Stock Market Highlights: Sensex ends 566 pts lower, Nifty50 gives up 17,850; HDFC Bank drops 4%, HDFC 3%

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More upside in Tata Power: Mehraboon J Irani

Market expert Mehraboon J Irani is bullish on Tata Power. He is of the view that despite the recent ramp-up, there is potential for more upside in the stock. He believes Tata Power has surprised the most optimist of market participants.

"We need to understand and accept that maybe at least 50 percent below the current price, everybody was gung-ho on it and was saying that it is a great bet... Not many reasons were being spelled out... There are quite a few multiple levers as far as earnings are concerned," he says.

Irani feels that the likely monetisation of the renewable energy business should definitely unlock value for Tata Power and deleverage its balance sheet. "There is potential tariff negotiation going on and the merger of coastal Gujarat Power with Tata Power should help the company reduce its tax outgo," he adds. 

HDFC-HDFC Bank merger has synergies, some risks from bank's perspective: Amit Gupta 

Amit Gupta, VP and Fund Manager-PMS at ICICI Securities, is of the view that the proposed merger between HDFC and HDFC Bank has synergies but there are some risks from the bank's perspective. 

“When HDFC will merge will HDFC Bank, in the Nifty alone, you will have a very good weight of HDFC Bank. If you look at it from a fund manager's perspective, are you going to give 10-11 percent weight to a single stock? HDFC has benefit of low cost of deposit of HDFC Bank but from HDFC Bank's perspective, its NIM was close to 4.2 percent and post-merger, it will come down to 3.8 percent. HDFC Bank's CASA is around 47 percent, which will come down to 35-36 percent," he says.

Business Update | Titan jewellery revenue down 4% in Q4; watches, wearables revenue up 12% 

--Eyecare revenue up 5 percent

--Net addition of 105 stores 

Rupee ends lower at 75.76 vs US dollar

The rupee finishes the day at 75.76 against the greenback. On Tuesday, it had settled at 75.32.

Market At Close | Sensex, Nifty50 down nearly 1%

Here are some highlights: 

--HDFC Bank, HDFC drag market for 2nd day

--Metal, power stocks rise; Coal India, NTPC top Nifty gainers

--PSU banking stocks jump in last hour of trade; Nifty PSU Bank rises 2 percent

--Indian Hotels, Tata Power, Vedanta, Bank of Baroda, Delta, JSPL, IDFC hit 52-week highs

--IT stocks under pressure ahead of earnings; HCL, Tech Mahindra, Infosys down 2 percent

--IRCTC falls 4 percent on reports of government selling over 3 percent via OFS

--Marico slips 4 percent after co indicates low single-digit revenue growth in Q4

--RBL Bank shares in the red but off day's low following Q4 update

--Rain Industries slips 4 percent on partial shutdown of Visakhapatnam calciner plant

--Yes Bank surges 16 percent with large volume

--Midcap outperformance keeps market breadth in favour of bulls; NSE advance-decline ratio at 2:1

HDFC twins, HDFC Life, HCL Tech, Tech Mahindra top blue-chip laggards

Infosys, TCS, Shree Cement, Divi's and Kotak Mahindra Bank also among the top losers. 

On the other hand, Coal India, NTPC, Tata Steel, PowerGrid, BPCL, UPL and Nestle rise the most among the 20 gainers in the Nifty pack. 

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

Closing Bell | Sensex falls 566 points, Nifty drops to 17,808 as market extends losses to 2nd day

JSW Steel declared preferred bidder for Ajgaon iron ore block in Maharashtra

JSW Steel shares up by Rs 6.2 or 0.9 percent at Rs 739.5. 

Weather office IMD expects higher temperatures across northern India in April

Buy JSW Steel, UPL: Aditya Agarwala 

Aditya Agarwala of Yes Securities shares two trading calls:

--Buy JSW Steel for a target of Rs 770 with a stop loss at Rs 725 

--Buy UPL for a target of Rs 841 with a stop loss at Rs 790 

TCS, HCL Tech, Tech Mahindra down 2%; Nifty IT down 1.6%

The Nifty IT down 1.6 percent at 35,880.5, not far from its intraday low of 35,820.4. 

BSE Oil & Gas index rose nearly 1 percent led by HPCL, IOC, Gujarat Gas

CLSA sees 155%/135% upside for ONGC/OIL

According to CLSA, the rising LNG prices are hurting the volume, meanwhile, there was a monthly uptick in gas consumption but very weak quarterly trends. The gas consumption fell 5.9 percent YoY in February 2022. The brokerage sees domestic gas prices rising another 75 percent in October. It sees a 155 percent /135 percent upside for ONGC/OIL, which are the preferred buys in the sector.

Market Watch | Buy JSW Steel, UPL: Aditya Agarwala, Yes Securities

- Buy JSW Steel with a stop loss of Rs 725 and a target of Rs 770

- Buy UPL with a stop loss of Rs 790 and a target of Rs 841