Stock Market Highlights:Nifty ends below 17,750 Sensex down 520 points.

Stock Market Highlights:Nifty ends below 17,750 Sensex down 520 points.

Ira Singh
17th April’23

The Indian equity market indices trimmed some losses but ended Monday’s session broadly in red following a rout in IT stocks.

At close, the Sensex was down 520.25 points, or 0.86 percent, at 59,910.75, and the Nifty was down 121.20 points, or 0.68 percent, at 17,706.80.

Amid mixed Global cues, market responded negatively to the weak start of the earnings season by IT bellwether and their cautious outlook.
Sensex and Nifty 50 stumbled by more than 1% on Monday after investors carried panic selling in IT stocks as concerns escalated following a disappointing fourth quarter by tech giants like TCS and Infosys.

Stocks and Sectors

Infosys, Tech Mahindra, HCL Technologies, NTPC and Larsen and Toubro were among the major losers on the Nifty. The gainers included Nestle India, Power Grid Corporation, SBI, Britannia Industries and Coal India, according to reliable sources.

On the sectoral front, the IT index fell 4.7 percent and the pharma index 0.6 percent. The PSU Bank index was up 3 percent. Oil & gas, realty and FMCG indices rose a percent each, according to sources.

The BSE midcap index added 0.5 percent, while the smallcap index was up 0.15 percent.

India’s wholesale inflation cooled further in March to 1.34 percent, according to data released on April 17 by the Ministry of Commerce and Industry. The latest Wholesale Price Index (WPI) inflation figure is the lowest in 29 months.

On global front,U.S. economic data was a strong run of first-quarter 2023 earnings from JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co, brushing off concerns about a banking crisis that unfolded in March, according to sources.While dollar rebounds from a one year low on Monday,as resilience in core U.S. retail sales, a rise in short-term inflation expectations and impressive Wall Street bank earnings raised market expectations for an interest rate hike in May, according to sources.

On April 17’23,rupee falls 25 paise to close at 82.10 against US dollar.