nifty Auto index is breaking out from a 10 days consolidation. "So 13,380 is a crucial level that particular level has been surpassed and probably we may see auto getting into action for next for the next coming week. I think apart from Maruti Suzuki which has already displayed on good strong breakout from an inverse head and shoulder, we have a Escorts which is again showing signs of a continuation pattern breakout. We are expecting Escorts to move higher towards Rs 2,040 during the day and a position a target of around Rs 2,090 which is placed near its life high."
Uttekar suggests buying Escorts with a stop loss at Rs 1,985.

Buy Supreme Industries, Jamna Auto: Dharmesh Shah
Here are two recommendations by Dharmesh Shah of ICICI Securities:
-- Buy Supreme Industries for a target of Rs 2,340 with a stop loss at Rs 1,850 
-- Buy Jamna Auto for a target of Rs 139 with a stop loss at Rs 104

Aster DM acquires 2% stake in Medcare Hospital LLC for Rs 51.5 crore

NTPC declares the entire capacity of 20 MW Auraiya Floating Solar PV Project at Auraiya, UP, as commercially operational w.e.f. September 16

Large Trade | 3.8 lakh shares of PG Electroplast worth Rs 38 crore change hands

Buy ABFRL, Cera Sanitaryware: Kush Bohra
Here are two recommendation by Kush Bohra of www.kushbohra.com:
-- Buy ABFRL for a target of Rs 345 with a stop loss at Rs 332 
-- Buy Cera Sanitaryware for a target of Rs 6,100 with a stop loss at Rs 5,700 

Buy crude oil futures for target of Rs 7,150: Motilal Oswal's Amit Sajeja

Amit Sajeja, VP-Technical Analyst-Commodities and Currencies at Motilal Oswal Financial Services, suggests going long on the September expiry MCX crude oil futures at Rs 6,700 for a target of Rs 7,150 with a stop loss at Rs 6,500.

"MCX crude oil futures have formed a reverse head and shoulders pattern on the 240-minute chart, suggesting possible short covering," he tells CNBCTV18.com.

Sajeja sees potential to test resistance near Rs 7,150 with support around Rs 6,500 and recommends buying on dips.