Sensex, Nifty50 shed over 1% in morning trade as IT stocks plummet post Infosys and TCS’ Q4 results

• India’s equity markets fell by over 1% in morning trade on Monday after a meltdown in the IT stocks basket post TCS and Infosys’ Q4 results.
  
• Infosys was the top loser in both the Nifty50 and Nifty IT flock, plunging by over 10% this morning after investors and analysts alike were spooked by its Q4 performance.
  
• The Nifty IT index fell by over 6% before partially recovering.

India’s equity markets fell by over 1% in morning trade on Monday after a meltdown in the IT stocks basket post TCS and Infosys’ Q4 results. Infosys was the top loser in both the Nifty50 and Nifty IT flock, plunging by over 10% this morning after investors and analysts alike were spooked by its Q4 performance.

The 30-stock Sensex was down 1.2% or 737 points to 59,694, while the 50-stock Nifty50 was down 1% or 186 points to 17,642 on Monday morning. The Nifty IT index alone was down nearly 6%, with all the ten stocks in the index in the red. The top five losers on the Nifty50 index were all IT stocks.

Top gainers and losers on Nifty50

Source: NSE, as on April 17, 2023

Earlier last week, Sensex rose 1.4% on the back of healthy rallies in FMCG, IT and banking stocks. Nifty50, on the other hand, gained 1.7%.

Gold prices eased a tad after rising to nearly $2,030 per ounce last week. Crude oil prices continued to simmer, with Brent crude remaining above $86 per barrel level.

Global market cues mixed

Markets in the US fell ahead of the March quarter earnings season – Dow Jones fell 0.42%, while S&P 500 fell 0.21%. The tech-heavy Nasdaq fell 0.35%.

Asian markets were more mixed on Monday, with Nikkei 225, Hang Seng and Taiwan Weighted all flat today morning. KOSPI declined 0.18%, while Shanghai Composite gained 0.88%.

Stocks in news

Infosys: The IT services major reported a disappointing Q4, missing analyst estimates on most major counts. It missed its own revenue guidance for FY23 and guided for a notably lower revenue growth of 4-7% in FY24.

HDFC Bank: The private sector lender reported a net profit of ₹12,047 crore and a net interest income of ₹23,352 crore in Q4. Its net non-performing assets improved to 0.27% in Q4 from 0.33% in Q3.

Tata Motors: To marginally increase the prices of its passenger vehicles by 0.6% from May 1.

Earnings today: Angel One, Just Dial, Hathway Cable & Datacom, Network18.

SEE ALSO:

Is the Dollar dying? Its reserve currency status may be at risk, it isn’t time to die

RBI's MPC 'decisively' in a rate-pause mode as inflation cools down

What can ₹1 get you? 30 minutes of trailers at PVR Inox