Stock Market Highlights: Sensex, Nifty 50 end rangebound session off lows, Nifty IT falls 4%

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Share Market Update | Geojit Financial Services' Vinod Nair on market  

"The market responded negatively to the weak start of the earnings season by IT bellwether and their cautious outlook. On the global front, the US 10-year bond yield rose as solid US job data raised concerns over further rate hikes by the Fed. The earnings reports, primarily from the IT and banking sectors, will influence market trends in the coming days. We expect Nifty50 earnings to grow by 10 percent in Q4 FY23, driven by banking and finance, auto, telecom, and FMCG," Vinod Nair, Head of Research at Geojit Financial Services.

Market at Close | Sensex, Nifty snap nine-day gaining streak on IT weakness

Financials remain on a strong footing, Nifty Bank up for fourth straight session

Midcap outperformance keeps market breath neutral, advance-decline ratio at 1:1

It sees heavy selling following a weak Q4 by Infosys, Nifty IT falls five percent, biggest in a year

Sensex falls 520 points to 59,911 and Nifty 126 points to 17,702

Nifty Bank gains 75 points to 42,208 and midcap index 125 points to 31,009

Infosys slips up to 15 percent intra-day to record biggest fall in more than three years

5 of top 7 Nifty losers are IT stocks (Infosys, Tech Mahindra, HCL, Wipro and TCS)

In Midcap space too, it stocks are top losers (LTIMindtree, Persistent, Coforge)

Select IT stocks like Mphasis, Birlasoft, L&T Tech see major recovery intra-day

FMCG companies including Nestle, Britannia and ITC see buying, up 1-4 percent

Cement stocks continue to move higher on improved demand, India Cem up three percent

RBL, Union Bank, AB Capital, City Union Bank, BoB are top Midcap gainers

BSE companies see a minor fall in market cap, down Rs 5,000 crore  

Rupee Close | Rupee end lower at 81.97 vs US dollar 

Share Market Update | HEM Securities' Astha Jain on Infosys

Market Update | FMCG companies likely to report volume growth in fourth quarter as rural demand improves

Nestle and Tata Consumer will report results on April 25, and Hindustan Unilever Ltd (HUL) will report its results on April 27. Dabur, Marico, as well as Asian Paints, will report their results between May 4 and May 11. Here is what one can expect.

Market Update | Nifty PSU Bank index up 2.8%

The index is trading 106.4 points or 2.8 percent higher. All 12 stocks in the index are trading with gains. PSB, Indian Bank and Union Bank, up 4.5 to 11.9 percent, are the top index gainers. 

Market Update | Fear index up 3.2% 
The India VIX -- also known as the fear index -- is trading 3.2 percent higher at this hour. The index iws used to measure volatility in the market. 

Stock Market Update | Krsnaa Diagnostics Wins Tender

- Mira-Bhayandar Municipal Corporation awards tender to provide diagnostic services
- Tender awarded on Public-Private Partnership basis
- Company will set up a MRI, CT Scan, Sonography- Ultrasound, 2 order(s)/contract(s) awarded in brief X-Ray Center and Pathology Lab to serve the patients falling under the jurisdiction of Mira-Bhayandar Municipal Corporation
- Size not disclosed

Stock Market Update | BLS International Looks At China

- Shikhar Aggarwal said the company will open all their offices in different parts of China
- Will be processing 20,000 applications annually for contract with Polish embassy
- Revenue per application has increased by 40 percent
- Value added services have seen a price hike of 10-15 percent
- Expect EBITDA margin to improve

Share Market News | Vedanta signs MoU with 20 companies, Bloomberg reports

The company has reportedly signs memorandum of understanding with 20 Korean display glass manufacturing companies. 

Stock Market Update | Top Stocks To Buy/Sell

Here are two recommendations by Rahul Sharma of Equity99 Advisors:

Buy Ramco Cements for a target of Rs 800 with a stop loss at Rs 740 
Buy Bank of Baroda for a target of Rs 186-190 with a stop loss at Rs 169 

Share Market Update | Jay Thakkar of Sharekhan on IT

"Any bounce in IT should be definitely used as an exit or a selling opportunity because it has broken its previous swing lows. The overall trend for the Nifty IT will be weak. The IT is looking sideways to negative," say Jay Thakkar. 

Here are two recommendations by Thakkar:

Buy ITC
Buy TVS Motor for a target of Rs 1,250 with a stop loss at Rs 1,130 

Stock Market Update | Adani Transmission reports March quarter updates 

System availability at 99.71 percent vs 99.89 percent in the year-ago period 

Distribution loss at 4.82 percent vs 4.97 percent in the year-ago period

Consumer base at 3.13 million vs 3.08 million in the year-ago period

Collection efficiency at 100.6 percent vs 104.1 percent in the year-ago period

Nifty 50 Update | Index is trading near 17,650

Nifty 50 is trading at 17,661.3, down 0.9 percent or 166.7 points from its previous close. 23 stocks in the 50-share index are trading in the red. Infosys, Tech Mahindra, HCL Tech, Wipro and L&T are the top losers, down 2.1 to 10.7 percent. On the other hand, Nestle, PowerGrid, Britannia, ITC and Grasim are the top gainers, up 1.5 to 3.9 percent.