Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices trimmed some losses but ended the session broadly in red. The NSE Nifty 50 fell 121.15 points or 0.68% to 17,706.85 and BSE Sensex tanked 520.25 points or 0.86% to 59,910.75. In sectoral indices, Bank Nifty rose 130 points or 0.31% to 42,262.55 and Nifty IT plunged 1,334.6 points or 4.71% to 27,008.20. The top gainers on Nifty 50 were Nestle India, Power Grid, State Bank of India, Britannia and Coal India while the top losers were Infosys, Tech Mahindra, HCL Tech, Larsen & Toubro and NTPC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on Nifty 50 were Nestle India, Power Grid, State Bank of India, Britannia and Coal India while the top losers were Infosys, Tech Mahindra, HCL Tech, Larsen & Toubro and NTPC.
In sectoral indices, Bank Nifty rose 130 points or 0.31% to 42,262.55 and Nifty IT plunged 1,334.6 points or 4.71% to 27,008.20.
The NSE Nifty 50 fell 121.15 points or 0.68% to 17,706.85 and BSE Sensex tanked 520.25 points or 0.86% to 59,910.75.
Coral India Finance & Housing, KIOCL, Mangalam Organics, Bharat Gears, Hardwyn India, Supreme Engineering, Future Market Networks, Parsvnath Developers, Univastu India, DCM Financial Services and Bombay Burmah Trading Corporation were among the top volume gainers.
ITC, Bajaj Auto, Housing Development Finance Corporation, HDFC Bank, Aditya Birla Capital, CSB Bank, UltraTech Cement, Choice International, DLF Ltd, Dr Reddy’s Laboratories, Goyal Aluminiums were among 66 stocks that hit a 52-week high. On the flip side, Infosys, Lorenzini Apparels, MphasiS, Wipro and India Glycols were among 26 stocks that hit 52-week low.
Aaron Industries, Bohra Industries, Future Consumer, JITF Infralogistics, PC Jeweller, Vardhman Polytex were among 61 stocks that hit the upper price band. On the other hand, Ballarpur Industries, CMI Ltd, Future Supply Chain Solutions, Housing Development and Infrastructure and TCI Finance were 63 stocks that hit the lower price band. Additionally, 25 scrips hit both bands.
Nestle India, Power Grid, Britannia, SBIN, ITC, SBI Life, Grasim, Hindustan Unilever, UltraTech Cement and Coal India were the top gainers while Infosys, Tech Mahindra, HCL Technologies, Wipro, Larsen & Toubro, NTPC and TCS were the top losers.
The most active equities on NSE were Infosys, HDFC Bank, ICICI Bank, Kotak Bank and Reliance Industries.
Broad indices were trading mixed with the Nifty 100 falling 0.77%, Nifty Midcap 50 dipping 0.11% and Nifty Smallcap 100 rising 0.16%.
Bank Nifty rose 64 points or 0.15% to 42,196.35 while Nifty IT tanked 1,558 points or 5.5% to 26,784.55.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned costly.
"We are positive on Infosys (BUY) and TCS (ADD). Improved payout ratios of IT companies, full participation in the digital journey of clients, and legs to medium-term growth from the completion of digital transformation journeys of clients mean that stocks could bottom at multiples higher than earlier recessions, assuming a similar cost of equity as in the past. Stock valuations do not bake in a recession but do build in a slowdown. Large-cap stocks are ~ 15% away from building in a recessionary scenario," said Sumit Pokharna, Research Analyst - Vice President, Kotak Securities Ltd.
"While the softness in earnings may continue for a few quarters, growth is expected to return as the US economy remains robust post-Covid, and clients sign up for big contracts to further reduce costs. However, the slowdown in the BFSI segment, which is high on the digital maturity curve, may mute growth for IT over the next three to four quarters," said Sonam Srivastava- Founder at Wright Research.
"With a high probability of recession in US, UK, and many European countries, we see uncertainties continuing around the order outlook for the next 1-2 quarters.
However, some good value opportunities are gradually emerging in the sector.
Infosys is now trading at a PE multiple of 21.2 times, anything below 19 times is a great opportunity for investing in the stock," said Divam Sharma- Founder at Green Portfolio PMS.
As predictions of a disappointing Q4 for IT come to life, the Nifty IT index slipped more than 8% in trade today morning. After reporting sub-par quarterly earnings on Thursday, Infosys share price crashed up to 14.6% from Thursday’s closing price to touch an intraday low of Rs 1,185.3. TCS share prices extended losses for a second session after the IT giant’s net profit in the fourth quarter missed market estimates.
Bank Nifty recovered all losses and turned green. The banking index is trading above 42,150. The top gainers on the index were Kotak Bank, Bandhan Bank, AU Bank, SBIN and PNB.
ITC share price today hit the most-awaited milestone of Rs 400, rising 1.25% in trade on Monday. Earlier, on Thursday, ITC stock had ended at Rs 396. ITC share price has gained over 20% year-to-date, after drawing criticisms and significant trolling from investors over the years. In addition, ITC has given Rs 6 per share interim dividend so far for the last financial year, and had given Rs 11.5 per share dividend for the previous fiscal year.
Domestic indices pared some losses. NSE Nifty 50 was down 203.40 pts or 1.14% to 17,624.60 and BSE Sensex tanked 750.15 or 1.24% to 59,680.85. Nifty IT crashed 1,644.20 pts or 5.80% to 26,698.60 and Bank Nifty was down 118.80 pts or 0.28% to 42,013.75.
Nifty IT tanked 1,702.85 pts or 6.01% to 26,639.95. All the constituents on the IT index were trading in the red. The top losers were Infosys, Persistent Systems, LTIM, LTTS and Coforge.
Bank Nifty tanks 123 points, near the 42,000 level while Nifty PSU Bank gains 0.23%. HDFC Bank drags the Bank Nifty index as it falls 2% to Rs 1,658 per share. However, Nifty PSU Bank rises since the private lender is not a constituent of the index, with UCO Bank and Punjab & Sind Bank adding up to 2.1% respectively.
Rupee falls 5 paise in trade to the 81.90 level against the US dollar.
As a result of the fall in the IT pack, thematic index Nifty Services Sector falls 1.77%, despite Power Grid, Shriram Finance, Adani Green and IndusInd Bank gaining sharply as Infosys, TechM, TCS, Wipro and HCL Tech lead losses.
Broader markets trade firmly lower, as volatility gauge, India VIX soars 9.02%. While the top loser is the Nifty 50 index, Nifty 100, Nifty 200 and Nifty 500 see their value being wiped away, led by the losses from the benchmark indices. Nifty Midcap 100 and Nifty Smallcap 100 fare mildly better than the large-cap indices, falling 0.17% and 0.18% respectively.
As Nifty 50 falls 200 points, with the IT pack dragging the index, Power Grid, IndusInd Bank, Ultratech Cement, Nestle India and Britannia Industries are the top gainers on the index.
"This positive market construct is likely to change to a slightly negative construct in the near-term, driven by correction in IT stocks. The worse-than-expected Q4 results from Infosys with only 4-7 % revenue growth for FY24 will drag down IT stocks impacting the Nifty. Sectoral rotation from IT to performing sectors like capital goods, pharma and financials will gather momentum," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
As the benchmark indices tumble in trade, the sectoral indices, Nifty IT, Nifty Media, Nifty Metal, and Nifty Financial Services trade in the red, while Nifty Realty, Nifty PSU Bank and Nifty FMCG trade higher, by up to 0.46%.
HDFC Bank share prices tumbled 1.3% to Rs 1,670.5 per share in early trade on Monday as the lender’s Q4FY23 PAT clocked in at Rs 120.5 billion, up 19.8% on-year but down 1.7% QoQ. This was primarily on the back of healthy growth in net interest income (NII) and lower provisions. On Thursday, prior to the quarterly results, the bank’s share price closed higher by 0.6% at Rs 1,695 per share, close to the 52-week high of Rs 1,702.4 per share.
Infosys share price hit a lower circuit on Monday, tanking 10% to Rs 1,250.30 on NSE after the IT giant’s Q4 results missed market estimates. Infosys reported its fourth quarter revenue of Rs 37,441 crore, down 2.3% from Rs 38,318 crore in the previous quarter, with a net profit of Rs 6,128 crore. According to analysts and brokerage firms, the IT firm was expected to clock a profit rise in the range of 14.2- 21.7 per cent on-year during the March quarter.
IT pack leads top losers on NSE Nifty 50 -- Infy, TechM, HCLTech, Wipro, TCS -- all down 3-10%
Domestic indices NSE Nifty and BSE Sensex snap their nine-day gaining streak to open with sharp cuts on Monday. Nifty tanked 163 points to 17,664, while Sensex lost 690 points or 1.14% to 59,744.