Stock Market Highlights: Sensex ends 435 pts lower, Nifty50 gives up 18,000; HDFC twins take a breather

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ITC protected from anything inflationary: Anand Tandon 

Market expert Anand Tandon has a positive view on ITC, a stock he believes to be protected from anything inflationary. "It has done most of whatever it needed to do in terms of investments in hotels. It can continue to do some more FMCG but I am hoping it will be able to improve its FMCG margins... Overall, at a time when cash flow will be at a premium, this is a company that should do reasonably well," he says. 

"Earnings (growth rates) are likely to be around 14-15 percent over the next couple of years at least. I don’t see too many challenges in terms of valuation either. It is probably one of the better consumer businesses that you want to own," Tandon adds.

European stocks edge higher; US futures flat

European shares edge higher at the last count. The pan-European Stoxx 600 index up 0.3 percent, led by oil, industrial, technology and insurance stocks.

The euro claws back a sliver of the 1.8 percent it had lost against the dollar in the past few days. 

--S&P 500 futures flat

--Crude oil rises as new Russia sanctions prepared in US, Europe; Brent up 0.9 percent at $108.5 a barrel

Rupee ends higher at 75.32 vs US dollar

The rupee finishes the day stronger at 75.32 against the greenback. On Monday, it had settled at 75.54.

Anindya Banerjee, VP-Currency and Interest Rate Derivatives at Kotak Securities, expects higher volatility in the second half of the week. He sees the rupee moving within a range of 75-75.80 in the spot market in the near term.

Market At Close | Financial stocks pull Sensex, Nifty lower; Nifty Bank near day’s low

Here are some highlights: 

--Midcap outperformance keeps market breadth in favour of advances

--Except PNB, all Nifty Bank constituents in the red

--HDFC group stocks see profit booking following Monday’s jump

--HDFC Bank, Kotak Bank, ICICI, SBI top contributors to market fall

--Adani Enterprises, Adani Power, Adani Ports rise 3-10 percent

--Power stocks jump in last hour of trade; Tata Power up 9 percent

--Power-exposed stocks rise; Polycab, Havells top gainers

--AC stocks rise on price hike reports; Voltas, Blue Star up over 2 percent

--HDFC twins, Bajaj twins, Kotak Bank, IndusInd top Nifty losers

--Adani Ports, NTPC, Power Grid, Tata Motors, ONGC, Tata Consumer top Nifty gainers

--Diagnostic stocks rise; Metropolis up 7 percent

--Cement stocks gain on reports of price hike; JK Cement up 5 percent

--Market breadth favours bulls; advance-decline ratio at 5:2

Market At Close | Adani Ports, NTPC, Tata Motors, Power Grid, Tata Consumer top blue-chip gainers

ONGC, Eicher, ITC, Grasim and UPL also among the top gainers. 

On the other hand, the HDFC twins, the Bajaj twins, Kotak Mahindra Bank and IndusInd the worst hit among the 24 laggards in the Nifty50 pack. 

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

Closing Bell | Sensex falls 435 points, Nifty50 slides to 17,957 as market snaps 2-day winning run

The Sensex finishes the session 435.2 points or 0.7 percent lower at 60,176.5 and the Nifty50 settles at 17,957.4, down 96 points or 0.5 percent from its previous close.  Losses in financial shares drag the headline indices lower, though gains in auto, consumer, metal and oil & gas stocks limit the downside. (Read more on closing bell)

HDFC-HDFC Bank merger good news for Indian banking industry: Rupen Rajguru

Rupen Rajguru of Julius Baer tells CNBC-TV18 the mega merger is good news for the country's banking industry. "With this merger, at a big picture level, the growth which was ailing on the overall banking side will come back... Definitely, they will have their own set of challenges. But at an overall level from an Indian banking industry perspective, we believe this is definitely good news. We would refrain from commenting on individual stocks," he says. 

