Stock Market Highlights: Sensex sinks below morning lows as sell-off deepens — financial and tech stocks the biggest drags

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Focus returning to manufacturing, mining: Anand Shah

Anand Shah, Head-PMS and AIF Investments at ICICI Prudential AMC, points out that pockets such as manufacturing and mining are doing extremely well at a time when the broader market is not. "A lot of people over the last decade have forgotten that these companies exist," he says.

"Over the next 3-6 months, we will see more of what is happening in the last one year... Being in the right segments and sectors of the market will be a continuous discovery for many market participants," Shah adds. 

Hindalco, SBI, Hindustan Unilever, Cipla, Dr Reddy's top blue-chip laggards

IndusInd, HDFC Life, Axis Bank, Grasim and Bajaj Finserv are also among the top losers. Eight stocks in the Nifty50 basket finish above the flatline: Adani Ports, Mahindra & Mahindra, HCL Tech, ITC, Maruti Suzuki, Bharti Airtel, Britannia and Asian Paints.

Here's what the 30-scrip pack looks like:

Market At Close | Sensex, Nifty50 dragged by financial stocks

Here are some highlights: 

--Adani Ports top Nifty gainer after co acquires 100 percent stake in Ocean Sparkle

--ONGC slips, Asian Paints rises amid declining crude oil prices

--Midcap IT stocks hold on to day's gains; Mindtree top gainer

--42 Nifty50 in the red

--Advanced-decline ratio at 1:2

--HCL Tech ends near flatline after co reports Jan-Mar earnings

--FMCG stocks rise; ITC up 0.3 percent

Closing Bell | Sensex down 715 pts, Nifty50 sinks below 17,200

Both headline indices finish near intraday lows. The Sensex drops 714.5 points or 1.2 percent to end at 57,197.2 and the Nifty50 settles at 17,172, down 220.7 points or 1.3 percent from its previous close. (Read more) 

Hindustan Zinc Jan-Mar net profit up 18% at Rs 2,928 crore, misses Street estimates

Explained | How RBI's new credit and debit card rules will help customers

The RBI has put out a master circular covering issuing of credit and debit cards by banks, NBFCs and fintech companies. This circular covers a lot of ground to protect customers and will mean new processes for the banks.

How are customers benefiting?

Once the rules come into play, a customer's consent is needed to continue with a new card if the customer doesn’t use it within 30 days.

If no response comes from the customer, then the card will be considered closed on the 37th day after it has arrived.

Many credit card customers struggle to close their cards and this will be beneficial for them. (Learn more)

The Street enters the final 30 minutes of the week

The Sensex is down 750 points or 1.3 percent at 57,161.6 and the Nifty50 17,150.3, down 242.4 points or 1.4 percent from its previous close. 

Plan to conclude LIC IPO before mid-May, issue size likely to be closer to Rs 30,000 crore: Sources

The government's current stance is to launch the LIC IPO broadly within a May 12 timeline, sources tell CNBC-TV18. A red herring prospectus (RHP) is likely to be filed next week, they say.

The government is working on approvals from the LIC board and market regulator SEBI for IPO dates and the amount to be raised, they add. 

European shares fall tracking 5-week low in Asian markets

European markets begin the day in the red taking negative cues from Asian peers as investors fret about rate hikes in the US and the eurozone. The pan-European Stoxx 600 index drops as much as 1.2 percent in early hours, after MSCI's broadest index of Asia Pacific shares outside Japan hits a five-week low.

--UK's FTSE: down 0.3 percent

--France's CAC: down one percent

--Germany's DAX: down one percent

--S&P 500 futures: down 0.1 percent

Buy Ramco Cements, Honeywell Automation: Hemen Kapadia

Hemen Kapadia of KRChoksey Securities shares two trading calls: 

--Buy Honeywell Automation for a target of Rs 43,000 with a stop loss at Rs 39,500 

--Buy Ramco Cements for a target of Rs 840 with a stop loss at Rs 795 

Buy ICICI Bank, PVR, MCX: Prakash Gaba

Here are five trading calls from Prakash Gaba of prakashgaba.com: 

--Buy MCX for a target of Rs 1,420-1,440 with a stop loss at Rs 1,385 

--Buy Granules India for a target of Rs 305 with a stop loss at Rs 293 

--Buy ICICI Bank for a target of Rs 800

--Buy PVR for a target of Rs 1,900

--Buy UBL for a target of Rs 1,560

Buy Maruti Suzuki, Infosys: Jay Thakkar

Jay Thakkar of Marwadi Shares & Finance shares two trading calls: 

--Buy Maruti Suzuki India for a target of Rs 8,400 with a stop loss at Rs 7,850 

--Buy Infosys for a target of Rs 1,650-1,675 with a stop loss at Rs 1,575

SBI Cards top gainer in BFSI pack

Here's what the basket looks like at this hour: