Market HIGHLIGHTS: Sensex, Nifty settle flat as rupee weakens to a record low

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Indian benchmark indices, BSE Sensex and NSE Nifty50, settled Tuesday's volatile session flat as the Street sentiment remains subdued on higher crude oil prices and as the rupee settled at the record low of 78.79 against the US dollar. Among stocks, Asian Paints and Titan were among the top Nifty losers, while M&M, ONGC, and Coal India lent some support to indices.

MARKET AT CLOSE: KEY HIGHLIGHTS
Market Close Flat Amid Volatility & Sharp Fall In Rupee Against US Dollar
Rupee Closes At A Record Low Of 78.79, Records Biggest 1-day Fall In 2 Mths
Sensex Rises 16 Points To 53,177 & Nifty 18 Points To 15,850
Nifty Bank Slips 169 Pts To 33,642 While Midcap Index Gains 78 Pts To 26,791
IT Stocks Support Market While Financials Drag, Nifty IT Rises Nearly 1%
Oil & Gas Stocks Like ONGC & Oil India Surge, Tracking Higher Crude Prices
Metal Stocks Rebound On China Easing COVID Rules, Hindalco Gains 4%
M&M Continues The Gaining Momentum, Stock Closes At A Record High
Fall In Titan Continues, Stock Down More Than 11% In June So Far
Bajaj Auto Gains 3% From Lows On Promoter Not Participating In Buyback
Fertiliser Stocks Slip As Rupee Depreciates, Chambal Fert Slips Over 6%
Paint Stocks Under Pressure As Crude Rises, Asian Paints & Berger Down 3% Each
Bandhan Bk Ends In The Red But Off Lows On Concerns w.r.t Colln Due To Assam Floods
Strides, Petronet, Hind Copper, JSPL, Nalco, Dr Lal Top Midcap Gainers
IEX, Astral, Berger Paints, RBL Bank, Can Fin Homes Top Midcap Losers
Market Breadth Mildly In Favour Of Advances, Advance-Decline Ratio At 1:1

ONGC surges 6% as high oil prices trigger bullish bets

Shares of Oil and Natural Gas Corp surged 6 percent today as the spike in crude oil prices prompted traders to add bullish bets in the derivatives segment of the stock.

CLSA sees 12% upside in this footwear stock on hopes of three-fold rise in revenue

Shares of Campus Activewear may surge 12 percent from the current levels as the footwear brand could see a three-fold rise in revenues and a four-fold jump in operating profits in the next three years, said global brokerage CLSA in a research note. READ MORE

ONGC, Oil India shares gain on higher crude oil prices but Indian Oil, IGL and Gujarat Gas hurt

Shares of oil and gas companies traded mixed on Tuesday following the rally in oil prices. ONGC, Oil India, and GAIL rose while Indian Oil Corporation (IOC), Gujarat Gas and Indraprastha Gas declined. READ MORE

Rupee extends losses, currently at 78.81/$

Sterling Tools up as arm enters new e-mobility segment

Shares of Sterling Tools rose over 4 percent to a three-year high of Rs 298 today, in an otherwise weak market, as the company's arm announced its foray into the electric light commercial vehicle segment.

Titan Co falls 4% as weak market triggers bearish bets

Shares of Titan Company fell nearly 4 percent amid an overall weak sentiment in the market, which prompted traders to place bearish bets in the derivatives segment of the stock.

Shares of TVS Motor Company rose more than 2 percent after the Chennai-based company said that it is focusing on electric vehicles (EVs), and is coming up with multiple products in the two- and three-wheeler segments.

Indian Card up 7% as co to fully acquire UK-based arm

Shares of Indian Card Clothing Co surged over 7 percent to a one-month high of Rs 292.70 today, as the company's board approved acquisition of the balance 40 percent stake in its UK-based arm Garnett Wire. The transaction will be an all-cash deal worth Rs 22.5 million.

Zomato extends Monday's losses on concerns over financials

Shares of Zomato extended their sharp losses from Monday and fell another 8 percent today to hit a one-month low of Rs 60.60 as concerns that the company's acquisition of Blinkit will strain its financials dampened the sentiment. On Friday, Zomato announced that it would acquire grocery delivery company Blinkit in an all-stock deal. Blinkit is yet to reach the break-even point.

Brigade Enterprises up 6% on plan for Chennai project

Shares of Brigade Enterprises Ltd rose nearly 6 percent today after the company announced it would develop a residential project in Chennai. Brigade Enterprises entered into an agreement for the joint development of a residential project over 2.1 mln sq ft, which will be located in Perumbakkam. The project has the potential to generate Rs 15 billion in revenue over the next five years, the company said.

ITC to launch a range of millet-based products; shares trade positive

CNBCTV18 Exclusive | ITC to launch a range of millet-based products across categories. Set to foray into soup sachets under B natural brand. B natural soups to be liquid sachet offering, to take on HUL’s Knorr, say sources.

ITC share price traded positive, quoting at Rs 270.55, up 0.22 percent on NSE at 1.03 pm.

Dipan Mehta, Director, Elixir Equities on M&M

"The upward journey on Mahindra and Mahindra (M&M) started when there was change of guard at the top and the new CEO’s first important step was to focus on capital allocation and getting a higher return on investment, a lot of the subsidy issues were resolved and they always had a very good backlog of new models, which have now been launched and very well received. And overall I think we are seeing very good improvement in the volumes and some of the semiconductor related issues, supply chain issues have now more or less been resolved and with lower steel prices, there is some amount of flexibility on operating profit margin management as well. So keeping all of that in mind, I think, as well as the valuation is concerned, M&M should do even better from these levels or so. This is one company which in next few quarters will surprise on the upside as far as earnings are concerned. And there's certainly scope for the P/E multiples also to be expanded given that it trades at a discount to Maruti and Tata Motors," Mehta told CNBC-TV18.

Paint cos down as high crude prices fan margin concerns

Shares of several paint manufacturers slipped into the red today, as the recent spike in crude oil prices further aggravated concerns of a hit to the profitability of these companies. Global crude oil prices rose due to the possibility of sanctions by the Group of Seven nations on Russian oil. Worries over continued tighter supply after the United Arab Emirates said it was producing near capacity, also pushed up prices. Shares of Asian Paints snapped a three-day gaining streak and fell over 3 percent, one of the major laggards on the Nifty 50 today. Some bearish bets were seen in the June futures contract of the stock, going by the 4 percent rise in open interest. Among other stocks in the sector that fell were Akzo Nobel India, Kansai Nerolac Paints and Berger Paints, down 0.7-3 percent.