Infosys hits lower circuit, Mega block deals in ZEE, WPI inflation eases to 29 month low

Indian Markets:

• Nifty 50 Movement: Index began trading at 17,863, but slipped during early trades, hitting a low of 17,574.05 in the morning. Despite this dip, it gradually recovered throughout the day, managing to close above 17,700 by days end.
• Domestic equity benchmarks saw their nine-day winning streak come to an end as the BSE Sensex and Nifty 50 index experienced a significant correction.
• The IT sector bore the brunt of this decline, with the Nifty IT index plummeting by 4.71%.
• Investor sentiment was dampened due to concerns over the US Federal Reserve’s interest rate policy and the global economic slowdown.
• Despite this downturn, PSU banks, FMCG, and realty stocks managed to buck the trend and perform relatively well.

Global Markets:

• Dow Jones Futures were up 77 points, indicating a positive opening in the US stocks today.
• European shares showed progress, while Asian stocks closed with mixed results today, as investors eagerly await the release of crucial US inflation data. The Federal Reserves course of action in its tightening cycle is dependent on the outcome of this data.
• On Tuesday, US stocks closed with a mixed performance in anticipation of the impending inflation data. The US consumer price index (CPI) for March is set to be released on Wednesday, followed by wholesale prices on Thursday.

Stocks in Spotlight:

• Infosys witnessed a significant decline of 9.37% on the Nifty 50 index after it announced its revenue growth guidance of 4-7% for the fiscal year ending 31 March 2024. During an investor call following the earnings report, Infosys cited unplanned client rampdowns, delayed decision-making, and a one-time impact as the reasons for the revenue shortfall. The company’s Q4 FY23 earnings report revealed a 7% decline in consolidated net profit to Rs 6,128 crore, and a 2.3% fall in revenues to Rs 37,441 crore over Q3 FY23.
• Zee Entertainment Enterprises witnessed a decline of 2.11% after a series of mega block deals in initial trade, as Invesco Oppenheimer Developing Markets Fund sold its 5.65% stake in the company through block deals.
• Adani Green Energy, the largest renewable energy company in India, reported a significant 49% increase in its operational capacity to 8,086 MW in FY23, compared to the previous financial year. This boost was largely due to the successful commissioning of several new plants, including 2,140 MW solar-wind hybrid power plants in Rajasthan, a 325 MW wind plant in Madhya Pradesh, and a 212 MW solar power plant in Rajasthan.

News from the IPO world?

• EbixCash receives SEBI clearance to float IPO
• Mankind Pharma IPO to open on April 25
• Tridhya The files DRHP with SEBI for Rs. 35 crore IPO

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