Stock Market Highlights: Sensex ends 345 pts higher and Nifty50 reclaims 16,000 as market makes a comeback after 4 days

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Remain underweight on midcap IT: Trideep Bhattacharya

Trideep Bhattacharya, CIO-Equities at Edelweiss AMC, tells CNBC-TV18 that he has been underweight midcap IT since September last year, and underweight the whole IT pack. "It is a question of the extent to which earnings downgrades happen and I would surmise that we haven't seen the bottom of earnings downgrades yet. A couple of a large growth houses or people who forecast IT spendings are talking about weakness coming through in the next calendar year, which will have a  bearing on earnings growth for next year," he says. 

"Earnings downgrades are still to come in the next maybe a couple of quarters," he adds. 

Market At Close | Sensex and Nifty50 end four-day losing streak

Here are some highlights: 

--FMCG stocks continue to gain momentum — Tata Consumer, HUL among top gainers

--Auto stocks surge on positive brokerage note — Eicher, M&M, Tata Motors jump

--Life insurer stocks gain on reports of IRDAI setting growth target — SBI Life up two percent

--Metal stocks weak as China reports GDP below estimates — Nifty Metal falls one percent

--IT stocks under pressure on weak outlook — HCL Tech among top Nifty losers

--Syngene gains four percent following 10-year agreement with animal health company Zoetis

--TVS Motor, BEL, Cummins, Cholamandalam Investment, Bosch, PI Industries top midcap gainers

--Market breadth favours the bulls — advance-decline ratio at 1:1

--Rupee falls nearly one percent for week 

Buy Astral, Bajaj Finserv, BEL: Hemen Kapadia

Here are three trading calls from Hemen Kapadia of KRChoksey Securities:

--Buy Astral for a target of Rs 1,820 with a stop loss at Rs 1,745 

--Buy Bajaj Finserv for a target of Rs 12,200 with a stop loss at Rs 11,450 

--Buy Bharat Electronics for a target of Rs 250 with a stop loss at Rs 233 

Ansal Properties looks "extremely interesting but too volatile to take a very high conviction call on", he tells CNBC-TV18. "It is not a short but not a long either.... Let us see if the momentum sustains," he adds. 

Repco Home board approves raising up to Rs 4,000 crore via NCDs

PVR stock has picked up momentum: Vaishali Parekh

Vaishali Parekh, Head of Tech Research at Prabhudas Lilladher, said, "The stock has picked up momentum and it continues to show strength." Parekh suggests keeping a small stop loss and holding for a target of at least a bounce back coming to about Rs 2,000 levels. 

HDFC Bank to report earnings on July 16

HDFC Bank to report earnings tomorrow; what Street expects

HDFC Bank will report its first quarter earnings on July 16 and the street expects the lender to report a 15.1 percent rise in NII at Rs 19,581.7 crore against Rs 17,009 crore and profit to grow by 21.7 percent. The bank’s net interest margin is likely to remain stable or improve QoQ.

Yes Bank board chooses JC Flowers as partner for asset reconstruction company

Yes Bank's Board Credit Committee has signed a binding term sheet with JC Flowers for partnership with respect to the sale of the lender's stressed loan portfolio of Rs 48,000 crore.

The binding term sheet becomes effective as of July 15, subject to requisite pre-conditions. JC Flowers, which is the base bidder, had valued Yes Bank's Rs 48,000 crore non-performing assets at approximately Rs 11,180 crore, sources told CNBC-TV18. (All details here)

Gold prices touched 15-month low

Gold prices touched a 15-month low on Friday as global benchmarks remained flat weighed on by the near two-decade high US dollar. Silver too hit a two-year low. (Get details here)

Federal Bank shares up over 1% 

Buy HDFC, sell SBI: Prakash Gaba

Here are two recommendations by Prakash Gaba, Technical Analyst, prakashgaba.com:

-- Buy HDFC for a target of Rs 2,230 with a stop loss at Rs 2,180 

-- State Bank of India for a target of Rs 470 with a stop loss at Rs 478 

Jindal Steel and Power trading 2.3% lower at Rs 352.55