The Indian stock market, including major exchanges BSE and NSE, remains closed on Wednesday, 17th April 2024, in observance of Ram Navami, celebrating the birth anniversary of Lord Ram. Despite the pause, the anticipation around corporate earnings scheduled for release this week keeps investors engaged. Here’s a closer look at how the market performed yesterday and what investors can expect in terms of corporate earnings.
Yesterday, the NIFTY 50 saw a decline, dropping 124.60 points to close at 22,147.90, marking a decrease of 0.56%. Similarly, the BSE SENSEX fell by 456.10 points, settling at 72,943.68, a decrease of 0.62%. The daily trading ranges were relatively narrow, indicating a cautious approach from investors ahead of the holiday and upcoming earnings reports. The yearly high and low figures reflect significant volatility that these indexes have experienced, with current values hovering near the upper end of these ranges.
Nifty 50 (Investing.com)
Tata Consultancy Services Ltd
Tata Consultancy Services (TCS) experienced a drop in its share price yesterday, closing at Rs 3,875.95, which was a 1.66 % decrease from the previous day. The stock’s day range showed a low of Rs 3,862.85 and a high of Rs 3,928.70. Despite the daily loss, TCS boasts a strong year-range, indicating robust performance over the longer term. The company’s fiscal Q4 results, reported on April 12, showed a revenue of 612.37 billion INR, with an impressive year-over-year growth of 3.51 %.
HDFC Bank Ltd
HDFC Bank showed resilience, ending the day at Rs 1,512.00, up by 1.16%. The bank’s performance is particularly notable as it anticipates the release of its quarterly results on April 20. The day’s trading range was tight, with the stock price peaking at Rs 1,512.90. The bank’s fiscal Q3 results highlighted a significant revenue increase of 121.14 % year-over-year, setting a positive tone for the upcoming financial disclosures.
Infosys Ltd
Infosys Ltd is another heavyweight set to release its Q4 results on April 18. The stock closed yesterday’s session at Rs 1,415.20, descending by 3.61%. Although the daily trading range was not wide, the significant year range points to the stock’s volatile year. Infosys’s fiscal Q3 USD revenues showed a marginal increase of 0.09 %, reflecting the challenges in a competitive tech landscape.
Reliance Industries Ltd
Reliance Industries Ltd closed marginally higher at Rs 2,936.50, an increase of 0.23 %. The stock’s performance remained stable, with a day range between Rs 2,901.85 and Rs 2,942.35. Fiscal Q3 reports showed a revenue gain of 3.65 % year-over-year, indicating steady growth amidst the market’s general volatility.
Reliance Industries Ltd. Stock Analysis
POSITIVE
Annual Revenue rose 24.43%, in the last year to Rs 889,569 Crores. Its sector’s average revenue growth for the last fiscal year was 32.88%.POSITIVE
Quarterly Revenue rose 3.65% YoY to Rs 228,955 Crores. Its sector’s average… pic.twitter.com/bvoh77caBu— MrsMohini (@MohiniWealth) February 25, 2024
ICICI Bank Ltd
ICICI Bank saw its share price decrease by 0.89 % to close at Rs 1,068.75. The bank’s fiscal Q3 results, however, painted a positive picture with a 20.35 % increase in revenue compared to the same period last year. The bank’s solid performance and potential for growth remain focal points for investors.
As the market remains closed today, investors are looking ahead to the forthcoming earnings reports, which could catalyze significant movements in the stocks mentioned. These results will be pivotal in shaping market ideas and opinions and could potentially influence the market’s direction in the upcoming sessions.
