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<ul><li><keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> opened in the green and climbed in early trade.</li><li>The increase was reported amid buying in IT and <keyword id="20193591" type="General" weightage="20" keywordseo="bank-stocks" source="keywords">bank stocks</keyword>.</li><li>Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards.</li></ul>Equity benchmark indices rallied in early trade on Tuesday amid buying in IT and bank stocks along with a sharp cut in Brent crude oil prices. The BSE Sensex climbed 327.39 points to 82,300.44 in early trade. The NSE Nifty went up by 84.1 points to 25,212.05. Asian Paints, Bharti Airtel, Infosys, Mahindra &amp; Mahindra, Titan, Bajaj Finance, <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> and ICICI Bank were among the major gainers. From the blue-chip pack, Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards. IT services major HCL Technologies on Monday reported a 10.51% increase in consolidated net profit to ₹4,235 crore in the July-September quarter of FY25, as the company raised the lower band of its growth guidance on the back of better-than-expected performance. Reliance Industries on Monday reported a 5% fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance. "The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse-than-expected at 5.49% is a concern...," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Soaring vegetable prices pushed the retail inflation rate to a nine-month high of 5.49% in September, according to government data released on Monday. Global oil benchmark Brent crude dropped 2.98% to $75.15 a barrel. In <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>, Seoul and Tokyo were quoting in the positive territory while Shanghai and Hong Kong traded lower. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,731.59 crore on Monday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth ₹2,278.09 crore. "Even though FIIs continue to sell, the intensity of their selling has come down reducing the pressure on largecaps," Vijayakumar added. The BSE benchmark Sensex jumped 591.69 points or 0.73% to settle at 81,973.05 on Monday. The Nifty climbed 163.70 points or 0.66% to 25,127.95. "The Nifty continues to show resilience, with bullish momentum supported by positive global market trends and strong Q2 earnings from HCL Tech," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-ipad-mini-with-a17-pro-chip-launched-starting-at-49900/articleshow/114259209.cms">Apple iPad mini with A17 Pro chip launched starting at ₹49,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-record-4-growth-in-q3-2024-samsung-leads-the-market/articleshow/114241402.cms">Global smartphone shipments record 4% growth in Q3 2024, Samsung leads the market</a> <a href="https://www.businessinsider.in/stock-market/webstories/hyundai-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114235421.cms">Hyundai IPO – Price band to risk factors, all you need to know</a>

Sensex, Nifty climb in early trade on buying in IT, bank stocks

<ul><li>Stock markets opened marginally up on Monday, starting the week on a cautious note.</li><li>Experts noted that the effect of the Chinese stimulus and <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> in <keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> is slowing.</li><li><keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> and Angel One are the major companies set to announce their quarterly results today.</li></ul>On Monday, the stock markets started the week cautiously, with both indices showing small gains. The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> index went up by 59.20 points and opened at 25,023. The BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index also did well, going up by 0.24% or 195 points to open at 81,576.93. Experts say that the Chinese stimulus and the world's politics are having less of an effect on Indian markets. But the upcoming US presidential election is making the world more volatile, so the markets won't be able to relax anytime soon. "Chinese stimulus boost is wearing thin but Indian markets are not benefitting for now. Earnings will be drivers of the Indian markets this week. The geopolitical risks have reduced slightly with a relatively calm weekend in the Middle East. October has played out to the US Presidential cycle historical performance. Expect more volatility going into the tight US race and a relief rally post the Nov 5th vote" said Ajay Bagga, Banking and Market Expert. The equity market experienced a surge in prices today, with all sectors demonstrating a positive trend from the outset. Nifty Media emerged as the standout performer, registering a significant increase of 0.55% at the opening bell. Investors are advised to closely monitor the performance of Reliance Industries, HCL Technologies, Angel One, and Alok Industries. These companies are scheduled to release their quarterly financial results later today. "Nifty continues to remain in a range of 24800 to 25200. However, FIIs long continue to be at 36% indicating the rise of net shorts which can see a selling pressure in indices at resistances. For any short covering in Nifty, it has to cross the 25300+ level for the same. However, were the support of 24800/24750 to break, a fresh round of selling can be witnessed towards the 24500/24300 range" said Soni Patnaik, AVP, Derivatives Research Analyst, JM Financial Services. In other Asian markets on Monday, Hong Kong's Hang Seng index was down by 1.21%, along with Taiwan's Taiwan Weighted, which was also down marginally. South Korea's KOSPI index gained 1% at the time of filing this report. <h2>FPIs turn net seller in October</h2>Foreign investors turned net sellers in October, withdrawing shares worth ₹58,711 crore in the month so far owing to the escalating conflict between Israel and Iran, a sharp rise in crude oil prices, and the strong performance of the Chinese market. The outflow came following a nine-month high investment of ₹57,724 crore in September. Looking ahead, global factors such as geopolitical developments and the future direction of interest rates will play a crucial role in determining the flow of foreign investments into the Indian equity markets, as per Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India. The geopolitical crisis has also led to a sharp rise in Brent crude oil prices from $69 per barrel on Sep 10 to $79 per barrel on Oct 10, which poses inflationary risks and increases the fiscal burden for India, he added. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-september-2024-maruti-suzuki-dominates-with-seven-cars/slidelist/114112295.cms">Top selling cars in India in September 2024 – Maruti Suzuki dominates with seven cars</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms">Samsung leads the first phase of festive sales with a 20% market share</a>

Nifty, Sensex open with gain: experts note reduction of geopolitical risks on markets

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is planning a <keyword id="22964001" type="General" weightage="100" keywordseo="repairability-index" source="keywords">repairability index</keyword> for <keyword id="20016418" type="General" weightage="20" keywordseo="mobile-phones" source="keywords">mobile phones</keyword> and electronic products to address the growing <keyword id="19932462" type="General" weightage="20" keywordseo="e-waste" source="keywords">e-waste</keyword> problem and encourage manufacturers to produce more easily repairable items, officials said on Thursday. The <keyword id="20026051" type="General" weightage="20" keywordseo="Consumer-Affairs-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Consumer Affairs Ministry" meta.hostid="261" meta.entityid="Consumer Affairs Ministry">Consumer Affairs Ministry</keyword> is spearheading the initiative, which will provide a score on key parameters to inform consumers about the ease with which a product can be repaired, the officials said at a national workshop on the issue. Addressing the workshop, <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare said: "As India emerges as the third largest economy in the world, we should have a vibrant and tech-savvy repair system." She also added, "India can become a repair hub for the world." The proposed index will be similar to initiatives in other countries, such as France's repairability index. It will rate products on criteria including availability of technical documents, ease of disassembly, spare parts availability and pricing. The workshop was aimed at establishing a consensus among industry stakeholders on "key parameters for accessing and evaluating repairability index" besides promoting longevity in product design, and democratizing repair information to enhance consumer experiences in reusing the mobile and <keyword id="19896834" type="General" weightage="20" keywordseo="electronics" source="keywords">electronics</keyword> products they own. Additional Secretary Bharat Khera emphasized the need for transparent and affordable repair solutions, increased consumer awareness, and support for local repairers. Joint Secretary Anupam Mishra highlighted concerns about the lack of genuine spare parts in local markets, compatibility issues with product components, and the absence of information for consumers to repair their own devices. He also mentioned that the Repairability Index of France rates products on five criteria, while the EU has additional parameters. <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> Founder Ajai Chowdhry called for legislation to drive change. "Today, most products are not repairable. We need to design products which can be repaired.... Unless we create a law, things will not change," he said. The government has already launched a <keyword id="22964002" type="General" weightage="20" keywordseo="Right-to-Repair-Portal" source="keywords">Right to Repair Portal</keyword>, with 63 companies onboard, including 23 from the mobile and electronics sector. India is the third largest electronic waste producer globally after China and the US. The initiative aims to reduce e-waste, promote <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword>, and create opportunities for third-party repairers in India's growing electronics market.

India plans repairability index for mobile, electronics to tackle e-waste

Mumbai, Benchmark equity indices climbed in early trade on Thursday, extending their previous day's rally, on foreign fund inflows and positive trend in the US markets. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> climbed 342.48 points to 73,338.79 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 96.25 points to 22,219.90. From the Sensex basket, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword>, <keyword id="19955371" type="General" weightage="20" keywordseo="bajaj-finance" source="keywords">Bajaj Finance</keyword>, <keyword id="19900482" type="General" weightage="20" keywordseo="icici-bank" source="keywords">ICICI Bank</keyword>, <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword>, Power Grid and Infosys were the major gainers. <keyword id="20032279" type="General" weightage="20" keywordseo="hcl-technologies" source="keywords">HCL Technologies</keyword>, Maruti, <keyword id="19924892" type="General" weightage="20" keywordseo="tech-mahindra" source="keywords">Tech Mahindra</keyword> and Asian Paints were among the laggards. In Asian markets, Shanghai and Hong Kong traded in the positive territory while Tokyo and Seoul quoted lower. Wall Street ended higher on Wednesday. <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) bought equities worth Rs 2,170.32 crore on Wednesday, according to exchange data. "In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&amp;O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. Global oil benchmark Brent crude climbed 0.24 per cent to USD 86.30 a barrel. The BSE benchmark climbed 526.01 points or 0.73 per cent to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65. Equity markets would remain closed on Friday for 'Good Friday'.

Market extends winning momentum on foreign fund inflows, US rally

<ul><li><keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword>’s March quarter net profit for March quarter grew 3% on year to $580 million.</li><li>Meanwhile, its revenue declined 0.3% on year to $4.8 billion during the quarter.</li><li>Adding to the woes, Cognizant says full year guidance of 2023 is expected to be $19.2 - $19.6 billion, which would mean a decline of 1.2%.</li><li>Cognizant reported an operating margin of 14.6% for March quarter, which is lower than Indian IT giants TCS, Infosys, HCL Technologies and Tech Mahindra.</li></ul>The trend of weak quarterly numbers continued for IT services companies and the latest one to disappoint the markets is Cognizant. The company also announced that it would layoff 3500 employees as it sees revenues slowing further in 2023. The Nasdaq-listed company’s March quarter net profit grew 3% on year to $580 million. Meanwhile, its revenue declined 0.3% on year to $4.8 billion during the quarter. The company follows a January to December accounting year. Adding to the woes, Cognizant says full year guidance of 2023 is expected to be $19.2 - $19.6 billion, which would mean a decline of 1.2%. The next quarter revenue is expected to be at $4.83 - $4.88 billion, showing a decline of 0.6% to 1.6%, or a decline of 1.0% to flat in constant currency. Cognizant reported an operating margin of 14.6% for March quarter, which is lower than Indian IT giants TCS, Infosys, HCL Technologies and Tech Mahindra. For the full year 2023, the company has guided for adjusted operating margin to be in the range of 14.2%-14.7%. Following the peer IT major’s mixed bag of earnings which expects a decline in 2023 revenues, shares of most Indian IT companies were trading lower. Indian companies monitor Cognizant’s earnings as the company is listed in the US but a majority of its operations are based in India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.98% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.27% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.09% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.03% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE Moreover, the company informed investors that it will be laying off 3,500 employees and also reduce office space as part of the cost cutting measures. It attributed the move to its NextGen program through which it expects to simplify its operating model and optimise corporate functions. “In the second quarter of 2023, we initiated the NextGen program aimed at simplifying our operating model, optimizing corporate functions and consolidating and realigning office space to reflect the post-pandemic hybrid work environment. Our drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision making,” the company said in a statement. Cognizant has a total headcount of 3.51 lakh in the March quarter, which is a decrease of 3,800 from the previous quarter. Its voluntary attrition rate declined to 23% in Q1 FY23 from 30% in Q1 FY22. "Our accelerated bookings growth in the quarter, which included several large deals and a healthy mix of new and expansion work, reflects the strengths of our services, our brand, and the longstanding relationships we have with our clients. I am also encouraged by the continuing reduction in our voluntary attrition," said Ravi Kumar S, CEO at Cognizant. “Having spent more than three months assessing the business, meeting with over a hundred clients and thousands of employees, I firmly believe Cognizant has a strong foundation for accelerating growth," said Kumar S in a statement. This was the first quarter for new CEO Ravi Kumar S who assumed control on January 12 following the "involuntary termination" of former CEO Brian Humphries at a time when the industry is facing several challenges. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hiring-in-it-companies-like-tcs-wipro-infosys-hcl-tech-plunges-by-66-in-fy23/articleshow/99960690.cms">Hiring in the IT sector plunges by 66% in FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/titan-q4-net-profit-rises-50-to-734-crore-as-wedding-segment-makes-a-comeback/articleshow/99964029.cms">Titan Q4 net profit rises 50% to ₹734 crore as wedding segment makes a comeback</a>

