Indices trade with major cuts; Infosys tumbles over 10%.

The domestic equity benchmarks continued to trade with significant losses in afternoon trade. The Nifty hovered below the 17,700 level after hitting the day's high of 17,863 in early trade. PSU bank, FMCG and realty shares saw buying demand while IT, healthcare and pharma shares witnessed selling pressure.

The barometer index, the S&P BSE Sensex, was down 661.5 points or 1.09% to 59,769.50. The Nifty 50 index lost 163.35 points or 0.92% to 17,664.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index added 0.01%.

The market breadth was negative. On the BSE, 1,655 shares rose and 1,848 shares fell. A total of 174 shares were unchanged.

Disappointing performance by domestic IT giant Infosys (down 10.70%) coupled with the prospect of more rate hikes by major central banks and a global economic slowdown dented the domestic investor sentiment.

Economy:

India's annual wholesale price index (WPI) based inflation eased to 29-month low of 1.34% in March 2023 as compared to 3.85% recorded in February 2023 and 14.63% in March 2022.

“Decline in the rate of inflation in March, 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products,” the Ministry of Commerce & Industry said in a statement today.

Separately, India's March goods exports declined 13.9% to $38.38 billion and imports declined 7.9% to $58.11 billion. In March 2022, goods exports were $44.57 billion and imports were $63 billion. March's trade deficit is at $19.73 billion. The total trade deficit for 2022-23 is at $122 billion, according to the government.

Gainers & Losers:

Nestle India (up 3.92%), Power Grid Corporation of India (up 2.27%), Britannia Industries (up 1.66%), Grasim Industries (up 1.57%) and ITC (up 1.54%) were the top Nifty gainers.

Infosys (down 10.70%), Tech Mahindra (down 5.25%), HCL Technologies (down 3.43%), Wipro (down 2.59%) and Larsen & Toubro (down 2.16%) were the top Nifty losers.

Infosys slumped 10.70%. The IT major reported 7% decline in consolidated net profit to Rs 6,128 crore on a 2.3% fall in revenues to Rs 37,441 crore in Q4 FY23 over Q3 FY23. On a year-on-year basis, the company's net profit and revenues are higher by 7.8% and 16%, respectively as compared with Q4 FY22.

The IT giant issued a revenue growth guidance of 4% - 7% in constant currency and operating margin guidance of 20% - 22% for FY24.

HCL Technologies fell 3.43%. Anand Birje, head of Digital Business Services, resigned from the company to pursue another opportunity.

Stocks in Spotlight:

HDFC Bank fell 1.59%. The bank's net revenue grew by 21% to Rs 32,083 crore in Q4 March 2023 from Rs 26,509.8 crore in Q4 March 2022. The bank's net profit rose 19.8% to Rs 12,047.5 crore in Q4 March 2023 over in Q4 March 2022.

The board of directors of HDFC Bank approved the issuance of Perpetual Debt Instruments, Tier II Capital Bonds and Long-Term Bonds up to total amount of Rs. 50,000 crore over the period of next twelve months through private placement mode.

Adani Green Energy (AGEL) added 1.60%. AGEL said its sale of energy for solar portfolio increased by 6% YoY at 2,872 million units in Q4 FY23 as against 2,717 million units in Q4 FY22.

Zee Entertainment Enterprises declined 2.47%. As per reports, Invesco Oppenheimer Developing Markets Fund is reportedly likely to sell 5.65% stake in the company through block deals. On the BSE, 5.60 crore shares of the company had changed hands at the counter as against an average trading volume of 1.75 lakh shares in the past two weeks.

TV18 Broadcast rose 2.42%, Reliance Industries added 0.50% and Bodhi Tree Multimedia advanced 3.10%. Viacom18, a subsidiary of the company, closed the merger of Reliance Storage with itself and integrated JioCinema as well. Viacom18 allotted shares to RIL group entities and Bodhi Tree Systems as consideration for the scheme of merger.

Brightcom Group was locked in 5% lower circuit. SEBI found that the company overstated profit after tax for fiscals 2019 and 2020 by more than Rs 1,280 crore. The regulator has ordered the company to publish the correct shareholding pattern and its managing director and directors not to sell their shares.

Global Markets:

Shares in Europe and Asia advanced on Monday, as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world's second-largest economy is recovering.

Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday.

Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.

Indices rise for 9th day; Nifty ends above 17,800; Infosys slides over 3%.

