Stock Market Highlights: Sensex ends 187 pts higher, Nifty holds 17,200; Tata Steel up 3%, Bajaj twins 2%

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IT valuations a clear concern at this point: Shibani Sircar Kurian 

Shibani Sircar Kurian, Senior Executive VP and Head-Equity Research at Kotak Mahindra AMC, says IT valuations are a clear concern at this point. "From a longer-term structural theme, the revenue growth trajectory in IT, given the kind of digital transformation opportunity that has come through, is not just a 1-2 year phenomena, it is going to be a structural growth driver with companies accelerating their spends on digital transformation. On the margin front, we have seen that companies have had some margin pressure but their growth is offsetting the impact of the wage hikes due to scarcity of talent," she says. 

Kurian believes that despite some correction, midcap IT valuations are still higher than their long-term historical averages. "If the stocks do correct and valuations become more attractive, the revenue growth opportunity is fairly structural and that is something that we will watch out for," she adds. 

Remain positive on Tata Power: Mehraboon J Irani

Market expert Mehraboon J Irani remains positive on Tata Power. However, there are a lot of developments happening at the company, which is changing the way it has done business in the past, he says. "That has possibly made the stock already go up a little bit sharply. So at the current level, I would say that I would not honestly recommend it from a trading angle. But for those people who are already invested, even if they take 50 percent profit home, I don't think that should be a bad idea. The point is somewhere the stock has run up little bit too sharply, though I feel that from a longer-term angle, I don't think anybody is going to lose money from the current level of around Rs 232-235," he adds. 

Adani Wilmar shares end listing day at 16% premium over issue price 

Adani Wilmar shares finished the first day in the secondary market at a premium of up to 16 percent over the issue price. The stock the listing day at an intraday high of Rs 265.2 apiece on BSE, a premium of 15.3 percent over the issue price of Rs 230. On NSE, it settled at Rs 267.4, a premium of 16.2 percent. (What should investors do now?)

Q3 Results | Net profit at Rs 208.8 crore

IRCTC's net profit for October-December period at Rs 208.8 crore, as against Rs 78 crore for the year-ago period. Revenue more than doubles to Rs 540.2 crore on a year-on-year basis. 

IRCTC shares settle 0.3 percent higher at Rs 838.1 ahead of the earnings announcement. 

Q3 Results: Bharti Airtel net profit down 27% at Rs 830 crore, misses Street estimates

Bharti Airtel's net profit at Rs 829.6 crore for the October-December period, down 26.8 percent on year and below Street expectations. Its revenue up 5.4 percent on year at Rs 29,866.6 crore. 

Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 1,220 crore and revenue at Rs 29,900 crore. (Read more on Bharti Airtel earnings)

Bharti Airtel shares finish the day up 0.3 percent at Rs 708.9 apiece ahead of the earnings announcement.

Bargain hunting by domestic investors saves the day: Vinod Nair

Vinod Nair, Head of Research at Geojit Financial Services, says selling pressure on account of FII outflows countered by bargain hunting by domestic investors, helping headline indices close in the green. "European shares advanced over ECB President’s comments that there are lower chances of a measurable tightening of monetary policy, which helped in comforting global investors," he adds. 

European share markets begin the day on a positive note. The pan-European Stoxx 600 index up half a percent in early hours. Concerns over rate hikes in the euro zone keep investors cautious. 

Market At Close | Tata Steel, Cipla, Reliance Industries, Divi's, Bajaj twins top blue-chip gainers

BPCL, Titan, JSW Steel, Asian Paints and Maruti Suzuki also among the gainers. On the other hand, ONGC, PowerGrid, SBI Life, Tata Consumer, IOC, TCS and UltraTech the worst hit among the 22 laggards in the Nifty50 pack. 

Here's how the 30-scrip basket fared:

Nifty can slide to 16,800-16,850 levels if it breaks 17,100 on closing basis: Manish Hathiramani

Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, is of the view that it is important for the Nifty to hold 17,100 on a closing basis. "If we break 17,100 on a closing basis, the market can slide further to 16,800-16,850. On the upside, there is a resistance at 17,600 and we would need to close above that for the index to turn bullish," he adds. 

Market At Close | Sensex, Nifty in the green; midcap index down 1%

Here are some highlights: 

--Nifty up 53 points at 17,267 led by Reliance, Bajaj Finance

--Midcap index slips 212 points to 29,917

--Nifty Bank rises 33 points to 38,028

--ICICI Bank, Axis Bank support Nifty Bank; HDFC Bank, Kotak Bank drag 

--Metal stocks gain; Tata Steel top Nifty gainer

--Bank of Baroda gains for 2nd straight day after strong Q3, up 10% in 2 days

--TVS Motor among top midcap gainers after better-than-expected Q3

--GNFC continues to gain momentum, up 18% in 2 days

--Tata Power top midcap loser, down 7% ahead of earnings

--Adani Wilmar makes strong debut on exchanges, 16% premium over issue price

--NSE advance-decline ratio at 1:3

Rupee ends lower at 74.75 vs US dollar

The rupee settles at 74.75 against the greenback. On Friday, it had closed at 74.70.

The forex market was shut on Monday.

Q3 Results | Escorts net profit down 28% at Rs 201.5 crore 

Escorts shares up 1.1 percent at Rs 1,843.3 at the close, even after the company reports a 28.2 percent year-on-year decline in Q3 net profit to Rs 201.5 crore. Its revenue declines three percent to Rs 1,957.5 crore. 

Its EBITDA down 27.3 percent at Rs 264.6 crore in Q3, and margin down at 13.5 percent as against 18 percent in year-ago period.      

Closing Bell | Sensex up 187 points at 57,809, ifty50 firm above 17,200

The Sensex finished the day with a gain of 187.4 points or 0.3 percent at 57,808.6 and the Nifty settles at 17,239.2, up 25.6 points or 0.2 percent from its previous close. Both headline indices snap a three-day losing streak.

Vedant Fashions IPO | Issue subscribed over 2 times on final day so far

By 3:18 pm, the IPO of Vedant Fashions -- which owns brands such as Manyavar and Mohey -- received bids for 6.1 crore shares as against the 2.5 crore shares on offer, a subscription of 2.4 times. 

Market Watch | Buy HCL Tech, SRF, says Shrikant Chouhan of Kotak Securities

- HCL Technologies is a buy with a stop loss of Rs 1,140 and target of Rs 1,230-1,235

- SRF is a buy with a stop loss of Rs 2,470 and target of Rs 2,600-2,630