Opening bell: Sensex in red at 60,287; Nifty trades at 17,789 - Hindustan Times
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Opening bell: Sensex in red at 60,287; Nifty trades at 17,789

Apr 13, 2023 10:21 AM IST

IT counters took a beating in the morning trade which resulted in weak trend in the benchmark indices.

Benchmark indices declined in initial trade on Thursday after eight days of rally amid weak trends in the US equity markets triggered by fresh concerns over recession.

Market updates today: People walk past an electronic signage displayed at the Bombay Stock Exchange (BSE) building.(PTI)
Market updates today: People walk past an electronic signage displayed at the Bombay Stock Exchange (BSE) building.(PTI)

IT counters took a beating in the morning trade which resulted in weak trend in the benchmark indices.

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The 30-share BSE Sensex fell 164.66 points to 60,228.11 in early trade. The broader NSE Nifty declined 44.45 points to 17,767.95.

Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro, NTPC, Kotak Mahindra Bank and Tata Steel were among the major laggards.

The country's largest IT services exporter TCS on Wednesday reported a 14.8 per cent increase in March quarter net profit at 11,392 crore but flagged worries from its key market of North America.

Power Grid, Bajaj Finserv, Hindustan Unilever, Nestle, State Bank of India and Maruti were among the gainers.

In Asian markets, Seoul, Japan and Shanghai were trading in the green, while Hong Kong quoted lower.

The US markets had ended lower on Wednesday.

"Markets may drift lower in early Thursday trade after the key US indices ended lower overnight which resulted in Asian gauges trading mixed. While yesterday's key economic readings such as moderating inflation and improved IIP growth are positive developments, the markets could take a pause after witnessing continuous uptick over the past few sessions.

"Also, recession concerns grew after the US FOMC minutes showed that Fed expects banking turmoil to cause a recession, while reigniting inflation fears are a spike in oil prices to USD 83 a barrel," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said in his pre-market opening quote.

Retail inflation in March fell to a 15-month low of 5.66 per cent and came back to the Reserve Bank's comfort level of 6 per cent, as prices of vegetables and protein-rich items eased, showed government data released on Wednesday.

India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday.

Meanwhile, global oil benchmark Brent crude dipped 0.23 per cent to USD 87.14 per barrel.

"US stock finished lower in choppy trade on Wednesday after minutes from the Federal Reserve's March policy meeting showed policymakers agreed that the stress in the banking sector would slow US economic growth.

"Investors also assessed a March consumer price index report which shows inflation slowing, though still elevated. Meanwhile, Fed staff projected that the economy may enter a mild recession later this year before recovering over the next two years, according to the minutes," said Deepak Jasani, Head of Retail Research, HDFC securities.

Foreign Portfolio Investors (FPIs) continued their buying activity as they further bought equities worth 1,907.95 crore on Wednesday, according to exchange data.

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