Stock Market Highlights: Sensex ends 571 pts lower, Nifty gives up 17,150 dragged by financial, IT shares; VIX jumps 9%

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Brace for more volatility in coming quarters: George Heber Joseph

George Heber Joseph, CEO and CIO of ITI Mutual Fund, says commodity prices, which have been rising for some time now, are going to lead to input cost pressure for a lot of companies. As oil prices move up, even at $110-111 per barrel, it is going to be a difficult situation for India from the fiscal and current account perspectives, he says.

He expects more volatility in the markets in the coming quarters. "It will impact a certain amount of growth for Indian companies annd also create margin pressure. It is better to think within sectors... That would be the strategy that we will be following. We see that the supply chain disruption is going to continue for some more time," he adds. 

Positive on Britannia, Asian Paints: Hemang Jani 

Hemang Jani Motilal Oswal Financial Services believes Britannia and Asian Paints are great franchises. 

His advice: Investors with a time horizon of two years may buy in a staggered manner. 

"Wheat or crude oil prices going up is known to everyone in the market and to a great extent, stock prices have reacted to these developments," he says. 

Rupee ends lower at 76.12 against US dollar

The rupee finishes the day weaker at 76.12 against the greenback. On Thursday, it had settled at 75.80.

Why Deepak Shenoy is avoiding Delta Corp 

Deepak Shenoy, Founder of Capitalmind, is avoiding Delta Corp shares. "The stock spikes up every once in a while, and has only doubled in 15 years. It's a terrible return for most of us. In fact, it was higher than this even in 2017, and arguably a lot more money is spent in casino since 2017, even now. Such companies have quite a good story but that doesn't seem to quite reflect in the numbers or even in the stock prices over a longer term," he says.

"I like their offering I mean; their ships and their casinos are great places for entertainment... Not very happy as a shareholder. A good company to participate in as a customer," he adds. 

Market At Close | Britannia, Grasim, Tata Consumer, Shree Cement top blue-chip laggards

SBI Life, PowerGrid, UltraTech, Asian Paints and Indian Oil also among the losers. On the other hand, Coal India, Hindalco, UPL, ONGC and HDFC Bank rise the most among the 10 gainers in the Nifty50 pack. 

How the 30-scrip basket looks like:

Market At Close | Sensex, Nifty50 near day’s lows 

Here are some highlights: 

--ICICI, Kotak Bank, TCS, Reliance Industries drag headline indices

--HDFC Bank, Hindalco, Coal India arrest the fall

--Midcap index flat 

--Metal stocks rise tracking higher prices; Hindalco, Nalco, Vedanta top gainers

--ONGC among top Nifty gainers as crude sees sharp rise in 2 sessions

--Petronet LNG, GAIL, IGL, IndiGo, Torrent Pharma top midcap losers

--Delta, Aurobindo, Oil India, Strides top midcap gainers

--Overall market breadth favours bears; advance-decline ratio at 2:3

Closing Bell | Sensex down 571 points, Nifty at 17,118

Both headline indices finish the volatile session down one percent. The Sensex falls 571.4 points to 57,292.5 and the Nifty50 settles at 17,117.6, down 169.5 points from its previous close. 

Financial, IT and oil & gas biggest contributors to the fall in both gauges. (Read more on the closing bell)

Many new age cos had blue-sky valuations: N Jayakumar

Market expert N Jayakumar tells CNBC-TV18 that in his view, many new age businesses had blue-sky valuations. "We are moving from blue skies to price-to-book valuations," he says. 

There is a need to assess whether new age companies will ever make money, he adds. His remarks come at a time when many new age businesses are yet to turn profitable. 

He also says that new age valuations are still sleep even after a decline of 40-50 percent.

He sees the Nifty trading in a range of 16,500-18,000 in the next two quarters.

European shares mixed in choppy trade

European equities begin the day on a mixed note amid choppy trade as fighting in Ukraine rages on with no sign of a ceasefire even as diplomatic efforts continued. Brent crude prices climb above $110 a barrel as supplies remain tight.

The pan-European Stoxx 600 index flat. 

--UK's FTSE: up 0.4 percent

--France's CAC: flat

--Germany's DAX: down 0.1 percent

Ruchi Soya shares down 10%

Ruchi Soya Industries shares down 10.3 percent at Rs 900.9 in final hour of trade. The company is set to launch a follow-on public offer (FPO) worth up to Rs 4,300 crore on Thursday, March 24. The issue will close on March 28.

Russia-Ukraine War | Kremlin says degree of progress in peace talks with Ukraine not as big as it should be 

Buy Aegis Logistics, Strides Pharma: Jay Thakkar 

Here are two trading calls from Jay Thakkar of Marwadi Shares & Finance: 

--Buy Aegis Logistics for a short-term target of Rs 245-250 with a stop loss at Rs 190

--Buy Strides Pharma Science for a short-term target of Rs 400 with a stop loss at Rs 336

Support for Bitcoin at $37,000: Mudrex's Edul Patel

Mudrex Co-Founder and CEO Edul Patel believes support for Bitcoin lies at $37,000. "This week, we could further see an upside momentum in BTC heading towards its resistance zone," he says. 

--Bitcoin: down 1.4 percent at $41,329

--Ethereum: down 1.2 percent at $2,890

CNBC-TV18 Exclusive | Sources say SEBI approves updated LIC IPO DRHP