Closing Bell: Sensex, Nifty end barely in green as losses in IT stocks offset gains in BFSI shares
The cascading effect of Tata Consultancy Services’ muted March quarter earnings led the selling pressure in the IT index as the sector dipped more than 2 per cent at the market close today.
Indian markets ended flat on Thursday, April 13, 2023, however, continued their winning streak for the ninth straight session amid massive selling across IT shares. The Banking, Financial Services, and Insurance – BFSI sector along with realty and auto aided headlines indices end in the green today.
The cascading effect of Tata Consultancy Services’ muted March quarter earnings led the selling pressure in the IT index as the sector dipped more than 2 per cent at the market close today.
At the market close, the BSE Sensex was up 38.23 points or 0.06 per cent to end at 60,431, while the NSE Nifty50 was up 15.6 points or 0.09 per cent to settle at 17,828 at the market close today.
The broader markets such as Nifty Midcap 100 and Nifty Smallcap 100 outperformed the benchmark indices to conclude in the range of 0.2-0.3 per cent higher. While the 12-share banking index – Nifty Bank outperformed all sectoral indices to surge around 1.4 per cent to 42,132.55.
As many as 29 stocks advanced and 21 declined in the Nifty50 basket today. HDFC Life surged most around 3 per cent, followed by IndusInd Bank, Eicher Motors, Apollo Hospitals and Power Grid each up between 1.5-3 per cent at the close today.
On the contrary, Infosys cracked more than 3 per cent ahead of its March quarter results today, followed by Tech Mahindra, HCL Tech, TCS, and BPCL each down between 1.5-2.5 per cent at the close.
"Markets will react to results of two heavyweights viz. Infosys and HDFC Bank in early trades on Monday. Indications are in favor of the prevailing tone to continue so intermediate dips should be considered as a buying opportunity. We reiterate our preference for banking, financials and FMCG pack and recommend picking selectively from others. Asian stock markets declined today after the Federal Reserve said its economists expect a 'mild recession' this year," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
Shanghai, Hong Kong, Seoul, and Sydney retreated. Tokyo advanced. Oil prices fell.
Wall Street closed lower Wednesday after notes from the central bank's latest meeting said its economists expect lower bank lending to cause a 'mild recession'.
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