Stock Market Highlights: Sensex drops 915 pts from day's high and Nifty ends below 17,150 in last hour sell-off

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European stocks jump on earnings boost, tech rally 

European markets rise to their highest in a week as strong earnings reports and a rally in technology stocks boosted risk appetite at the end of a volatile month dominated by concerns about slowing global growth. The pan-European Stoxx 600 index is up 0.8 percent at the last count. 

S&P 500 futures are down one percent, suggesting a lower start ahead on Wall Street.

UltraTech shares end choppy session in the green

The cement maker's stock ekes out a gain of 0.3 percent at the close after the earnings announcement. (Read more on UltraTech results)

Positive on ACC, Asian Paints: Axis Securities' Rajesh Palviya

Rajesh Palviya, Head-Technical and Derivatives Research at Axis Securities, has a positive view on ACC and Asian Paints. His preferred pick in the cement space is ACC. He recommends buying the stock for a target of Rs 2,434 with a stop loss around Rs 2,346.

His favourite pick from the consumer space is Asian Paints. "We believe Asian Paints could be a stock that can show upward momentum towards Rs 3,300," he says. He suggests a stop loss at Rs 3,210.

Market At Close | Sensex, Nifty50 slide deep into the green in last hour 

Here are some highlights:

--Frontline indices fall 2 percent from day’s highs

--40 Nifty stocks in the red

--All sectoral indices in the red

--Maruti Suzuki slips, UltraTech flat despite higher-than-expected earnings

--Axis Bank top Nifty loser after earnings, stock down 6 percent

--Auto stocks slip ahead of monthly sales numbers, Bajaj Auto top loser

--City gas co stocks see a drop of 6-7 percent after Credit Suisse downgrade 

--Shriram Transport top midcap gainer after strong earnings

--Laurus Labs gains 5 percent from lows on positive management commentary

--IndiaMART recovers day’s losses to move into the green despite weak earnings

--Market breadth favours bears, advance-decline ratio at 1:2

Wipro's quarterly revenue in constant currency terms up 3.1%, misses Street expectation

The IT major has guided for dollar revenue of $2,748-2,803 million in the first quarter of the year ending March 2023.

Wipro shares finished the day down 2.6 percent at Rs 509 apiece ahead of the earnings announcement. 

Railways may expedite approvals for land lease policy with respect to CONCOR strategic sale: Government sources

Closing Bell | Sensex down 460 pts, Nifty50 slides below 17,150

Both headline indices finish the day 0.8 percent lower. The Sensex drops 460.2 points to end at 57,060.9 and the Nifty50 settles at 17,102.6, down 142.5 points from its previous close. 

Maruti Suzuki bottomline, margin exceed Street estimates

Maruti Suzuki Jan-Mar profit jumps 57.7% to Rs 1,838.9 crore, beats Street estimates 

Maruti Suzuki reports a net profit of Rs 1,838.9 crore for the January-March period, up 57.7 percent on a year-on-year basis. Revenue of the carmaker increased 11.3 percent on year to Rs 26,740 crore, according to a regulatory filing. 

The company's EBITDA came in at Rs 2,427 crore, as against Rs 1,991 crore for the corresponding period a year ago. Its EBITDA margin improved to 9.1 percent from 8.3 percent in the year-ago period. 

LIC IPO | Government an important stakeholder but intent is for wider public participation, says DIPAM Secretary

Life Insurance Corp will bring several other changes to keep pace with large listed companies, the DIPAM Secretary said. 

Nifty firm above 17,350

The Nifty is up 128.2 points or 0.7 percent at 17,373.3 at this hour. Earlier on Friday, it climbed to as high as 17,377.7 to come within 60 points of its 20-day moving average. That is the only one of the six main levels it is yet to take out. 

KPIT looks good among smaller IT cos: Gurmeet Chadha

Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, likes KPIT and Mindtree.

"Midcap IT companies are able to sustain supply-side measures, maintaining decent margins, which tells you that the contracts you're getting are outcome-driven... You are actually co-partnering," he adds. 

Nifty Auto up 0.6%, hold on to much of intraday gain