Sensex, Nifty slip in early trade amid weak global cues; IndusInd Bank, Trident & Infosys fall up to 3%
The 30-share BSE Sensex slipped 115 points or 0.19 per cent to trade at 60,278, while the broader NSE Nifty moved 20 points or 0.17 per cent lower to trade at 17,782. However, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.10 per cent and small-cap edged 0.08 per cent up.
- Apr 13, 2023,
- Updated Apr 13, 2023 9:45 AM IST
Indian equity benchmarks fall in early deals on Thursday amid weak global cues. The domestic indices halted their eight-day winning run today as technology and banking stocks drag. The 30-share BSE Sensex slipped 115 points or 0.19 per cent to trade at 60,278, while the broader NSE Nifty moved 20 points or 0.17 per cent lower to trade at 17,782. However, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.10 per cent and small-cap edged 0.08 per cent up.
All three major US stock indexes closed lower on Wednesday. In addition, Asian equities remain subdued today.
Back home, retail inflation for March eased to 5.66 per cent, below the Reserve Bank of India's (RBI's) tolerance band. Also, investors would be keenly watching March quarter (Q4) earnings for more cues. IT giant Tata Consultancy Services (TCS) reported nearly 15 per cent year-on-year (YoY) growth in net profit in Q4 FY23. Infosys would report its Q4 earnings later in the day.
Further, foreign institutional investors extended their buying streak to the ninth straight session, adding Rs 1,908 crore worth of equities yesterday.
"It is important to understand the fact that the last nine days of continuous FII buying has led to eight days of a sustained rally in the market. Mediocre Q4 results and uninspiring commentary from TCS kept the IT stocks soft. Financials will continue to be resilient. Watch out for the pharma stocks which have emerged strongly in recent days," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Seven out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT, Nifty Private Bank and Nifty PSU Bank were underperforming the NSE platform by falling as much as 1.66 per cent, 0.43 per cent and 0.33 per cent, respectively.
On the stock-specific front, IndusInd Bank was the top Nifty loser as the stock declined 2.78 per cent to trade at Rs 1,044.90. Trident, Infosys, Persistent Systems, HCL Tech, Tech Mahindra and TCS fell up to 2.01 per cent.
In contrast, AU Small Finance Bank jumped 15 per cent. Gujarat Alkalies & Chemicals and Graphite India surged up to 6.10 per cent.
The overall market breadth was strong as 1,699 shares were advancing while 796 were declining on BSE.
On the 30-share BSE index, Infosys, TCS, HCL Tech, TechM and IndusInd Bank were among the top laggards.
On the flip side, Reliance Industries, HDFC twins (HDFC and HDFC Bank), ITC and Hindustan Unilever were trading in the green.
Sensex had climbed 235 points, or 0.39 per cent, to settle at 60,392.77 on Wednesday, while Nifty had gained 90 points, or 0.51 per cent, to close at 17,812.40.
Nifty outlook
"Going ahead, the immediate support zone is visible around 17,700-17,650; whereas the sacrosanct level is placed at 200-SMA around 17,500. We saw many mid-cap counters giving stellar moves. With the start of the result season, traders should continue to focus on thematic moves that are likely to give better trading opportunities," Sameet Chavan, Chief Analyst - Technical and Derivatives at Angel One.
Also read: Vedanta shares in focus today as board to consider raising funds via debentures
Indian equity benchmarks fall in early deals on Thursday amid weak global cues. The domestic indices halted their eight-day winning run today as technology and banking stocks drag. The 30-share BSE Sensex slipped 115 points or 0.19 per cent to trade at 60,278, while the broader NSE Nifty moved 20 points or 0.17 per cent lower to trade at 17,782. However, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.10 per cent and small-cap edged 0.08 per cent up.
All three major US stock indexes closed lower on Wednesday. In addition, Asian equities remain subdued today.
Back home, retail inflation for March eased to 5.66 per cent, below the Reserve Bank of India's (RBI's) tolerance band. Also, investors would be keenly watching March quarter (Q4) earnings for more cues. IT giant Tata Consultancy Services (TCS) reported nearly 15 per cent year-on-year (YoY) growth in net profit in Q4 FY23. Infosys would report its Q4 earnings later in the day.
Further, foreign institutional investors extended their buying streak to the ninth straight session, adding Rs 1,908 crore worth of equities yesterday.
"It is important to understand the fact that the last nine days of continuous FII buying has led to eight days of a sustained rally in the market. Mediocre Q4 results and uninspiring commentary from TCS kept the IT stocks soft. Financials will continue to be resilient. Watch out for the pharma stocks which have emerged strongly in recent days," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Seven out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT, Nifty Private Bank and Nifty PSU Bank were underperforming the NSE platform by falling as much as 1.66 per cent, 0.43 per cent and 0.33 per cent, respectively.
On the stock-specific front, IndusInd Bank was the top Nifty loser as the stock declined 2.78 per cent to trade at Rs 1,044.90. Trident, Infosys, Persistent Systems, HCL Tech, Tech Mahindra and TCS fell up to 2.01 per cent.
In contrast, AU Small Finance Bank jumped 15 per cent. Gujarat Alkalies & Chemicals and Graphite India surged up to 6.10 per cent.
The overall market breadth was strong as 1,699 shares were advancing while 796 were declining on BSE.
On the 30-share BSE index, Infosys, TCS, HCL Tech, TechM and IndusInd Bank were among the top laggards.
On the flip side, Reliance Industries, HDFC twins (HDFC and HDFC Bank), ITC and Hindustan Unilever were trading in the green.
Sensex had climbed 235 points, or 0.39 per cent, to settle at 60,392.77 on Wednesday, while Nifty had gained 90 points, or 0.51 per cent, to close at 17,812.40.
Nifty outlook
"Going ahead, the immediate support zone is visible around 17,700-17,650; whereas the sacrosanct level is placed at 200-SMA around 17,500. We saw many mid-cap counters giving stellar moves. With the start of the result season, traders should continue to focus on thematic moves that are likely to give better trading opportunities," Sameet Chavan, Chief Analyst - Technical and Derivatives at Angel One.
Also read: Vedanta shares in focus today as board to consider raising funds via debentures