Cognizant braces for slow year ahead, to cut 3,500 jobs and slash office spaces

Equity benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty extended their rally for the third straight session on Wednesday amid buying in index major <keyword id="46717" type="General" weightage="20" keywordseo="indusind-bank" source="Orion">IndusInd Bank</keyword>, Nestle India and HCL Tech. However, continuous foreign fund outflows and a weak trend in global equities restricted gains in the market, traders said. The 30-share BSE Sensex climbed 169.87 points or 0.28 per cent to settle at 60,300.58. During the day, it jumped 232.08 points or 0.38 per cent to 60,362.79. The broader NSE Nifty advanced 44.35 points or 0.25 per cent to end at 17,813.60. Among the Sensex firms, PowerGrid, IndusInd Bank, Larsen &amp; Toubro, Nestle, HCL Tech, Axis Bank, Tata Motors, HDFC Bank, Tata Consultancy Services and HDFC were the major winners. Bajaj Finserv, NTPC, Reliance Industries and Kotak Mahindra Bank were the biggest laggards. Top moving stocks under Nifty500 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat State Fertilizer &amp; Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.99% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Multi Commodity Exchange of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.26% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat Alkalies &amp; Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.85% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aavas Financiers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.37% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat Narmada Valley Fertilizers &amp; Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.92% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ipca Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Triveni Turbine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.92% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brightcom Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMTC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.17% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedant Fashions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.22% </td></tr></tbody></table>Source: NSE In Asian markets, Hong Kong ended in the green, while Tokyo and Shanghai settled lower. Equity markets in Europe were trading in negative territory. The US markets had ended sharply lower on Tuesday. Meanwhile, global oil benchmark Brent crude climbed 0.17 per cent to USD 80.91 per barrel. Foreign Portfolio Investors (FPIs) offloaded equities worth Rs 407.35 crore on Tuesday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-railway-stock-is-buzzing-for-record-returns-on-strong-orders/articleshow/99786491.cms">This railway stock has turned a multibagger as its order book expands</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bajaj-auto-rides-on-richer-product-mix-in-q4-but-export-and-disruption-concerns-persist/articleshow/99784940.cms">Bajaj Auto rides on richer product mix in Q4, but export and disruption concerns persist</a>

Sensex, Nifty50 rise for third straight session; Power Grid, IndusInd Bank, Nestle top gainers