The domestic equity barometers ended a volatile session with minor gains on Thursday, rising for the ninth trading session. The Nifty settled above the 17,800 level after hitting day's low of 17,729.65 in afternoon trade. Banking, realty and financial services shares advanced while IT, pharma and media stocks declined. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 38.23 points or 0.06% to 60,431. The Nifty 50 index added 15.60 points or 0.09% to 17,828. In nine consecutive sessions, the Sensex jumped 4.89% while the Nifty climbed 5.17%.

The broader market outperformed frontline indices, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index rose 0.33%.

The market breadth was positive. On the BSE, 1,912 shares rose and 1,574 shares fell. A total of 124 shares were unchanged.

IT major, Infosys slipped 3.03% ahead of Q4 results today.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.97% to 11.91.

The domestic stock market will remain shut on Friday, 14 April 2023 on account of Dr. Baba Saheb Ambedkar Jayanti.

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.

Stocks in Spotlight:

Tata Consultancy Services (TCS) slipped 1.51%. 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.

Coal India (CIL) fell 0.90%. The company announced that its coking coal production has rose 17.2% to 54.6 million tonnes (MTs) in FY23 as compared with 46.6 MTs in FY22.

Vedanta rose 0.15%. The diversified minerals company announced that its board approved raising of funds through issuance of non‐convertible debentures (NCDs) aggregating up to Rs 2,100 crore in one or more tranches, on a private placement basis.

Varun Beverages declined 1.21%. 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 16.65% 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 2.60% 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 1.25% 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 0.11%. 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.

Edvenswa Enterprises hit an upper limit of 5% after marquee investor Porinju Veliyath bought a 1.43% stake in the company through a bulk deal on the BSE yesterday.

Global Markets:

Shares in Europe and Asia 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.

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.

Market rallies for 8th day; Nifty ends above 17,800.

The domestic equity benchmarks ended a volatile session near the day's high on Wednesday, rising for the eighth trading session. The Nifty settled above the 17,800 level after hitting the day's low of 17,717.25 in early trade. Healthcare, pharma and IT shares saw buying demand while PSU bank, media and FMCG stocks saw a bit of selling pressure.

As per closing data, the barometer index, the S&P BSE Sensex rose 235.05 points or 0.39% to 60,392.77. The Nifty 50 index added 90.10 points or 0.51% to 17,812.40. In eight consecutive sessions, the Sensex jumped 4.82% while the Nifty climbed nearly 5.08%.

In the broader market, the S&P BSE Mid-Cap index gained 0.57% while the S&P BSE Small-Cap index advanced 0.41%.

The market breadth was strong. On the BSE, 2,085 shares rose and 1,414 shares fell. A total of 116 shares were unchanged.

IT major, Tata Consultancy Services (TCS) advanced 0.87% ahead of Q4 results today.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

The Indian stock market, which has been performing well in recent months, could face a significant setback if the number of covid cases continues to rise. Traders were also keeping an eye on the government's response to the situation, as any measures taken to control the spread of the virus could have a direct impact on the stock market.

COVID-19 update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, the highest number of COVID-19 cases in seven months according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.

Economy:

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy's gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

Stocks in Spotlight:

HDFC Bank gained 1.22% announced that its board will meet on 15 April 2023 to consider raising funds worth Rs 50,000 crore via perpetual debt instruments through private placement mode.

Delta Corp rose 0.71%. The gaming and casino firm's consolidated net profit grew by 6.36% to Rs 51.17 crore on 4.05% increase in revenue to Rs 227.16 crore in Q4 FY23 over Q4 FY22.

The company's income from casino gaming division was at Rs 214.46 crore (up 1.8% YoY), online skill gaming division was at Rs 47.41 crore (up 11.47% YoY) and hospitality division stood at Rs 16.07 crore (up 29.81%), during the period under review.

Sula Vineyards surged 9.81% after the company said that its own brands sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time. The company's own brands sales stood at Rs 104.3 crore in Q4 FY23, recording a growth of 15% from Rs 90.7 crore posted in the same quarter a year ago. Wine tourism business jumped 18% to Rs 12.4 crore in quarter ended 31 March 2023 as against Rs 10.5 crore reported in Q4 FY22.

