The stock market saw a mixed day of the performance on Monday, 17th April 2023. Infosys, the IT giant's shares experienced a drop of 10% to Rs 1,250.30 on NSE after its Q4 results missed market estimates. The NSE Nifty and BSE Sensex started the day with a sharp cut, falling 197.50 pts or 1.11% to 17,630.50 and 744.73 pts or 1.23% to 59,686.27, respectively. Additionally, Nifty IT plummeted 1,702.85 pts or 6.01% to 26,639.95. HDFC Bank's share prices tumbled 2.1% to Rs 1,656.9 per share, following the lender’s Q4FY23 PAT results, which clocked in at Rs 120.5 billion, up 19.8% on-year but down 1.7% QoQ.
Moving on to the commodities market, last week, most commodities gained around 1.5% to 3.0% on a weekly basis except gold, which gave up all its weekly gain and settled marginally lower. Crude oil prices surged to a five-month high with a price rise of more than 2.50% as traders tracked supply constraints after a recent production cut announced by OPEC and its alliance.
In the industrial sector, Adani Group and French company TotalEnergies’ newly built Rs 6,000 crore facility to import LNG at Dhamra on the Odisha coast will start commercial operations at the end of May. On the technology front, WhatsApp, the popular instant messaging app owned by Meta, rolled out a new feature that allows users to add descriptions to forwarded messages. Meanwhile, MG Motor India is launching its second all-electric offering in the Indian market, the MG Comet EV, which will make its official debut on April 19, 2023.
At the end of the day, the domestic indices trimmed some losses but ended the session broadly in red. The NSE Nifty 50 fell 121.15 points or 0.68% to 17,706.85, and the BSE Sensex tanked 520.25 points or 0.86% to 59,910.75. While Bank Nifty rose 130 points or 0.31% to 42,262.55, Nifty IT plunged 1,334.6 points or 4.71% to 27,008.20. Overall, the day saw mixed results across sectors, with some experiencing a drop, and others rising.