Stock Market Highlights: Sensex ends choppy session 115 pts lower, Nifty50 at 17,465; M&M, HUL rise 2%

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Nifty50 rises 19% in FY22

The 50-scrip index rises 2,774.1 points or 18.9 percent in the financial year 2021-22.

The Sensex gains 9,059.4 points or 18.3 percent during this period. 

Buy Tata Elxsi after another 5-7% correction: Ambareesh Baliga 

Market expert Ambareesh Baliga sees a buying opportunity in Tata Elxsi after a correction of another 5-7 percent. 

“Tata Elxsi has been an outperformer for quite a while. In the last two years, it has been a multi-bagger. However, from these levels, there should be some amount of correction," he says. 

See selective buying opportunities in market: Jitendra Gohil 

Jitendra Gohil, Head-India Equity Research at Credit Suisse Wealth Management, believes that weakening of sentiment has created selective buying opportunities in the market. "We believe that in these kind of stressful or difficult times, when volatility is very high and sentiment is weak, one should invest. When these issues get resolved, one should sell. We have taken this as a good buying opportunity in the previous dip. We have been recommending investors to remain a little bit more diversified in their portfolios. We have added to some stocks that can actually benefit of inflation. Overall, the sentiment is weak but there are pockets of very good opportunities. We feel that the froth in the market, which was there before this entire issue took place, has settled now," he says. 

Rupee ends higher at 75.78 vs US dollar

The rupee finishes the day at 75.78 against the greenback. On Wednesday, it had settled at 75.91.

Market At Close | JSW Steel, M&M, Britannia, Axis Bank top blue-chip gainers

Tata Consumer, Hindustan Unilever and ONGC also among the top gainers.

On the other hand, Hindalco, Divi's, Apollo Hospitals, Dr Reddy's, Reliance Industries, Eicher and Wipro the worst hit among the 30 laggards in the Nifty50 pack.

Here's what the 30-scrip basket looks like:

Market At Close | Nifty FMCG top gainer among NSE's sectoral indices

Here are some highlights: 

--HUL up 1.6 percent after sources say company takes price hikes

--Britannia near day’s high

--Oil sensitive stocks gain on easing crude oil rates; Indian Oil up 1.5 percent

--Axis Bank in the green but off the day's high after Citi deal

--Hindalco top Nifty loser after co announces 5-year capex plan

--Auto stocks under pressure ahead of auto sales data 

--DFM Foods up 13 percent after sourses say company may delist scrip from exchanges

--ONGC rises ahead of gas price hike

--Market breadth neutral; advance-decline ratio at 1:1

Closing Bell | Sensex down 115 pts, Nifty50 at 17,465

Both headline indices finish the session 0.2 percent lower. The Sensex slides 115.5 points to end at 58,568.5, retreating 322.4 points from the highest level of the day. The broader Nifty50 benchmark loses 33.5 points for the day to settle at 17,464.8, in a U-turn after rising to as high as 17,559.8 during the session. (Read more on the closing bell)

Buy Tata Consumer, Delta Corp: Himanshu Gupta 

Himanshu Gupta of Globe Capital shares two trading calls: 

--Buy Delta Corp for a target of Rs 345-350 with a stop loss at Rs 328 

--Buy Tata Consumer for a target of Rs 800 with a stop loss at Rs 768 

SpiceJet Winding Up Case | SpiceJet says reached in-principle commercial settlement with Credit Suisse 

CNBC-TV18 Exclusive | Uday Kotak says a gradual shift in RBI stance may be needed over 2 policies

Ashok Leyland shares gain after CLSA retains 'buy' rating

Ashok Leyland shares rise as much as 2.6 percent to Rs 118. CLSA maintains a 'buy' call on the auto maker's stock, but cuts its target price to Rs 138 apiece from Rs 157. (Read more on Ashok Leyland shares)

Here's how Ashok Leyland has performed in the past one year:

More banks to enter credit card space in 2 years: HDFC Bank's Parag Rao

The Axis-Citibank deal is positive for the credit card space.That is the word coming in from Parag Rao, Country Head of Payments Business at HDFC Bank.

"I don't see this as consolidation. Citi’s reason to sort of exit the business was global ramifications.... In fact, I see, over the next 2-3 years, more banks actually entering the card space. We view this as very positive because that is going to only expand the marketplace... You will have more offerings to more customers,” he tells CNBC-TV18. (Read more)

CNBC-TV18 Exclusive | Sources say Advent International looks to delist DFM Foods from stock exchanges

The delisting of DFM Foods will help Advent undertake a bold strategic overhaul, according to sources. 

Advent International did not comment on CNBC-TV18's query about the news.

DFM Foods shares up 14.8 percent at Rs 300.4 in late afternoon deals.