Sensex, Nifty50 shed over 1% in morning trade as IT stocks plummet post Infosys and TCS’ Q4 results

• India’s equity markets fell by over 1% in morning trade on Monday after a meltdown in the IT stocks basket post TCS and Infosys’ Q4 results.
  
• Infosys was the top loser in both the Nifty50 and Nifty IT flock, plunging by over 10% this morning after investors and analysts alike were spooked by its Q4 performance.
  
• The Nifty IT index fell by over 6% before partially recovering.

India’s equity markets fell by over 1% in morning trade on Monday after a meltdown in the IT stocks basket post TCS and Infosys’ Q4 results. Infosys was the top loser in both the Nifty50 and Nifty IT flock, plunging by over 10% this morning after investors and analysts alike were spooked by its Q4 performance.

The 30-stock Sensex was down 1.2% or 737 points to 59,694, while the 50-stock Nifty50 was down 1% or 186 points to 17,642 on Monday morning. The Nifty IT index alone was down nearly 6%, with all the ten stocks in the index in the red. The top five losers on the Nifty50 index were all IT stocks.

Top gainers and losers on Nifty50

Top gainers	Change	Top losers	Change
Power Grid Corp	3.70%	Infosys	-11.10%
Nestle India	3.24%	Tech Mahindra	-5.14%
Kotak Mahindra Bank	1.84%	HCL Tech	-3.00%
Britannia Industries	1.78%	Wipro	-2.72%
UltraTech Cement	1.47%	TCS	-2.20%

Source: NSE, as on April 17, 2023

Earlier last week, Sensex rose 1.4% on the back of healthy rallies in FMCG, IT and banking stocks. Nifty50, on the other hand, gained 1.7%.

Gold prices eased a tad after rising to nearly $2,030 per ounce last week. Crude oil prices continued to simmer, with Brent crude remaining above $86 per barrel level.

Global market cues mixed

Markets in the US fell ahead of the March quarter earnings season – Dow Jones fell 0.42%, while S&P 500 fell 0.21%. The tech-heavy Nasdaq fell 0.35%.

Asian markets were more mixed on Monday, with Nikkei 225, Hang Seng and Taiwan Weighted all flat today morning. KOSPI declined 0.18%, while Shanghai Composite gained 0.88%.

Stocks in news

Infosys: The IT services major reported a disappointing Q4, missing analyst estimates on most major counts. It missed its own revenue guidance for FY23 and guided for a notably lower revenue growth of 4-7% in FY24.

HDFC Bank: The private sector lender reported a net profit of ₹12,047 crore and a net interest income of ₹23,352 crore in Q4. Its net non-performing assets improved to 0.27% in Q4 from 0.33% in Q3.

Tata Motors: To marginally increase the prices of its passenger vehicles by 0.6% from May 1.

Earnings today: Angel One, Just Dial, Hathway Cable & Datacom, Network18.

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