<ul><li>Shares of the entire IT pack companies have been beaten down significantly in 2023 due to macro headwinds.</li><li>The March quarter results of TCS, Infosys and HCL Technologies so far have also underlined the ongoing slowdown.</li><li>The IT companies in India faced the heat after the banking crisis in the US and Europe erupted.</li><li> Considering the macro economic challenges like high inflation, interest rates and banking crisis in regions, analysts expect the <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> to remain watchful for at least the next few quarters.</li></ul>India’s information technology services companies have been struggling amid heightened fears of recession across developed markets and the repercussions of a banking crisis in the US and Europe. And the situation is unlikely to improve until the end of the year, analysts say. Amid the ongoing weakness in the sector, foreign portfolio investors (FPIs) have also sold their stakes in IT companies. FPIs turned bearish on the IT and oil and gas sector in March – between these two sectors, they <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">sold equities worth ₹13,734 crore. </a> Analysts expect pain to continue till end of 2023 Considering the macro economic challenges like high inflation, interest rates and banking crisis in the US and European regions, analysts expect it will be a watchful few quarters for the IT sector. "The biggest issue in the IT sector is growth slowdown and possibility of recession. So, as long as the slowdown persists and global growth remains uncertain, the market will expect lesser order flow, slower execution and pricing challenges. All these three factors will lead to IT companies suffering and valuations may also not expand. Investors will have to remain watchful for one to two quarters till there is some clarity on the global growth scenario," Deepak Jasani, head of retail research at HDFC Securities told Business Insider India. The IT majors’ recently-posted fourth-quarter results and FY24 growth predictions tell their own story about the sector’s ongoing struggles. For FY23, IT major Infosys reported a growth of 15.4% in constant currency terms, lower than the guidance of 16-16.5% that it had given <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">at the end of Q3</a>. Besides, it guided for a 4-7% revenue growth in FY24. This is the first time since FY16 that Infosys has guided for single-digit revenue growth in constant currency terms. Bigger rival Tata Consultancy Services (TCS) reported a 11-quarter low constant currency revenue growth at $7.2 billion in Q4. TCS’ outgoing chief executive officer Rajesh Gopinathan said in a post-earnings conference that the company is seeing stress in one of its largest markets, North America. The recovery that the company had expected had not yet materialised. According to Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India, the macro uncertainty faced by the sector is unlikely to get better before 2-3 quarters. “(For) the entire calendar year, things look dicey and the industry may witness some kind of stability by the fag end of this year. US, North America, which are among the biggest markets for the sector, are not expected to improve in the near term." Banking crisis could impact June-quarter earnings The global growth slowdown has worked its way into the stock market performance of these companies with shares of the entire IT pack being beaten down significantly in 2023. The Nifty IT index is down 30% so far this year compared to a 3% fall in the broader Nifty50 index. The IT companies in India faced the heat after the banking crisis in the US and Europe erupted in March, triggered by the collapse of Silicon Valley Bank and Signature Bank in the US and the turmoil at Swiss lender Credit Suisse. IT majors like TCS, Infosys and Wipro have also neared their 52-week low since March considering IT companies’ exposure to US banks amid the banking sector crisis. BFSI clients are among the Indian IT companies’ largest clients. "Most of the price damage in the IT stocks has already been done. However, outperformance of the sector from the current level seems restricted till global macro headwinds stabilises. The sector valuation multiple is driven by earnings growth and if growth tapers off, there are little chances of the (IT) stocks outperforming the broader market indices,” added Hota. He, however, recommends staggered buying in TCS among the large caps and Persistent Systems from the mid-cap stocks, for long-term investors. The lower-than-expected growth in March quarter for sector leaders Tata Consultancy Services (TCS), Infosys and HCL Technologies have underlined the ongoing slowdown. And analysts see this spilling over to the next quarter as well. “The banking crisis in US regional banks and European banks in March 2023 has induced greater caution and could impact the June 2023 quarter. We would not be surprised by a weak US performance across companies that are likely to report in the coming days,” said a report by Kotak Institutional Equities. Analysts at JP Morgan have also highlighted the weakness in banking, financial services and insurance (BFSI) and telecom verticals, which would impact Tech Mahindra and Mphasis as they have high exposure to these verticals. Stock movement of IT companies in 2023 so far <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock performance in 2023 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.99% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.92% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.32% </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/insider-reviews/first-day-first-show-business-insider-sent-its-mystery-shopper-to-apples-flagship-store-in-mumbai-and-was-surprised/articleshow/99682868.cms">First day, first show: Business Insider sent its mystery shopper to Apple’s flagship store in Mumbai and was surprised</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-net-profit-grows-1-7-sequentially-at-4716-crore-in-q4-fy23/articleshow/99674353.cms">Reliance Jio Q4 net profit grows 1.7% sequentially to ₹4,716 crore; ARPU up marginally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a>

