Stock Market Highlights: Sensex ends 366 pts lower, Nifty slips below 16,500 dragged by financial, auto shares; Nifty Bank down 1%

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

Investors need to have a longer-term horizon when looking at new age companies: Harish Krishnan

Harish Krishnan, Executive VP and Senior Equit Fund Manager at Kotak AMC, is of the view that investors need to have a longer-term view when looking at new age companies. Kotak AMC has some exposure in new age businesses, he says. "These are all long dated option instruments; some of them will deliver tremendous value, and some of them, or rather most of them, will lose out on the way especially as the terminal value for a lot of these companies is anywhere between 85, 90 and 95 percent of the current market cap," says Krishnan.

"We prefer to have a basket kind of approach on say 2-3-4 of them, and have a smallish position and to see how they evolve. Some of these are doing quite well, in terms of their overall growth... We will look at creating portfolios for 3-5 years. We do think that some of these new age businesses will be a meaningful portion of the market cap 3-5 years down the line," he adds. 

Rupee ends lower at 75.91 vs US dollar

The rupee finishes at 75.91 against the greenback for the day. On Wedneday, it had settled at 75.70.

Expect good bounce in Dr Reddy's the day Russia-Ukraine war gets over: Ambareesh Baliga 

Independent market expert Ambareesh Baliga is of the view that though DRL has fallen because of its exposure to Russia, a "good bounce" is expected the day the Russia-Ukraine war gets over. 

His advice: Pick up the stock in small lots. 

We don’t know how much more it can fall. Buy more at lower levels if you are looking at the long term,” he says.

Market At Close | Financial stocks a major drag on headline indices

Here are some highlights: 

--Financial, cement, insurance stocks top losers

--UltraTech, HDFC Life, Shree Cement, SBI Life top Nifty losers

--Paint stocks slip, oil & gas shares rise on higher crude prices

--ONGC top Nifty gainer, Asian Paints among top losers

--Dr Reddy’s continues to fall over Russia-Ukraine crisis, down 11 percent so far this week

--Insurance stocks reverse Wednesday’s gains; HDFC Life down 5 percent, SBI Life 3 percent

--UPL surges 4 percent after Bloomberg’s report of co drawing takeover interest; UPL representative says co denies report

--IT stocks rise; Nifty IT up 1 percent; Wipro, Tech Mahindra top gainers

--Market breadth in favour of the bulls; advance-decline ratio at 3:2

ONGC, UPL, Power Grid, Wipro, Tech Mahindra top blue-chip gainers

On the other hand, UltraTech, Asian Paints, HDFC Life, Shree Cement and Eicher the worst hit among the 32 laggards in the Nifty50 pack. 

How the 30-scrip basket fared:

Closing Bell | Sensex down 366 points, Nifty50 slips below 16,500

Both headline indices finish the day with a cut of 0.7 percent each. The Sensex sheds 366.2 points to end at 55,102.7 and the broader Nifty50 benchmark settles at 16,498.1, down 107.9 points from its previous close.

Gains in IT and oil & gas shares offset by losses in financial and auto stocks. (Read more on the closing bell)

UPL said to draw interest from rival agrochem firms: Bloomberg

UPL representative said the company denies the report.

The UPL stock was up four percent at Rs 716.7 minutes before the closing bell. 

Russia-Ukraine War | Can crude oil reach $130/barrel and will it cause a big blow to Indian market?

Brent crude futures touched $118 per barrel on Thursday -- the highest intraday level seen in almost a decade. The benchmark oil contract had entered three digits last week following Russia's move to invade Ukraine. (Read more on crude oil)

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

Aditya, Amritanshu Khaitan resign from Eveready board

Suvamoy Saha will assume the responsibilities of Managing Director. 

The Eveready stock extends gains after the news. Shares jump as much as 5.7 percent to Rs 369.

The Burmans have announced an open offer for a 26 percent stake in Eveready.

Frontline indices in the red; Nifty Bank down 900 pts from day's high

4-5% price hike in solvent-based paints likely in April: Indigo Paints 

Hemant Jalan, CMD of Indigo Paints, shares his views on what surging oil prices mean for the company. Crude will have some impact on the cost on solvent-based paints, which form a smaller portion of the portfolio for most paint companies, he says. (Read more)

Large Trade | Rs 171-crore Stove Kraft shares change hands

Stove Kraft shares recover initial losses to jump to as high as Rs 695.7, up three percent from their previous close. 

Buy Coforge, sell Bandhan Bank: Himanshu Gupta

Himanshu Gupta of Globe Capital shares two trading calls: 

--Sell Bandhan Bank for a target of Rs 275 with a stop loss at Rs 294 

--Buy Coforge for a target of Rs 4,750-4,800 with a stop loss at Rs 4,590 

Crude oil impact on India concerning when inflation at higher end of comfort zone: Bhavin Shah

Bhavin Shah, Founder and Portfolio Manager at Sameeksha Capital, believes the impact of higher crude oil rates on India is concerning especially when inflation is running at the top end of the comfort zone. "The outlook for the Indian equities is certainly more uncertain, especially putting aside the geopolitical uncertainty in whether or not this develops into something much larger... We have a high fiscal deficit by historical standards or at least what would be required to bring inflation in check. Both for the RBI and the government, it's a tight rope to walk. And that's what is the issue for the market because if this thing goes out of control, and RBI is forced to hike up rates, it can damage the markets and I think that's what is somewhat reflected in the recent share price movements that we have seen," he says. 

However, he doesn't have a totally negative stance. 'I still look for opportunities where there is a strong growth horizon that we can see," he says.