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Key indices trade with deep cuts; NSE India Vix up over 9%

Published on Apr 17, 2023 09:23

The domestic equity indices tumbled in early trade as the selling in key IT stocks led the benchmarks lower. The Nifty traded below the 17,700 level. Barring IT stocks, shares across sectors fluctuated between gains and losses amid heightened volatility.

At 09:20 IST, the barometer index, the S&P BSE Sensex, was down 633.76 points or 1.05% to 59,797.24. The Nifty 50 index lost 159.40 points or 0.89% to 17,668.60.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 9.23% to 13.01.

Infosys (down 10.69%), Tech Mahindra (down 6.78%), HCL Tech (down 4.91%), Wipro (down 3.34%) and TCS (down 3.28%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index fell 0.24% while the S&P BSE Small-Cap index declined 0.19%.

The market breadth was negative. On the BSE, 1,292 shares rose and 1,309 shares fell. A total of 180 shares were unchanged.

Stocks in Spotlight:

Infosys slumped 10.69%. The IT major reported 7% decline in consolidated net profit to Rs 6,128 crore on a 2.3% fall in revenues to Rs 37,441 crore in Q4 FY23 over Q3 FY23. On a year-on-year basis, the company`s net profit and revenues are higher by 7.8% and 16%, respectively as compared with Q4 FY22.

The IT giant issued a revenue growth guidance of 4% - 7% in constant currency and operating margin guidance of 20% - 22% for FY24.

HDFC Bank fell 1.22%. The bank`s net revenue grew by 21% to Rs 32,083 crore in Q4 March 2023 from Rs 26,509.8 crore in Q4 March 2022. The bank`s net profit rose 19.8% to Rs 12,047.5 crore in Q4 March 2023 over in Q4 March 2022.

The board of directors of HDFC Bank approved the issuance of Perpetual Debt Instruments, Tier II Capital Bonds and Long-Term Bonds up to total amount of Rs. 50,000 crore over the period of next twelve months through private placement mode.

Zee Entertainment Enterprises rose 0.62%. As per reports, Invesco Oppenheimer Developing Markets Fund is reportedly likely to sell 5.65% stake in the company through block deals. On the BSE, 5.60 crore shares of the company had changed hands at the counter as against an average trading volume of 1.75 lakh shares in the past two weeks.

Numbers to track:

The yield on India`s 10-year benchmark federal paper advanced to 7.239 from 7.229 in previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.10% to Rs 60,388.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 101.67.

The United States 10-year bond yield fell 0.26% to 3.513.

In the commodities market, Brent crude for June 2023 settlement gained 5 cents or 0.06% to $86.36 a barrel.

Global Markets:

Asian stocks traded mostly lower on Monday, as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world`s second-largest economy is recovering.

Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday.

Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.

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