Market LIVE Updates: Nifty Around 17,650, Sensex Sheds 650 Points; March WPI Inflation At 1.34%

4:11:44 p.m. EDT

Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities

Technology stocks led the correction as the Sensex slipped below the psychological 60,000 level after a much-anticipated gain. The real losers were high-tech computer stocks, and Infosys' corporate earnings were hit hard, underperforming Street's estimates.

Aside from the disappointing results, concerns over weak IT spending by multinationals due to the weak economy and recession fears have weighed heavily on the sector in recent months.

On the daily chart, Nifty has formed a retracement bar candle signifying a temporary correction until the market surpasses the 17870 level. For bulls, the 17800-17870 zone will act as the immediate resistance zone and 17600-17500 as the main support zone. Area. A new buying impulse can be seen just above the 17,870 mark.

4:02:54 p.m. EDT

Vinod Nair, Research Director, Geojit Financial Services

The market reacted negatively to a weak start to the earnings season and cautious forecasts by IT executives. Globally, US 10-year bond yields rose as strong US jobs data fueled fears of further rate hikes by the Fed.

Earnings reports, especially from the IT and banking sectors, will influence the market development in the coming days. We expect Nifty 50 earnings to rise 10% in FY23, driven by banking & financials, autos, telecoms and consumer staples.

15:58:42 EDT

Dilip Parmar, research analyst at HDFC Securities:

The Indian rupee started the week on a negative note after a long weekend following a rebound in the dollar index and risk aversion. However, the day trading range was short due to the lack of new guidance.

Factory inflation moderated with wholesale inflation coming in at 1.34% and 3.85%, down from last month's estimate of 1.6%.

Spot USDINR is hovering around 82 amid central bank intervention and dollar buying by importers.

Technically, the pair has support at 81.70 and resistance at 82.50.

3:49:24 p.m. EDT

Jatin Gedia, Technical Analyst, BNP Paribahan says:

The Nifty finally closed in the red today after nine straight positive trading sessions. On the daily chart, we can see that the Nifty has encountered resistance at 17850-17870, which coincides with the 50% Fibonacci retracement level (17858) of the 18888-16828 decline.

The Nifty showed a rebound in the second half of the trading session, which helped it close on an intraday low (17,574). The daily momentum indicator is still crossed positive, which is a buy signal.

We believe the uptrend is still intact and this decline should be used as a buying opportunity. In terms of levels, 17,860 – 17,900 is the immediate barrier, while 17,560 – 17,500 represents strong short-term support. On the other hand, we expect the Nifty to target 18,000.

3:32:27 p.m. EST

From R:

The Indian rupee fell 12 points to 81.97 per dollar from Thursday's close of 81.85.

3:30:15 p.m. EDT

Closed market:

Indian benchmarks closed lower on April 17 as the Nifty neared 17,700.

To finish, the Sensex was up 520.25 points, or 0.86%, at 59910.75 and the Nifty was up 121.20 points, or 0.68%, at 17,706.80. About 1,747 shares rose, 1,739 shares fell, and 180 shares were flat.

Infosys, Tech Mahindra, HCL Technologies, NTPC and Larsen & Toubro were among the losers in the Nifty rankings, while Nestle India, Power Grid Corporation, SBI, Britannia Industries and others were among the winners

coal from India.

At the industry level, the IT index fell 4.7%, the pharma index fell 0.6%, while the bank PSU index rose 3% and Oil & Gas, Real Estate and Consumers each rose 1%.

The BSE Mid Cap Index was up 0.5% and the Small Cap Index was up 0.15%.

15:29:32 EDT

Sumil Gandhi, Principal Commodity Analyst, HDFC Securities.

Gold prices edged higher on Monday, with spot gold on Comox trading up 0.06% to $2,007 an ounce. MCX June gold futures traded up 0.30% in the afternoon session at Rs 60,510 per 10 grams.

Comex spot gold prices were at physiological levels near $2,000.0 an ounce with a positive bias after Friday's decline. Gold prices corrected sharply on Friday after near-term inflation expectations in the United States rose to a nearly two-year high in early April, according to preliminary April data from the University of Michigan. The inflation data fueled bets that the Fed could tighten aggressively and the US dollar and yields could rise in response as traders trimmed and stopped selling following the gold data release. The yellow metal's current surge is associated with active trading near support levels.

