Stock Market Highlights: Sensex ends 537 pts lower, Nifty slips below 17,050 as TCS, Tata Steel, Asian Paints help market trim day's losses

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Hotel sector to see 20-25% price hikes in 6 months: Lemon Tree Hotels CMD

Patanjali Keswani, Chairman and Managing Director of Lemon Tree Hotels, is of the view that the hotel sector will see price hikes to the tune of at least 20-25 percent across the country in the next six months. "There is clearly going to be a shortage of rooms," he adds. 

Continue to have health allocation in select private sector financial stocks: Prashant Khemka 

Prashant Khemka, Founder of White Oak Capital Management, believes select private sector financials have a strong liability franchise with the asset side of the balance sheet being in good or improving shape and management execution being top notch.

"We've seen over the last couple of decades, if not longer, tremendous wealth creation including in our portfolios from the private sector financial stocks and it's not like a basket approach - when I say private sector financials, it is a fairly select approach and that continues to be so. Over the last 12-18 months, I would say some of the other cyclicals particularly have fared a lot better in the market than financials. Financials can also be considered as domestic cyclicals but I would say other cyclicals, global cyclicals like commodities as well as some of the domestic cyclicals, have fared better than financials as a basket. But it's impossible to call these moves on every six-, 12- or 18-month basis. But as of today, we remain very constructive on some of the financial names that we own. All of the names that we own are private sector financials," he adds. 

Midcap cement stocks offer a lot of potential from tactical view, rerating on the cards: Prakash Diwan

Market expert Prakash Diwan is positive on the midcap cement space from a tactical perspective. "It is only the larger players that have actually been adding capacities consistently, whether it is Shree Cement or UltraTech, or whether it is organic or inorganic. Some of the midsize names as well like Dalmia... What you need to look at is to make sure is that in the growth curve, the business and the valuation metrics, you need to pick companies that continue to grow so that the valuation reset is justified because there are expensive companies as well," he says. He sees potential in mid-sized names.

Market At Close | Sensex, Nifty off day’s lows

Here are some highlights: 

--Financial stocks a major drag for headline indices

--Bajaj twins top losers on Nifty, Bajaj Finance down 7 percent after weak quarterly performance

--Reliance flat after hitting record high during session

--Auto stocks gain in subdued market, Hero MotoCorp up 3 percent

--Metal stocks recover, Tata Steel up 1 percent

--Select pharma stocks rise in last hour of trade, Divi’s recovers day’s losses to end flat

--KPIT Tech up 12 percent on strong quarterly earnings 

--HUL, Bajaj Auto near flatline ahead of Jan-Mar results

--Apollo Tyres bounces back 6 percent, ends at day’s high 

--Market breadth favours bears, advance-decline ratio at 1:3

Bharti Airtel off day's low after co acquires strategic minority stake in Cnergee Tech

The Bharti Airtel stock ends 0.6 percent lower at Rs 751.8 apiece, having declined as much as 1.3 percent during the session. 

Cnergee Tech is a Cloud-based networking solutions provider.

Rupee ends marginally higher at 76.53 vs US dollar

The rupee settles at 76.53 against the dollar. On Tuesday, it had ended at 76.58.

Closing Bell | Sensex down 537 pts, Nifty50 below 17,050

Both headline indices finish the day down 0.9 percent. The Sensex sheds 537.2 points to end at 56,819.4 and the Nifty50 at 17,038.4, down 162.4 points from its previous close.

Most sectors close in the red. Financial, IT and FMCG stocks are the biggest contributors to the losses in headline indices. (Read more on the closing bell)

Added 2 lakh new accounts in Jan-Mar: IIFL Securities' R Venkatraman

R Venkatraman of IIFL Securities tells CNBC-TV18 the company added about two lakh new accounts in the Jan-Mar period, as against about 2.5 lakh in the previous three months. "Going ahead also, we hope to acquire at the same pace. However, it is a forward looking statement and if the market conditions change, these numbers will also change.”

He says the company's key income drivers were its brokerage and investment banking businesses. The company aims to improve its market share going forward, he adds. 

Syngene shares jump after Jan-Mar revenue jumps 15%, margin up by 30 bps

Syngene reported a net profit of Rs 147.8 crore for the Jan-Mar period, down eight percent on a year-on-year basis. Its revenue, however, increased 15.1 percent to Rs 758.1 crore, according to a regulatory filing. 

The company's EBITDA rose 16.2 percent on year, and EBITDA margin improved to 33 percent from 32.7 percent in the year-ago period. 

Syngene sees revenue growth in mid-teens in the year ending March 2023 as against high-teens in the year ended March 2022. 

Rainbow Children's Medicare has enough cash flow for next few years: CMD Ramesh Kancharla

Adani Wilmar shares surge 5%

Adani Wilmar shares are locked in the five percent upper circuit at Rs 842.9 apiece on BSE.

Earlier in the day, as many as 45.9 lakh shares -- representing 0.44 percent of the company's equity -- worth Rs 381 crore change hands.

Market down, but not out!

The market has teased both the bulls and the bears today, with the Nifty50 gyrating in a range of 152.3 points, between 16,958.5 and 17,110.7, following a gap-down start. As Dalal Street enters the last hour of trade, the 50-scrip index is still in the middle of its recent range of 16,850-17,250.

The shift towards value stocks remains as higher valuations continue to get punished. Many experts have in the recent past flagged elevated valuations in the market. 

Among heavyweights, Bajaj Finance, ICICI Bank and Infosys continue to pull the headline indices lower, though TCS, Asian Paints and Tata Steel keep the downside in check. Overall market breadth remains in favour of the bears, but select stocks continue to do well.

Here's what NSE's sectoral gauges look like: 

Index	Change (%)
NIFTY BANK	-1
NIFTY AUTO	-0.6
NIFTY FINANCIAL SERVICES	-1.5
NIFTY FMCG	-0.7
NIFTY IT	-0.7
NIFTY MEDIA	0
NIFTY METAL	-0.4
NIFTY PHARMA	-0.7
NIFTY PSU BANK	-0.8
NIFTY PRIVATE BANK	-0.9
NIFTY REALTY	-0.4
NIFTY HEALTHCARE INDEX	-0.8
NIFTY CONSUMER DURABLES	-1.3
NIFTY OIL & GAS	-0.9

European shares edge higher amid mixed earnings

European shares slip in choppy trade as markets took stock of mixed earnings updates. The pan-European Stoxx 600 recovered initial weakness to edge 0.2 percent higher in early hours. S&P 500 futures were up 0.8 percent. 

Globally, risks such as weak earnings, elevated inflation and aggressive tightening of pandemic-era monetary policies kept the gains in check. 

Earlier in the day, Asian shares fell amid growing fears over the global economy that drove investors to dump riskier assets in favour of safe havens. MSCI's broadest index of Asia Pacific shares outside Japan dropped 0.8 percent. 

Buy HCC, Nava Bharat Ventures: Equity99's Rahul Sharma 

Here are two trading calls from Rahul Sharma of Equity99 Advisors: 

--Buy HCC for a target price of Rs 23 with a stop loss at Rs 18 

--Buy Nava Bharat Ventures for a target price of Rs 175 with a stop loss at Rs 160