Stock Market Highlights: Sensex ends 87 pts lower as market slips from one-month highs — rupee hits record low

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Remain positive on IT services: Hemang Jani 

Hemang Jani of Motilal Oswal Financial Services remains positive on IT services. "People are slightly disappointed with the numbers though they were in line on the revenue front. The sense one is getting is that after a third quarter of pressure on margins, one is not really sure exactly at what point this will bottom out. Though the management commentary is positive, there is fear that maybe depending upon how the situation unfolds over the next few months, you might see some disappointment in terms of deal flows," he tells CNBC-TV18.

However, after a correction of almost about 25-30 percent from the top, people will eventually want to get into this space given that all the companies are stable with good cash flow, he says.

"TCS is something that we have been liking, along with Infosys and HCL Tech, and we feel that it makes more sense to go with a largecap names versus midcap because there might be slightly more downside risk in the midcap space if there is some disappointment on the margin front," he adds. 

Rupee hits record closing low of 79.44 vs US dollar

Market At Close | Sensex and Nifty50 halt a 3-day winning run 0.19 — broader markets outperform

Here are some highlights: 

IT stocks drag market following TCS earnings — Nifty IT slides three percent

TCS, Infosys, HCL Tech drag Nifty by 80 points

Bharti Airtel top Nifty loser after Adani’s participation in 5G auction

Steel stocks jump on reports of government planning to relook at export duty

Old economy stocks rise with energy index gaining the most

Eicher Motors Is Top Nifty Gainer With Stock Closing At A 4-year High

Bks Support Mkt With Banking Majors (ICICI, Axis, IndusInd) Rising Over 1% Each

Midcap IT Stocks Top Losers, Persistent, Coforge, L&T Info, Mindtree Top Losers

Granules, Nippon Life, Exide, Intellect, Atul Are Top Midcap Gainers

Broader Mkt Outperformance Keeps Mkt Breadth In Favour Of Advances

NSE Advance-Decline Ratio Is At 2:1

Rupee Ends At A Record Low Of 79.44 Vs Friday’s Close Of 79.25

10-year Govt Bond Yield Closes At 7.43% Vs Friday’s Close Of 7.42%

HCL Tech shares fall 4% ahead of april-June results on Tuesday

Here's how the stock has fared so far this year:

Escorts near day's high after a sharp surge

We expect the USDINR (spot) to quote in the range of 79.05 and 79.80 in the short term: Gaurang Somaiya

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services Ltd, said, “Inflation number on the domestic front and the US will be released this week and a higher number could cement expectation of further rate hike by the central bank. We expect the USDINR (spot) to trade with a positive bias and quote in the range of 79.05 and 79.80 in the short term.”

Rupee at record low

Buy Vedanta, Apollo Tyres: Himanshu Gupta

Here are two recommendations by Himanshu Gupta of Globe Capital

-- Buy Vedanta for a target of Rs 240 with a stop loss at Rs 226 

-- Buy Apollo Tyres for a target of Rs 210-215 with a stop loss at Rs 200

Steel stocks jump after sources say steelmakers urge government to consider relooking export duty on products

Most steel stocks jump in afternoon deals after sources say the government is considering a relook on the export duty on steel products on request by the industry. The government will consider the industry's proposal to discontinue the 15 percent duty on exports of certain steel products before the end of the monsoon season, they say. 

A decision on the exemption of export duty for steel may be taken in the coming days, the sources add. 

After a meeting with the Tata Steel, SAIL, JSW Steel, JSPL and ArcelorMittal recently, the Finance Minister had assured industry leaders that the government will have a relook on the duty on certain products. 

All steelmakers have lost market capitalisation due to a lack of domestic demand and export duty in the past two months. 

Bharti Airtel in red

20.5 lakh shares of Bharti Airtel worth Rs 136 crore change hands at an average price of Rs 662 per share

Buy Cipla, NOCIL: Ruchit Jain

Here are two recommendations by Ruchit Jain of 5paisa.com:

-- Buy Cipla for a target of Rs 975 with a stop loss at Rs 925 

-- Buy NOCIL for a target of Rs 288 with a stop loss at Rs 254

Steel stocks jump after sources say steelmakers urge government to consider relooking export duty on products

Most steel stocks jump in afternoon deals after sources say the government is considering a relook on the export duty on steel products on request by the industry. The government will consider the industry's proposal to discontinue the 15 percent duty on exports of certain steel products before the end of the monsoon season, they say. 

A decision on the exemption of export duty for steel may be taken in the coming days, the sources add. 

After a meeting with the Tata Steel, SAIL, JSW Steel, JSPL and ArcelorMittal recently, the Finance Minister had assured industry leaders that the government will have a relook on the duty on certain products. 

All steelmakers have lost market capitalisation due to a lack of domestic demand and export duty in the past two months. 

The trajectory should improve from here: Apurva Prasad on TCS

According to Apurva Prasad of HDFC Securities, quarter one typically tends to come off for Tata Consultancy Services (TCS). "The difference between the exit rate and the first quarter is not at all unusual. That's when the wage hike impact kicks in, there is higher visa cost related impact and the travel which went up and add an additional 30 basis points or sequential impact. So, the trajectory should improve from here. While the absolute number EBIT margin number is low compared to where they have trended, but the trendline from quarter two onwards should be improving from hereon."

Union Bank near day's high after a sharp spike