Bharat Heavy Electricals lost 0.26% while Titagarh Wagons rose 0.80%.The consortium of BHEL and Titagarh Wagons has received an order for supply of 80 nos. sleeper class Vande Bharat trains. The consortium also has undertake comprehensive maintenance of the same for 35 years in accordance with the terms and conditions of the agreement. The trains have to be supplied within a period of 72 months and the contract has been awarded at the rate of Rs 120 crore per train.

Adani Enterprises advanced 2.37% after the company announced that it has incorporated a wholly-owned subsidiary, Pelma Collieries (PCL) for carrying out coal washery related business. The company incorporated Pelma Collieries on 7 April 2023, with an initial authorised share capital of Rs 10 lakh and paid-up share capital of Rs 5 lakh.

Nestle India declined 1.28%. The company announced that its board of directors today (12 April 2023) has declared an interim dividend of Rs 27 per share for the year 2023. The total dividend payout for the company would be Rs 260.32 crore.

Paras Defence and Space Technologies added 1.66% after the company's subsidiary, Paras Anti-drone Technologies has entered into Memorandum of Understanding (MoU) with Spacekawa Explorations (Kawa Space) for indigenous development.

Adani Transmission declined 1.17%. The company said that its subsidiary Adani Electricity Mumbai (AEML), in the last two years, has increased the share of renewable energy (RE) procurement from 3% to 30% at end of 31 March 2023. The regulatory asset base (RAB) of the company increased to Rs 7,479 crore in FY22 from Rs 5,607 crore, at a CAGR of 10.10%.

Container Corporation of India (CONCOR) rose 1.45% to Rs 600.55 after the company said that total throughput increased by 4.71% to 11,19,034 twenty-foot equivalent units (TEUs) in Q4 FY23 from 10,68,721 TEUs recorded in Q4 FY22.

Global Markets:

Shares in Europe and Asia advanced on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

Equity benchmarks march towards the day's high; IT shares in demand.

The domestic equity benchmarks marched towards the day's high in early afternoon trade. The Nifty managed to hold above the 17,750 level after hitting day's low of 17,717.25 in early trade. IT shares witnessed across the board buying.

The barometer index, the S&P BSE Sensex, was up 138.94 points or 0.23% to 60,296.66. The Nifty 50 index added 53.65 points or 0.3% to 17,775.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.51%.

The market breadth was strong. On the BSE, 2,052 shares rose and 1,283 shares fell. A total of 122 shares were unchanged.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

COVID-19 Update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far under Nationwide Vaccination Drive.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.37% to 12.14. The Nifty 27 April 2023 futures were trading at 17,828.95, at a premium of 53 points as compared with the spot at 17,775.95.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 38.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 59.8 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.71% to 28,880. The index had declined 1.26% to end at 28,675.75 yesterday.

Coforge (up 1.69%), Infosys (up 0.85%), Persistent Systems (up 0.8%) and Wipro (up 0.78%) were the top gainers.

Among the other gainers were HCL Technologies (up 0.69%), Mphasis (up 0.68%), Tata Consultancy Services (up 0.49%), L&T Technology Services (up 0.41%) and LTI Mindtree (up 0.33%).

Tech Mahindra rose 1.12%. The IT firm said that the company will announce its audited results for the fourth quarter and year ended 31 March 2023 on 27 April 2023.

Buzzing Index:

The Nifty Healthcare index gained 0.88% to 12,852.10, continuing its rising streak to fourth day. The index advanced 3.27% in four trading sessions.

Sona BLW Precision Forgings Ltd (up 3.56%), Samvardhana Motherson International Ltd (up 1.76%), Balkrishna Industries Ltd (up 1.49%), Bajaj Auto Ltd (up 1.42%), Bharat Forge Ltd (up 1.41%), Tata Motors Ltd (up 1.34%), Tube Investments of India Ltd (up 1.06%), Eicher Motors Ltd (up 1.01%), MRF Ltd (up 0.97%) and Bosch Ltd (up 0.97%) advance

Stocks in Spotlight:

Lumax Industries fell 0.82%. The company' board approved Vineet Sahni's resignation from the post of whole time director and chief executive officer (CEO) of the company, effective from the close of business hours on 14 April 2023.

HFCL shed 0.16%. The telecom company on Wednesday announced that it has received the purchase orders aggregating to Rs 123.84 crore from Reliance Projects & Property Management Services for supply of optical fiber cables.

Global Markets:

Asian stocks were trading mostly higher on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

Indices gain for 7th day, Nifty ends above 17,600, metal stocks shine.