We expect gold prices to consolidate within this range with selling pressure higher up. During the week Comox spot gold found support at 1980/1945/oz and resistance at 2033/2050/oz. MCX gold futures for June held at 59,680 rupees per 10g and resistance at 61,200 rupees per 10g.

15:21:08 EDT

JPMorgan's view of Infosys

JPMorgan downgraded Infosys to undervalued and lowered its price target to Rs 1,200 per share from Rs 1,500. The broker believes that encouraging comments and ambitious recommendations are serious omissions that lead to a re-evaluation. As a result, revenue fell 4-5% and margins fell 70 basis points, resulting in an 8-9% decline in earnings per share from fiscal 24/25.

JPMorgan also noted that CC's FY24 revenue growth forecast of 4-7% and margins of 20-22% are below consensus. Demand is expected to be 1.6-2.7% CQGR which seems extremely high for H2FY24. The company is subject to retrospective reductions.

© Moneycontrol via Infosys JPMorgan downgraded Infosys from JPMorgan View to submarket and lowered its price target per share to Rs 1,200 from Rs 1,500. The brokerage firm considers encouraging comments and ambitious recommendations as serious omissions leading to a re-evaluation. As a result, revenue fell 4-5% and margins fell 70 basis points, resulting in an 8-9% decline in earnings per share from fiscal 24/25. JPMorgan also noted that CC's FY24 revenue growth forecast of 4-7% and margins of 20-22% are below consensus. Demand is expected to be 1.6-2.7% CQGR which seems extremely high for H2FY24. The company is subject to retrospective reductions.

3:17:10 p.m. EDT

Mohammad Imran, Analyst at Sharekhan Research at BNP Paribas:

Crude oil posted its fourth weekly gain last week, hitting $82, helped by strong China import data that showed in March, up 22.5% yoy since June 2020, the highest monthly volume in almost three years.

On the other hand, US gasoline and diesel inventories have been falling recently, and gas inventories are well below last year's levels, which could help dampen gas sales ahead of the summer driving season.

The market remains nervous as OPEC+'s decision to voluntarily cut production by about 1.6 million barrels per day from May will result in a global balance sheet deficit of about 1 million barrels per day from June. The overall outlook is bullish with China's positive economic performance likely to push oil prices to fresh resistance at $85 while support remains around $79.

3:11:39 p.m. EST

Anuj Chowdhury - BNP Paribahan's stake in Sharekhan:

The Indian rupee depreciated Monday as the US dollar strengthened and domestic stocks weakened. However, lower crude oil prices mitigated the negative impact. India's WPI fell to a 29-month low of 1.34% in March 2023, beating forecasts of 1.87% and last month's IMF read of 3.85%. The dollar rebounded from a year's low on Friday after positive US economic data and a dovish statement from FedSpeak. Fed spokesman Christopher Waller said inflation remains very high.

We expect the Indian rupee to trade with a slight downward bias due to the stronger dollar and crude oil prices. Weakness in domestic markets could also put pressure on the rupee. However, steady FII inflows and low inflation could keep the rupee lower. Traders may be cautious on US Empire State Manufacturing Index data. USDINR spot price is expected to range between Rs 81.50 and Rs 82.50 in the short term.

3:06:51 p.m. EST

Ambit View at Infosys

Ambit recommended selling Infosys and lowered the price target to Rs.1,340 per share from Rs.1,505. Growth, margins and forecasts fell short of brokerage houses' expectations. US verticals are down, but Ambit is forecasting 4-7% growth for FY24, implying a 1.7-2.9% CQGR from Q1-Q4.

Brokerage moderated CC revenue growth (in constant currency) from 7.1/7.7% to 5/7.3% in FY24/25. Additionally, Ambit cut its FY25 EPS estimate by 5%.

Infosys hit a 52-week low of Rs.1,219 and rose Rs.130.35, or 9.39%, on the BSE to Rs.1,258.25.

3:03:36 p.m. EST

The Bank of Baroda will study the possibility of withdrawing foreign currency funds by issuing bonds

The Bank of Baroda Board of Directors meeting is scheduled for 21 April 2023 to consider and approve the issue of foreign currency funds through the issuance of bonds and/or certificates of deposit and/or certificates of deposit. other loans.

The Bank of Baroda was listed on the BSE by Rs 4.40 or 2.57% to Rs 175.70.