Stock Market Highlights: Sensex ends 483 pts lower, Nifty gives up 17,700; Nifty IT falls over 1% ahead of TCS results

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Like power space: Hemang Jani 

Hemang Jani of Motilal Oswal Financial Services likes the power space. "IEX is a related theme and being a monopolistic player with long way to go in terms of growth, people do prefer some of these companies... We think that this valuation and the market cap is something that we are not too comfortable with; we should let it cool off before really taking a fresh call on it," he says. 

Valuation comfort in largecap IT cos to some extent: Mithun Aswath 

Mithun Aswath, Managing Partner at Kivah Advisors, sees valuation comfort in largecap IT companies to some extent. That is "even if they are able to grow in mid-teens over the next couple of years", he says.

"However, with the expectation of some slowdown in the US with the Fed raising rates, that could hamper little bit of the expectations. One needs to be a little wary; let’s see what they say about guidance and then you will be able to gauge the sector trajectory once these results are out of the way. Some of the midcap IT companies are already discounting FY23 and FY24 earnings, and are quite expensive. If there is any non-delivery in performance, those could be subject to correction,” he says. 

IT sector to probably give some cushion in high input cost-high inflation environment: Gurmeet Chadha

Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, is of the view that the IT space may not be defensive at the moment but probably gives investors some cushion in the current enviroment characterised with high input cost and high inflation. "If you look at TCS, any disappointment can be used as an opportunity. There are new areas emerging on technology; it's not just restricted to Cloud; There are new technology areas emerging. This is a more long-term trend in my view; any dip should be an opportunity," he says. 

Rupee ends lower at 75.95 vs US dollar

The rupee finishes the day at 75.95 against the greenback. On Friday, it had settled at 75.90.

Market At Close | Midcap stocks continue to outperform Sensex, Nifty50

Here are some highlights: 

--IT, HDFC twins remain major drag on market; HCL Tech, Infosys top losers

--Cement stocks see major gains; Ambuja rises 7 percent, ACC 3 percent

--IT stocks under pressure ahead of earnings; Nifty IT drops 1.4%

--Hindustan Aeronautics Rises 4 percent after co announces ISRO order

--Oberoi Realty, Sun TV, Torrent Power, Bata, NBCC top midcap gainers

--Persistent, L&T Tech, GNFC, Pidilite, Vodafone Idea top midcap losers

--Paytm amongst top gainers, up 12 percent

--Market breadth favours bulls; advance-decline ratio at 5:4

Market At Close | HCL Tech, L&T, Infosys, Wipro, SBI Life, Asian Paints top blue-chip laggards

The HDFC twins, Tata Steel, Hero MotoCorp and Dr Reddy's also among the top losers. On the other hand, Grasim, Adani Ports, Cipla, Apollo Hospitals, JSW Steel, UPL and BPCL rise the most among the 21 gainers in the Nifty50 basket. 

Here's how the 30-scrip pack fares at the close: 

Closing Bell | Sensex down 483 pts, Nifty50 gives up 17,700

The Sensex finishes the day down 482.6 points or 0.8 percent at 58,964.6 and the Nifty50 settles at 17,675, down 109.4 points or 0.6 percent from its previous close. (Read more on the closing bell)

Intellects bags contract from VPBank, Vietnam for digitisation services

Intellect Global Transaction Banking (iGTB) announced that Hanoi-headquartered VPBank has signed a major transformative deal to digitize and streamline its transaction banking offerings. For Intellect, this deal marks the tenth key digital banking transformation deal in Vietnam.

Tatva Chintan gains as Investec starts coverage with 'buy' call

The share price of chemical player Tatva Chintan Pharma Chem rose more than 2 percent in the morning trade on April 11 after brokerage firm Investec initiated coverage on the stock with a “buy” rating and a target of Rs 2,740 a share.

Glenmark Pharma shares gain on DCGI nod to clinical trial of 'novel' small molecule

Glenmark Pharmaceuticals' share price gained over a percent intraday on April 11 after the company received the approval of the Drug Controller General of India (DCGI) for a Phase 1 clinical trial of a "novel" small molecule.

Buy Laurus Labs, Greaves Cotton: Kush Bohra

Here are two trading calls from Kush Bohra of kushbohra.com:

--Buy Laurus Labs for a target of Rs 625 with a stop loss at Rs 595 

--Buy Greaves Cotton for a target of Rs 220 with a stop loss at Rs 198 

Paytm at day's high, up nearly 11% 

Business Update | Concor Q4 volumes up 0.9% at 10.68 lakh 20-foot equivalent units

Container Corp shares down 0.2 percent at Rs 703.8, having gyrated within a range of Rs 701.2-710.9 earlier on Monday. 

10-year yield climbs further; here’s what is bothering the bond market

India's 10-year bond yield rise by a further six points to a new three-year high of 7.18 percent, on top of a 20-bps jump after RBI announcements last Friday. 

It is a double whammy for the bond market as US yields have risen to 2.77 percent -- a three-year high. (Read more)