The domestic equity barometers ended with significant gains after a volatile session on Tuesday, extending gains for the seventh trading session. The Nifty settled above the 17,700 level. Metal, banking and financial services shares advanced while IT, consumer durables and realty stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 311.21 points or 0.52% to 60,157.72. The Nifty 50 index added 98.25 points or 0.56% to 17,722.30. In seven consecutive sessions, the Sensex jumped 4.42% while the Nifty climbed nearly 4.55%.

In the broader market, the S&P BSE Mid-Cap index advanced 0.40% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 2,257 shares rose and 1,287 shares fell. A total of 115 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.42% to 11.98.

Buzzing Index:

The Nifty Metal index rose 1.76% to 5,668.25, extending gains for the fourth day in a row. The index surged 3.48% in four trading sessions.

JSW Steel (up 3.65%), Tata Steel (up 2.48%), Jindal Steel & Power (up 2.44%), NMDC (up 2.26%) and Ratnamani Metals & Tubes (up 1.57%), Hindalco Industries (up 1.48%), Vedanta (up 1.06%), National Aluminium Company (up 1%), Welspun Corp (up 0.89%) and APL Apollo Tubes (up 0.51%) advanced.

On the other hand, Jindal Stainless (down 2.4%) and Hindustan Zinc (down 0.24%) edged lower.

Vedanta added 1.06%. The mining company said the Supreme Court (SC) has granted permission to Vedanta to carry out upkeep of its Sterlite copper unit at Tuticorin in Tamil Nadu. Separately, Vedanta announced that its board will meet on Thursday, 13 April 2023, to consider the proposal for issuance of non-convertible debentures on a private placement basis.

Stocks in Spotlight:

State Bank of India (SBI) gained 1.06%. The Executive Committee of the Central Board is scheduled to have a meeting on 18 April 2023 to consider long term fund raising in single / multiple tranches of up to US$2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible foreign currency during the Financial Year 2023-24.

Life Insurance Corporation of India (LIC) rose 0.30% after the life insurer announced the appointment of Ratnakar Patnaik as chief investment officer (CIO) and Pratap Chandra Paikray as chief risk officer (CRO) of the corporation with effect from 10 April 2023.

Bank of Baroda rose 2.80% after the state-run lender announced that it will be revising its Marginal Cost of Funds Based Lending Rate (MCLR) from 12th April 2023. Separately, the state-run bank informed that as of 31 March 2023, its total business crossed Rs 21 lakh crore milestone. Total business of the bank grew by 16.8 % YoY to Rs. 21.77 lakh crore.

Radico Khaitan fell 2.66%. According to the latest figures released by the company, Magic Moments Vodka has surpassed the 5 million cases mark in sales in FY2023, an increase from the 3.8 million cases sold in the previous year. This marks a YoY growth of 31.5% for the popular vodka brand. 8PM Premium Black Whisky has also achieved a noteworthy milestone, selling over 3 million cases in the financial year 2023. This is a significant increase from the 2.1 million cases sold in the previous year, representing a growth of 42.8%.

Trident jumped 8% after the firm announced production update for March 2023. In the home textile division, production of bed linen improved to 3.12 million metres (MM) in March 2023, registering a growth of 8.33% from 2.88 MM recorded in the same period last fiscal.

Star Health and Allied Insurance Company jumped 3.95% after the insurer's gross direct premium improved to Rs 12,950.9 crore in March 2023, registering a growth of 13% as against Rs 11,463.5 crore reported in March 2022.

Ugro Capital fell 0.63%. The NBFC announced that its board has approved raising of funds through issuance of equity shares aggregating upto Rs 240 crore to Danish Sustainable Development Goals Investment Fund K/S, on a preferential basis. Meanwhile, The company said that it is simultaneously raising up to Rs 101 crore from long term shareholders like insurance companies, AIF, and other financial institutions through a qualified institutions placement (QIP) of up to Rs 101 crore.

Separately, the board of directors of the company has approved the opening of QIP of equity shares of face value Rs 10 each with the floor price of Rs 149.54 per share. The firm's board has authorised and declared the opening of the issue on Wednesday, 10 April 2023.

Shilpa Medicare zoomed 12.01% after the drug maker said that it has received U.S Food and Drug Administration (US FDA) final approval for its abbreviated new drug application (ANDA), Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis.

Global Markets:

Shares in Europe and Asia advanced on Tuesday.

Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea's central bank held rates for the second consecutive time.

China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).

U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.

Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.