Stock Market Today: The Nifty was below 17,700 as Indian indices opened on April 17 weakly. As of 17,692.30, the Nifty was down 135.70 points or 0.76%, and the Sensex was down 541.23 points or 0.90% at 59,889.77. A total of 1059 shares increased, 1143 shares decreased, and 168 shares were constant. Power Grid, Dr. Reddy’s Laboratories, Kotak Mahindra Bank, Eicher Motors, and Nestle India were among the Nifty’s top gainers. Major losers included Infosys, Tech Mahindra, Wipro, HCL Tech, and TCS.
This suggests that it is probably going to be a key barrier that needs to be crossed in order for a potential bullish breakout to take place. In other words, for the index to perform better, this resistance level must be overcome.
Stock Market Today: HDFC Bank Q4 earnings
For the quarter ended March FY23, HDFC Bank recorded a standalone profit increase of 19.8% year over year to Rs 12,047.5 crore, while provisions and contingencies decreased by 19% YoY to Rs 2,685.4 crore and decreased by 4.3 percent sequentially.
In comparison to the same quarter last year, net interest income increased by 23.7% to Rs 23,352 crore. Advances climbed by 16.9% to Rs 16 lakh crore as of March 2023, while deposits grew strongly by 20.8% to Rs 18.83 lakh crore as of March FY23.
Infosys shares fall 10% as Q4 earnings below estimates, profit falls 7%
For the quarter that ended in March FY23, Infosys reported consolidated profit of Rs 6,128 crore, a 7% sequential reduction as revenue fell by 2.3% QoQ to Rs 37,441 crore and EBIT fell by 4.3% to Rs 7,877 crore.
EBIT margin decreased by 50 bps sequentially during the quarter to 21%. Revenue decreased 3.2% in constant currency terms and 2.2% in dollar terms, reaching $4,554 million. Infosys anticipates a 4-7% increase in sales for FY24 and an annual EBIT margin of 20-22%.
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