India’s IT sector likely to face macro headwinds until end 2023, say analysts

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> closed in the red on Thursday after a choppy trading session, dragged by oil &amp; gas, and bank stocks.</li><li>Investor sentiment remained cautious with the <keyword id="6357061" type="General" weightage="20" keywordseo="earnings" source="Orion">earnings</keyword> season now underway, alongside a heavy selloff by foreign institutional investors (FIIs).</li><li>The year started on a tough note as FIIs offloaded equities worth ₹13,334 crore in the first eight trading sessions of 2023.</li></ul>Sensex and Nifty50 closed in the red on Thursday after a choppy trading session, dragged by oil &amp; gas, and bank stocks, among others. While the 30-stock Sensex closed 147 points or 0.25% lower at 59,958, the 50-stock Nifty50 declined 32 points or 0.18% at 17,863 on Thursday, recovering smartly from the day’s low of 59,963 and 17,761 points, respectively. IT stocks remained in focus on Thursday as IT majors <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="30331" type="General" weightage="80" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> will release their Q3 FY23 results. <div type="image" title="daily-profit-loss-28" msid="96941347" hostid="261"></div> Investor sentiment remained cautious with the earnings season now underway, alongside a heavy selloff by foreign institutional investors (FIIs). FIIs have offloaded equities worth over ₹13,334 crore in the first eight trading sessions of 2023. The Indian rupee closed at 81.55 against the US dollar, appreciating 13 paise on Thursday. On the other hand, crude oil prices stabilised after experiencing volatility throughout the week. Brent crude oil prices edged up 0.96% to $83.46 per barrel. “The domestic market continued to remain volatile as investors eagerly awaited the earnings of other IT majors after a cautious warning from TCS. FIIs continue to dump Indian equities in search of cheaper investment avenues. Uncertainties over upcoming inflation numbers at home and the US kept the domestic market unstable, even as western peers stayed optimistic,” said Vinod Nair, head of research at Geojit Financial Services. The oil &amp; gas sector was the top loser on Thursday, falling 1.02%, followed by bank and FMCG, which declined 0.36% each. On the other hand, the media index emerged as the top sectoral winner, gaining 0.8%, followed by IT (0.43%) and auto (0.13%). <div type="image" title="sectoral-indices-28" msid="96941356" hostid="261"></div>On Thursday, foreign institutional investors (FIIs) sold ₹1,662 worth of equities while domestic institutional investors (DIIs) bought ₹2,127 crore. Earlier on Wednesday, indices closed flat after a choppy session on Wednesday led by <a href="https://www.businessinsider.in/stock-market/news/adani-wilmar-tata-motors-axis-bank-among-stocks-to-watch-on-wednesday/articleshow/96900296.cms">strong FII outflows</a>. On Wednesday, FIIs offloaded stocks worth ₹3,208 crore while domestic institutional investors or DIIs bought ₹2,430 crore. The year started on a tough note as FIIs offloaded equities worth ₹13,334 crore in the first eight trading sessions of 2023. Global markets signal mixed cues <keyword id="123399" type="General" weightage="20" keywordseo="us-markets" source="Orion">US markets</keyword> ended higher with the tech-heavy Nasdaq gaining the most with 1.76%, the benchmark S&amp;P 500 index, closing 1.28% higher and the Dow Jones Industrial Average rising 0.8%. “US and majorly European markets closed on the higher side yesterday. Investors anticipate the release of the US Consumer Price Index report on Thursday,” said Mehra. Investors await US CPI data for the month of December that is to be released by the US Bureau of Labor Statistics today. “US stocks closed higher on Wednesday, with Nasdaq Composite logging its longest win streak since September, as the market built on a positive start to 2023. Traders also looked ahead to Thursday’s inflation report to help gauge the size of the Federal Reserve’s next interest rate hike in February,” said Deepak Jasani, head of retail research at HDFC Securities. Most Asian markets were trading lower with Hang Seng down 0.70%, Shanghai Composite down 0.23%, Taiwan Weighted index was down 0.01% while Nikkei 225 up 0.03%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/overall-demand-scenario-not-changed-significantly-but-europe-is-a-problem-says-tcs-ceo/articleshow/96859049.cms">Overall demand scenario not changed significantly but Europe is a problem says TCS CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/from-selling-puran-poli-on-a-bicycle-to-being-offered-seat-at-shark-tank-bhaskars-puranpoli-ghars-story/slidelist/96924857.cms">From selling puran poli on a bicycle to being offered seat at Shark Tank: Bhaskar’s Puranpoli Ghar’s story</a>

