Sensex Today Tumbles 800 Points Tracking Bloodbath in IT Stocks | Infosys Plunges 11% on Weak Quarterly Results | TCS & Wipro Among Top Losers

Mon, 17 Apr 10:30 am

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Asian share markets opened cautiously today as US 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.

The Nikkei is trading marginally lower while the Hang Seng is trading 0.5% higher. The Shanghai Composite is trading higher by 0.9%.

Wall Street indices 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.

The Dow Jones Industrial Average ended 0.4% lower while the tech heavy Nasdaq Composite lost 0.2%.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	109.46	1.27	1.17%	109.58	107.59	131.92	83.45
Apple	165.21	-0.35	-0.21%	166.32	163.82	176.15	124.17
Meta	221.49	1.14	0.52%	222.11	217.55	224.30	88.09
Tesla	185.00	-0.90	-0.48%	186.28	182.01	364.07	101.81
Netflix	338.63	-7.56	-2.18%	344.85	336.41	379.43	162.71
Amazon	102.51	0.11	0.11%	103.20	101.11	158.65	81.43
Microsoft	286.14	-3.70	-1.28%	288.48	283.69	294.18	213.43
Dow Jones	33,886.47	-143.20	-0.42%	34082.94	33730.85	35492.22	28660.90
Nasdaq	13,079.58	-29.87	-0.23%	13152.28	12962.51	14277.21	10440.64

Source: Equitymaster

Back home, Indian share markets are trading on a weak note following the trend on SGX Nifty and tracking the selloff in IT stocks.

At present, the BSE Sensex is trading lower by 827 points. Meanwhile, the NSE Nifty is trading down by 209 points.

Nestle and UltraTech Cement are among the top gainers today.

Infosys and Tech Mahindra on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading lower by 0.3%.

Sectoral indices are trading on a mixed note. Stocks in the FMCG sector and power sector are witnessing buying.

On the other hand, stocks in the telecom sector and oil and financial sector witnessed selling.

Shares of UltraTech Cement and Dr Reddy's Laboratories hit their 52-week high today.

The rupee is trading at Rs 81.94 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 71 at Rs 60,398 per 10 grams.

Meanwhile, silver prices are trading flat Rs 75,680 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

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HDFC Bank Q4 results

HDFC Bank reported a nearly 20% year-on-year (YoY) rise in net profit for the March 2023 quarter to Rs 120.5 billion (bn). Total income grew 31% YoY to Rs 538.5 bn.

The board has also approved a final dividend of Rs 19 a share.

The Indian banking company's asset quality was largely stable. The gross non-performing assets ratio was 1.1% as of March end, compared to 1.2% a quarter ago, and 1.2% a year ago.

The net non-performing assets ratio was 0.27% as of March end, compared to 0.33% a quarter ago, and 0.3% a year ago.

The capital adequacy ratio improved significantly, as it came at 19.3% as of 31 March, compared to 18.9% a year ago and 17.7% a quarter ago.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

Zydus Lifesciences receives USFDA approval

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market isoproterenol hydrochloride injection. The drug will be manufactured at the group's injectable manufacturing facility at Jarod, near Vadodara.

Isoproterenol hydrochloride injection is indicated to improve hemodynamic status in patients in distributive shock and shock due to reduced cardiac output and for treatment of bronchospasm occurring during anesthesia.

Earlier this month, the pharma company also received final approval from the US health regulator for its generic Tavaborole topical solution indicated to treat fungal toenail infections.

The approval granted by the USFDA was intended to manufacture and market Tavaborole topical solution of strength 5%.

Tavaborole topical solution is indicated to treat fungal toenail infections that may cause nail discoloration, splitting, or pain.

The drug will be manufactured at the group's topical manufacturing facility at Changodar in Ahmedabad.

Tata Steel's ambitious financing plan

Tata Steel's CEO, T V Narendran, stated that the company is continuing its pursuit of a financial package from the UK government, in response to a question about their stance on exiting the UK business.

He noted that there has been no conclusion to the request made for a financial package.

Tata Steel, owns the largest steelworks in the UK located in Port Talbot, South Wales, and has approximately 8,000 employees across all its operations in the country.

The steel company had requested a financial package of £ 1.5 bn (about Rs 152.5 bn) from the UK government to support its decarbonisation plans.

Earlier this year, the UK government made a counteroffer to Tata Steel for a financial package, which fell short of the company's expectations.

Narendran stated in an interview that Tata Steel believes it cannot envision a viable future in the UK without the support of the government there.

Bharat Petroleum to expand its Bina refinery

Bharat Petroleum (BPCL) has received approval from the Madhya Pradesh government for the expansion of the Bina refinery, and for setting up a petrochemical project in the state.

The Bina refinery, located at Bina Etawa in Madhya Pradesh's Sagar district, was founded in 2011. It is one of the major refineries operated by BPCL.

BPCL will invest an amount ranging from Rs 430 bn to Rs 500 bn for the two projects for expansion of the refinery and setting up the petrochemical unit.

The production will likely begin in 2027-28.

To know what's moving the Indian stock markets, check out the most recent share market updates here.

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