Stock Market Live: Sensex falls @ 48220 points, Nifty  14,420; Infosys down 4% post Q4

 EVENT HIGHLIGHTS

Stock Market Live: Indian indices were trading lower on Thursday amid a volatile session dragged by IT and auto stocks. Banking and financials stocks also pared gains further weighing on the benchmarks. Meanwhile, the metal and pharma indices continued to trade higher. The IT sector fell over a percent following a 4 percent fall in Infosys post its March quarter results.

HDFC Bank plans to raise Rs 50,000 cr through bonds within 12 months

HDFC Bank on Wednesday said it is planning to raise up Rs 50,000 crore during the next 12 months through issuing bonds. The bank’s board of directors will take up the proposal at its meeting on April 17, it said in a regulatory filing. ”The bank proposes to raise funds by issuing perpetual debt instruments (part of additional tier-I capital), tier-II capital bonds and long-term bonds (financing of infrastructure and affordable housing) up to a total amount of Rs 50,000 crore over the period of the next 12 months through the private placement mode,” HDFC Bank said. Perpetual bonds carry no maturity date, so they may be treated as equity, not as debt.

Infosys reports Q4 results:

IT services major Infosys on Wednesday reported a net profit of Rs 5,076 crore for the March quarter, as against the CNBC-TV18 poll estimates of Rs 5,130 crore. The company said that it expects FY22…

Earnings Impact: Infosys shares decline 5% post Q4 results

Shares of Infosys were under pressure on Thursday after the IT major reported its March Quarter (Q4) earnings. The IT services major posted a net profit of Rs 5,076 crore in Q4, as against the CNBC-TV18 poll of Rs 5,130 crore. The stock fell as much as 5.5 percent to its day’s low of Rs 1,320 per share. Other IT stocks also fell on weak sentiment post the results with the index down over 1 percent in intraday deals. Infosys also said that it expects FY22 revenue to grow 12-14 percent in constant currency. While announcing results, the company’s board also approved buyback of up to Rs 9,200 crore at Rs 1,750/share. This would be the third buyback by the company in the last five years.
“Amidst the negative of an alarming rise in Covid cases, a relief from the market perspective is that there is no large- scale lockdown. But the massive restriction of economic activity in economically significant state of Maharashtra is bound to have its impact on growth and earnings. The market knows this, but what is unknown is how long will this last and how quickly we can get ahead of the infection cases. The market is driven by the hope that in this race between the pandemic and vaccination, the latter will ultimately win. But what price we will have to pay for this is clouded in profound uncertainty. Pharma & IT could be safe defensive plays at this juncture. Investors can move on to economy-facing stocks when the daily Covid cases start steadily coming down”

Market Update: Sensex edges higher, Nifty above 14,500

Indian indices trimmed losses to trade higher on Thursday boosted by banking, energy and metal stocks. However, the IT sector fell over a percent following a 4 percent fall in Infosys post its March quarter results.

Opening Bell: Sensex, Nifty open flat but in the red; IT stocks decline, Infosys down 4% post Q4

Indian indices opened flat but in the red on Thursday, tracking caution in Asian peers and as another lockdown starts in Maharashtra on a continued spike in COVID cases. Losses in IT and auto stocks were capped by gains in banking, metals and FMCG stocks. IT sector fell over a percent following a 4 percent fall in Infosys post its March quarter results. At 9:18 am, the Sensex wad down 39 points at 48,505 while the Nifty fell 13 points at 14,492. On the Nifty50 index, Hindalco, ONGC, Tata steel, UPL and Adani Ports were the top gainers while Infosys, Eicher Motors, M&M, Bajaj Finance and HCL Tech led the losses.

Oil holds near one-month highs as demand forecasts raised

Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic. Brent crude was down by 21 cents, or 0.3 percent, at USD 66.37 a barrel by 0129 GMT, after gaining 4.6 percent on Wednesday and closing at the highest since March 17. US West Texas Intermediate futures dropped 25 cents, or 0.4 percent, to USD 62.9 a barrel, having risen 4.9 percent in the previous session. US crude inventories were down by 5.9 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than double analysts’ expectations for a 2.9 million barrel decline. East Coast crude stocks hit a record low.

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