Sensex, Nifty50 close in the red after a choppy trading session: Oil & gas, bank stocks drag

<ul><li><keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, HCL Tech, <keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword>, and other IT company stocks rallied after data showed a cool down in US inflation.</li><li>The Nifty IT index closed the day up 3.8%, while the broader Nifty50 index gained 1.8%.</li><li>Earlier on Thursday, the tech-heavy Nasdaq Composite rallied 7.4% after US inflation data for October came in at 7.7%, down from 8.2% in September.</li></ul>Infosys, <keyword id="30331" type="General" weightage="80" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword>, Tata Consultancy Services (TCS) and other IT company stocks rallied on Friday after data revealed a cool down in US inflation. Infosys led the rally with 4% gains, followed by HCL Technologies and TCS. Both Infosys and TCS’ share prices are at over 2-month highs. The Nifty IT index closed the day up 3.8%, while the broader Nifty50 index gained 1.8%. In the first hour of trade on Friday, the<a href="https://www.businessinsider.in/stock-market/news/stock-markets-inch-close-to-52-week-highs-as-us-inflation-data-cools/articleshow/95442431.cms"> top five gainers were all Indian IT majors</a> – with Infosys once again leading the pack. Analysts say that the cooling US inflation had offered Indian IT stocks a much-needed respite. Tech stocks have been battered in the last few months on account of many factors – mostly external – like fears of recession fuelled by sharp rate hikes by the Fed, totaling 375 basis points in 2022 so far. On Thursday, US inflation came in at 7.7% for October, down from 8.2% in September – leading to the biggest rally in US markets in two years. While the S&amp;P 500 rose 5.5% on Thursday, Dow Jones rallied 1,200 points to end up 3.7%. However, it was the tech-heavy Nasdaq Composite, which rallied 7.4%, that has also spurred the Indian IT stocks. Cooling inflation in the US could lead to the US Fed not being as aggressive in raising interest rates as it has been so far, according to Avinash Gorakshakar, director - research, Profitmart Securities. “Going ahead, cost pressures for tech companies as well as manufacturing companies are expected to soften, which will improve their profitability,” Gorakshakar added, explaining that the rally in US markets has had a rub-off effect on stocks of Indian IT companies. <cmsannotation type="cmsannotation" annotationid="Pricing in US, Europe markets a worry, but slowdown baked into prices" comment="subhead" text="Pricing in US, Europe markets a worry, but slowdown baked into prices">Pricing in US, Europe markets a worry, but slowdown baked into prices</cmsannotation> Worries of a slowdown in the key markets of US and EU have reflected in the stock prices of IT majors – Wipro’s share price has tumbled over 44% in 2022 so far, followed by a near 41% decline in Tech Mahindra’s shares. During an earnings call in October, TCS CEO and MD Rajesh Gopinathan <a href="https://www.businessinsider.in/business/corporates/news/slowdown-hasnt-affected-deal-wins-yet-but-seeing-softness-in-long-term-deals-tcs/articleshow/94766700.cms">said</a> he expected some softness in deal pricing in Europe. “We are seeing an increasing caution in discussions with clients. We cannot say that we are totally insulated from it but as we said last quarter, we are vigilant of the environment and focussed on a set of customers,” he said. However, according to a report by Kotak Institutional Equities, IT stocks have baked in a slowdown already. With US inflation cooling, analysts say this could be the positive news these companies need to see a revival in the sector. Infosys CEO and MD Salil Parekh had <a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms">struck a note of cautious optimism</a>, saying, “Our view is we are ready in this macro environment for all types of client work. Whether it focuses on digital and growth, or costs.” The IT major <a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms">reported</a> its best performance in terms of deal wins in the past seven quarters, with large deals worth $2.7 billion in the September quarter. HCL Technologies, too, reported better-than-expected earnings and <a href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">bagged</a> a $625 million worth mega deal during the quarter. “Most of the large cap Indian IT companies have their largest share of revenue coming from their clients based in the US, so this is positive news that might revive the sector further. (The sector is) already under hope of improving attrition rates and margins upcycle from here on,” said Anmol Das, head of research, Teji Mandi, a subsidiary of Motilal Oswal. Here’s how the top five IT companies (by market capitalisation) have performed today: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current market price </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD performance </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,570 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.3% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,089 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.9% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,315 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13.2% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,058 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.7% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-40.7% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹400 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.9% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-44.3% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, market price as on November 11, 2022 <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nykaa-policybazaar-paytm-among-nine-companies-whose-ipo-lock-in-period-ends-in-november/articleshow/95445657.cms">Nykaa, Policybazaar, Paytm among nine companies whose IPO lock-in period ends in November</a> <a href="https://www.businessinsider.in/tech/news/fakers-play-as-musk-makes-people-pay-for-a-twitter-blue-tick/articleshow/95446291.cms">Fakers play as Musk makes people pay for a Twitter blue tick</a> <a href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">Amid risks of a slowdown, these IT companies are best placed to survive the storm</a>