Rajguru also says the auto sector was facing headwinds even before the pandemic. He is of view that the auto space is in for a little bit of cyclical upturn. "Commercial vehicle (CV) as a space is something that we like. Between two-wheelers and passenger vehicles, we are more positive on PVs. Within PVs, we will look into a conglomerate that has a presence into tractors as well as UVs. That will be our pecking order," he says. 

He also likes ancillaries that are to some extent agnostic to EV disruptions. 

Mindtree to acquire 6.64% stake in US-based COPE Health Solutions

Mindtree shares hold on to most of the day's gains. The stock rises as much as 2.7 percent to Rs 4,428.

COPE Health Solutions works with health systems, health plans, medical groups and other healthcare organisations across the US to enable the transition to value-based care and payments, and to train and grow the health workforce needed to succeed with these new healthcare models, Mindtree says in a regulatory filing. 

With the investment, Mindtree says it will be able to leverage the consulting, data analytics,
and management capabilities of COPE Health Solutions to expand its provider and payer footprint, and drive growth in areas such as value-based care, population health management and connected health. 

IndiaMART shares jump with huge volume

IndiaMART InterMESH shares surge with high volume after JM Financial retains a 'buy' rating on the stock with a target price of Rs 5,100.

The IndiaMART stock gains as much as 6.4 percent to Rs 5,138.7.

As Dalal Street enters the last hour of the session, a total of 48,000 IndiaMART shares change hands so far in the day as against a daily average of 13,000 in the past two weeks, exchange data shows.

Coforge, Kong Inc form strategic alliance for Cloud API services

Coforge shares up 1.4 percent at Rs 4,573. Earlier in the day, the stock rose as much as 2.1 percent to Rs 4,604.5. 

Sensex, Nifty50 fail to make it to the green; VIX up 2.5%

At 2 pm, the Sensex down 256.1 points or 0.4 percent at 60,355.6 and the Nifty50 at 17,994.6, down 58.9 points or 0.3 percent from its previous close. 

Losses in financial stocks offsets gains in auto and consumer shares. 

The India VIX -- also known as the fear index -- up 2.5 percent at 18.4. 

Nifty Pharma up 0.6%; Lupin off day's low

Lupin says inspection at its Tarapur manufacturing facility by the US Food and Drug Administration (FDA) closed with four observations. The inspection was carried out between March 22 and April 4.

In a separate development, Lupin says it is in a licensing pact with Alvion to commercialise cardiometabolic disease medicines in Southeast Asia. 

Suven Pharma will acquire Hyderabad-based formulation company Casper Pharma for Rs 155 crore. The Suven stock rises as much as 3.1 percent to Rs 621 apiece on BSE. 

Venkat Jasti of Suven Pharma tells CNBC-TV18 that the company expects multiple products to come  in through Casper Pharma. It has around 30 ANDAs planned for the next 18-24 months, he says. 

Here's how the rest of the pharma basket is performing at this hour: 

Stock	Change (%)
NATCOPHARM	3.6
STAR	3
AUROPHARMA	2.5
GLENMARK	2
LAURUSLABS	2
PFIZER	1.5
ALKEM	1.4
APLLTD	1.3
ZYDUSLIFE	1.1
DRREDDY	1
GRANULES	0.8
ABBOTINDIA	0.7
BIOCON	0.5
SUNPHARMA	0.5
IPCALAB	0.4
DIVISLAB	-0.2
GLAND	-0.2
CIPLA	-0.4
LUPIN	-0.6
TORNTPHARM	-1.2

CNBC-TV18 Exclusive | Sources say government likely to bring in LIC IPO by early May 

The government is in touch with bankers and advisers for LIC's red herring prospectus (RHP), sources tell CNBC-TV18. It may offer to sell more than five percent in the proposed IPO, they say. 

They also say global economic uncertainties are factored in and market volatility eased. 

Buy Coforge, Godawari Power: Kush Bohra

Kush Bohra of kushbohra.com shares two trading calls: 

--Buy Coforge for a target of Rs 4,650 with a stop loss at Rs 4,500 

--Buy Godawari Power and Ispat for a target of Rs 425 with a stop loss at Rs 407