Benchmarks trade with minor cuts; Nifty below 17,800
Published on Apr 13, 2023 10:34
The key equity indices traded with minor losses in morning trade. The Nifty slipped below the 17,800 level. IT shares witnessed selling pressure. Trading was volatile due to expiry of weekly index options on the NSE.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 77.5 points or 0.13% to 60,315.27. The Nifty 50 index lost 16.20 points or 0.09% to 17,796.20.
In the broader market, the S&P BSE Mid-Cap index gained 0.27% while the S&P BSE Small-Cap index rose 0.28%.
The market breadth was positive. On the BSE, 1,857 shares rose and 1,237 shares fell. A total of 142 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,907.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 225.22 crore in the Indian equity market on 12 April, provisional data showed.
IT major, Infosys (down 1.92%) will announce its Q4 & FY23 results today.
According to the official data released on Wednesday, India`s retail inflation or the consumer price index (CPI) for March eased to a 15-month low of 5.66% from 6.44% in February.
India`s industrial output, as measured by the index of Industrial production or IIP, in February rose 5.6% year on year, data from the Ministry of Statistics showed today. The index of industrial production (IIP) expanded by 5.2% in January after rising 4.3% in December.
The Nifty IT index lost 1.71% to 28,483.85. The index advanced 1.06% in the past trading session.
LTI Mindtree (down 3.12%), Infosys (down 1.92%), Tech Mahindra (down 1.91%), Persistent Systems (down 1.86%), HCL Technologies (down 1.79%), Tata Consultancy Services (down 1.71%), Mphasis (down 1.09%), Wipro (down 1.07%), L&T Technology Services (down 0.74%) declined.
Tata Consultancy Services (TCS) slipped 1.71%. The IT major`s consolidated net profit rose 5.03% to Rs 11,392 crore on 1.6% increase in net sales to Rs 59,162 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, the IT firm`s net profit jumped 14.77% and net sales rose 16.94% in Q4 FY23. Constant currency revenue grew 10.7% YoY in Q4 FY23. Operating margin stood at 24.5% while net margin was at 19.3% in Q4 FY23.
On a full year basis, the IT company`s consolidated net profit rose 9.97% to Rs 42,147 crore on 17.58% jump in revenue to Rs 2,25,458 crore in FY23 over FY22. The company`s Q4 total contract value (TCV) stood at $10 billion with an all-time high number of large deals, taking the FY23 order book TCV at $34.1 billion.
Stocks in Spotlight:
Varun Beverages fell 0.71%. The leading beverage maker announced that its board will consider a stock split on 2 May 2023. Additionally, the board will also review and discuss the financial results for the quarter ended 31 March 2023.
Campus Activewear jumped 4.14% after the company said that it has acquired land and building from Marico Industries in Ponta Sahib, Himachal Pradesh, - total area admeasuring 30 bigha 9 biswas for capacity expansion purposes.
Rites rose 1.78% after the company received a work order from the Kerala Infrastructure Investment Fund Board (KIIFB) for their project management consultancy work (PMC).
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