Infosys, HCL Tech, TCS stocks rally on cooling US inflation data

Amid tough global market conditions, tech giant <keyword id="30331" type="General" weightage="50" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> has reportedly laid off 350 employees globally, including in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, <keyword id="77262" type="General" weightage="50" keywordseo="guatemala" source="Orion">Guatemala</keyword> and the <keyword id="3750" type="General" weightage="50" keywordseo="philippines" source="Orion">Philippines</keyword>, who were working on a <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> news project, media reports said. According to reports, the workers, who were employed by HCL's client Microsoft's news outlet <keyword id="6408055" type="General" weightage="50" keywordseo="msn" source="Orion">MSN</keyword>, reportedly learnt that they have been let go at a town hall meeting last week. The last day of employment is reportedly September 30 for the laid-off employees, who will receive severance compensation. Last month, a report said that at least half of the companies worldwide are planning to lay off people, with most reducing bonuses and rescinding job offers amid the economic downturn. As per the latest PwC 'Pulse: Managing business risks in 2022' survey released last month, in the US, 50 per cent of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent. More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook), and the worst has not been over yet for the tech sector that has seen massive stock sell-off. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 12,000 have been fired this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pvt-companies-required-to-deduct-tax-at-source-while-issuing-bonus-or-rights-shares/articleshow/94190315.cms">Pvt companies required to deduct tax at source while issuing bonus or rights shares</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jaiprakash-power-ventures-avassa-ferro-alloys-among-successful-bidders-for-commercial-coal-blocks/articleshow/94190360.cms">Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks</a>

You Searched For "HCL Technologies" and got 13 results

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