Benchmarks end flat with positive bias; Mastek zooms 11%, HCL Tech unchanged
HCL Tech ended at Rs 1,037, down 0.10 per cent lower ahead of its Q4 numbers due later in the day.
The domestic equities ended Wednesday's (April 20) quiet session on a flat note with a positive bias amid unsupportive global gues. The S&P BSE Sensex ended 65 points or 0.11 per cent higher at 59,632.35 levels while the NSE's Nifty ended at 17,625.95, up 7.20 points or 0.041 per cent.
HCL Tech ended at Rs 1,037, down 0.10 per cent lower ahead of its Q4 numbers due later in the day. According to Zee Business Research, HCL Tech is likely to report a net profit of Rs 3,850 crore for the final three months of the financial year gone by compared with the quarter ended December 2022, translating to a sequential decline of six per cent. Revenue in constant currency terms — or revenue arrived at by eliminating the effect of currency fluctuations — is likely to have contracted 0.6 per cent sequentially, according to Zee Business research.
On the other hand, Mastek bucked the broader trend in IT stocks as the scrip rallied over 11 per cent. The stock surged on a strong set of numbers the company reported for the March quarter.
On Sensex, Tata Motors (up over 1.6 per cent) was the top gainer while HUL (down over 1 per cent) ended as the biggest laggard.
"The ongoing Q4 earnings is the focus area of the market. It has a negative bias due to lower-than-anticipated initial results announced, especially in the IT sector. The global market has been unsupportive due to the expectation of another rate hike and mixed earnings released in the US. Given cautious global sentiment, withdrawal by FIIs during the week has hampered the market trend," said Vinod Nair, Head of Research at Geojit Financial Services.
The fear gauge, India VIX slipped 1.74 per cent to 11.94 levels.
Sector Watch
Healthcare and realty stocks declined in the trade while telecommunication, utility, industrials and capital goods stocks made decent gains. In the broader market, the S&P BSE MidCap index ended 0.03 per cent lower at 24,935.20 levels while the S&P BSE SmallCap index added 0.10 per cent to 28,310.02 levels.
Tech View
Technically, the market is witnessing a non-directional activity near the 200-day SMA (Simple Moving Average) and is also holding a lower top formation on intraday charts, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. "Any fresh uptrend is possible only after the dismissal of the 17,700 level and above the same the index could move up till 17,800-17,825. On the flip side, below 17,700, the weak sentiment is likely to continue till 17,550-17,500 levels," Chouhan added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
04:06 PM IST