Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%

Thank you, readers! That's all from CNBCTV18.com's live market coverage on March 23, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

And on Facebook, LinkedIn, Instagram and Telegram

Download our mobile app for Android and iOS platforms

Catch latest from CNBC-TV18's coverage of Russia-Ukraine war

Expect rupee to move within 75.80-76.50 range in near term: Anindya Banerjee

Anindya Banerjee, VP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities, expects the rupee to move within a range of 75.80-76.50 against the greenback in the near term. Weakness in stocks and higher oil prices responsible for weakness in the rupee today, he says. 

Adani Wilmar valuation challenging: Prakash Diwan

Market expert Prakash Diwan says that the magical first name of the Adani Wilmar stock has kind of built so much of high expectations around the price behaviour. Even though there's no denying that the company is in a very strong leadership position in FMCG, its valuation appears to be challenging at the current juncture, he says. 

"Food is a complex business; every acquisition might not be accretive. I would not really pay so much for this, but then, when there's flight to safety of capital, you will probably see a lot of these FMCG names seeing much more money flow coming in. And that's exactly why they tend to get priced in a much more higher way... You have much more balanced portfolios in the FMCG space, which probably will turn around very quickly and give you an upside, whether it's Nestle, HUL or Britannia. So on a like-to-like comparison, I would give it a pass at this point," he adds. 

Positive on UPL: Mayuresh Joshi 

Mayuresh Joshi of William O'Neil says the market is expecting that UPL’s international operations in the aftermath of the Ukraine crisis will play out more favorably for agro-chemical companies. "As exports of agro-chemicals out of Russia and Ukraine start to get hit, you are probably going to see more exports come through from UPL as it has a wider presence globally, especially in Latin America and Eastern Europe. Probably this is playing out in favour of UPL,” he says. 

Positive on RHI Magnesita: Rajesh Kothari 

Rajesh Kothari, MD at AlfAccurate Advisors, believes there are many companies that are beneficiaries of commodity upcycles, and many specialised companies with more resilient business models are not as volatile as commodity prices.

RHI Magnesita India is the biggest beneficiary of upcycle in steel industry, he says.

"We have been investing into that company for the last one and a half-two years. I am not recommending at current levels, but what I am trying to say is that there are opportunities that one can pick and choose from," Kothari adds. 

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

Here are some highlights: 

--Financial stocks a major drag on Nifty; HDFC twins top losers

--Auto stocks fall on rising input costs; Maruti Suzuki, M&M top losers

--Metal stocks outperform; Hindalco, Tata Steel, JSW rise 2 percent

--L&T Finance posts biggest single-day gain in 10 years on promoter share buy

--Indian Hotels rises 4 percent after co announces QIP 

--City Union Bank, Tata Communications, AU SFB, JSPL top midcap gainers

--Chambal Fertilisers, Info Edge, JK Cement, GNFC, Atul top midcap losers

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

Rupee ends lower at 76.30 against US dollar

The rupee finishes at 76.30 against the greenback. On Tuesday, it had setted at 76.18.

Explained | Why steel cos are considering force majeure to call for fresh contracts and last-mile impact

Coking coal prices have seen a sharp hike due to the Russia-Ukraine war. As coking coal is an essential input for the production of steel, Indian steel companies are now in a quandary as a large part of input requirements are met through imports. VR Sharma of JSPL expects the steel market to only improve over the next 6-8 months.

Steelmakers are planning to invoke the force majeure clause, and renegotiate short- and long-term contracts with customers following a surge in raw material costs, including coking coal prices. (Read more)

Market At Close | Nifty Auto, Bank, Financial Services top laggards among sectoral indices; metal gauge jumps over 1%

Kotak Mahindra Bank, HDFC, Britannia, Bharti Airtel top blue-chip laggards

Sun Pharma, Maruti, Bajaj Auto, Cipla and Mahindra & Mahindra also among the worst hit among the 29 losers in the Nifty universe. 

On the other hand, Divi's, Hindalco, Tata Steel, Dr Reddy's, UPL and ITC among the top gainers. 

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

Closing Bell | Sensex down 304 points, Nifty at 17,224

Both headline indices finish the volatile session half a percent lower. The Sensex sheds 304.5 points to end at 57,684.8 and the Nifty settles at 17,245.7, down 69.9 points from its previous close. Losses in financial, IT and auto shares pull both indices lower though gains in oil & gas and metal stocks lend some support. (Read more on the closing bell)

Aviation minister says cargo Revenue has jumped over last 2 years

The aviation minister also says that 150 passenger aircraft have been converted to cargo aircraft. 

Key factors impacting steel market 

--Reports suggest another steel prices hike of approximately Rs 1,500/tonne 

--Coking coal prices down 11 percent in two days from $700/tonne

--Tangshan under temporary lockdown due to spread of COVID

According to PhillipCapital, Tangshan accounted for 13 percent of Chinese production in 2021, and six percent of global steel production. A prolonged lockdown will further squeeze out the already tight steel market, the brokerage says. 

It also says coking coal and iron are likely to face pressure in the near term due to a drop in demand from China. 

Government says monthly steel production has reached pre-COVID levels

How steelmakers fare in the last hour of trade:

Sharp dips opportunities to buy more: Chandresh Nigam

Chandresh Nigam, MD and CEO, Axis AMC, believes it is a good time to buy Indian shares. "While we never know, things can get worse; they can get worse than what we have seen in the past but there is no certainty whether that will happen or not... Sharp dips are opportunities to buy more and even if there are no sharp dips, take a 3-5 year view," he says.