Market off day's low, Infosys down 2.61%.

The frontline indices came off the day's low in afternoon trade. The Nifty traded above the 17,650 mark after hitting the day's low 17,729.65 in afternoon trade . Realty, bank and auto stocks were in demand while IT, media and pharma shares declined. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was down 213.92 points or 0.35% to 60,178.85. The Nifty 50 index lost 42.70 points or 0.24% to 17,769.70.

In the broader market, the S&P BSE Mid-Cap index added 0.06% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was positive. On the BSE, 1,727 shares rose and 1,658 shares fell. A total of 125 shares were unchanged.

Economy:

According to the official data released on Wednesday, India's retail inflation or the consumer price index (CPI) for March eased to a 15-month low of 5.66% from 6.44% in February.

India's industrial output, as measured by the index of Industrial production or IIP, in February rose 5.6% year on year, data from the Ministry of Statistics showed today. The index of industrial production (IIP) expanded by 5.2% in January after rising 4.3% in December.

Gainers & Losers:

Apollo Hospitals Enterprise (up 2.96%), Eicher Motors (up 2.93%), HDFC Life Insurance Company (up 2.16%), Britannia Industries (up 1.92%) and Adani Enterprises (up 1.60%) were the top Nifty gainers.

Infosys (down 2.61%), Tech Mahindra (down 2.44%), HCL Technologies (down 2.36%), Larsen & Toubro (down 1.90%) and NTPC (down 1.85%) were the top Nifty losers.

NTPC shed 1.85%. The state-run power major on Wednesday announced that it will issue unsecured non-convertible debentures worth Rs 3,000 crore on 17 April 2023, on a private placement basis with a coupon of 7.35% per annum for a tenor of three years. These debentures will mature on 17 April 2026. The proceeds will be utilized for funding of capital expenditure, refinancing of existing loans and other general corporate purposes.

Stocks in Spotlight:

Tata Consultancy Services (TCS) slipped 1.71%. The IT major's consolidated net profit rose 5.03% to Rs 11,392 crore on 1.6% increase in net sales to Rs 59,162 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, the IT firm's net profit jumped 14.77% and net sales rose 16.94% in Q4 FY23. Constant currency revenue grew 10.7% YoY in Q4 FY23. Operating margin stood at 24.5% while net margin was at 19.3% in Q4 FY23.

On a full year basis, the IT company's consolidated net profit rose 9.97% to Rs 42,147 crore on 17.58% jump in revenue to Rs 2,25,458 crore in FY23 over FY22. The company's Q4 total contract value (TCV) stood at $10 billion with an all-time high number of large deals, taking the FY23 order book TCV at $34.1 billion.

Varun Beverages fell 0.71%. The leading beverage maker announced that its board will consider a stock split on 2 May 2023. Additionally, the board will also review and discuss the financial results for the quarter ended 31 March 2023.

AU Small Finance Bank zoomed 15% to Rs 667.50 after the Reserve Bank of India approved the re-appointment of Sanjay Agarwal as managing director & CEO of the bank for a period of three years w.e.f. 19 April 2023 till 18 April 2026.

Anand Rathi Wealth rallied 4.30% to Rs 866.10 after the company's consolidated net profit (from continuing operations) jumps 23.16% to Rs 42.54 crore on 28.05% increase in total income to Rs 146.81 crore in Q4 FY23 over Q4 FY22. Total asset under management (AUM) was at Rs 38,993 crore in the quarter ended 31 March 2023, up 18.5% as against Rs 32,906 crore recorded in the corresponding quarter previous year.

Rail Vikas Nigam (RVNL) gained 1.54% after the company announced that it has received a letter of award (LoA) from North Western Railway, aggregating to Rs 63.08 crore. The public sector enterprise secured an order for the provision of automatic block signalling on Madar-Sakhun section of Jaipur division over North Western Railway.

Bharat Heavy Electricals (BHEL) rose 0.24%. BHEL said that it has signed a MoU with the Nuclear Power Corporation of India (NPCIL) to jointly pursue business opportunities around nuclear power plants based on pressurised heavy water reactor (PHWR) technology.

Global Markets:

Most of the European markets edged higher while Asian stocks traded mixed on Thursday after minutes from the March Federal Open Market Committee meeting showed that Fed officials see the U.S. economy entering a recession in the wake of the banking crisis.

U.S. stocks ended lower on Wednesday after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee (FOMC) regarding the regional bank liquidity crisis.

Comments from the Fed erased earlier gains seen on Wall Street after the release of the U.S. consumer price index report that showed inflation cooled in March. The U.S. CPI rose 0.1% for the month and 5% from a year ago while core CPI rose 5.6% on an annual basis.

Indices trade near flatline; breadth strong.

The frontline indices were trading side ways in early trade. The Nifty traded near the 17,800 level. Oil & gas, media and consumer durables shares advanced while IT, private banks and PSU bank stocks declined.

The barometer index, the S&P BSE Sensex, was up 3.38 points or 0.01% to 60,396.25. The Nifty 50 index lost 3.50 points or 0.02% to 17,808.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.37% while the S&P BSE Small-Cap index rose 0.35%.

The market breadth was strong. On the BSE, 1,746 shares rose and 871 shares fell. A total of 88 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,907.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 225.22 crore in the Indian equity market on 12 April, provisional data showed.

Economy:

According to the official data released on Wednesday, India's retail inflation or the consumer price index (CPI) for March eased to a 15-month low of 5.66% from 6.44% in February. India's factory output, based on the Index of Industrial Production (IIP), rose by 5.6% as against 5.2% in January.

Stocks in Spotlight:

TCS declined 1.30%. The IT major's consolidated net profit rose 5.03% to Rs 11,392 crore on 1.6% increase in net sales to Rs 59,162 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, net profit rose 14.77% and net sales rose 16.94% in Q4 FY23. The company's board recommended a final dividend of Rs 24 per share.

NTPC fell 0.28%. NTPC has decided to issue unsecured non-convertible debentures of Rs.3,000 crore, through private placement at a coupon of 7.35% p.a. for a tenor of 3 years, maturing. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes.

Bharat Heavy Electricals (Bhel) rose 0.31%. State-run PSUs Nuclear Power Corporation of India Limited (NPCIL) and Bhel have entered into an MoU to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.218 from 7.213 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9750, compared with its close of 82.11 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.23% to Rs 60,765.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 101.52.

The United States 10-year bond yield fell 0.34% to 3.409.

In the commodities market, Brent crude for June 2023 settlement slipped 26 cents or 0.37% to $87.07 a barrel.

Global Markets:

Asian stocks are trading mixed on Thursday after minutes from the March Federal Open Market Committee meeting showed that Fed officials see the U.S. economy entering a recession in the wake of the banking crisis.

U.S. stocks ended lower on Wednesday after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee (FOMC) regarding the regional bank liquidity crisis.

Comments from the Fed erased earlier gains seen on Wall Street after the release of the U.S. consumer price index report that showed inflation cooled in March. The U.S. CPI rose 0.1% for the month and 5% from a year ago while core CPI rose 5.6% on an annual basis.