The Indian equity markets today, April 18th, have dropped in their share price. Benchmark NIFTY 50 index is down 0.77% to trade at 21,980.65, losing 168.75 points to its previous close of 22,147.90. The index has navigated a day’s range of 21,969.80 to 22,326.50, underlining the market’s inherent drop. Similarly, the BSE SENSEX has dropped 0.74%, 543.49 points to trade at 72,385.70 as of writing. These figures set a cautiously optimistic tone as major companies gear up to announce their Q1 2024 earnings this week.
Nifty 50 Chart. Investing.com
Infosys Ltd
Infosys, a giant in the technology sector, is about to release its earnings for the first quarter of 2024 today. The previous fiscal quarter showed a subdued performance, with only a 0.09% increase in revenue, amounting to $4.66 billion. The IT titan’s scrip is trading at Rs 1,423.10, up 0.61% from its previous close of Rs 1,414.45. The stock has oscillated between a day’s range of Rs 1,407.50 and Rs 1,444.70 in anticipation of the financial results. With a staggering market capitalization of Rs 5.89 trillion, Infosys remains a pivotal player in the Indian tech landscape.
HDFC Bank Ltd
The banking sector HDFC Bank Ltd is trading at Rs 1,501.40, down 0.52% from its Rs 1,509.25 previous close. The stock has traded within a range of Rs 1,491.05 to Rs 1,518.85. With a formidable market cap of Rs 11.4 trillion and an average daily trading volume of 19.84 million shares, HDFC Bank remains a heavyweight in the Indian financial sector. The lender’s latest quarterly earnings, reported in December 2023, showcased a remarkable 121.14% year-over-year surge in revenue to Rs 671.69 billion, accompanied by a substantial 241.77% increase in operating expenses to Rs 459.26 billion. Nevertheless, net income grew a strong 35.91% to Rs 172.58 billion, underscoring the bank’s resilience amid challenging macroeconomic conditions as the Banking heavyweight gears up to release its Q124 this week.
ICICI Bank Ltd
Another banking titan, ICICI Bank Ltd, has witnessed a 1.26% drop in its share price, trading at Rs 1,053.50, down from its previous close of Rs 1,067.05. The stock has fluctuated between Rs 1,050.45 and Rs 1,078.05 so far today. With a market capitalization of Rs 7.4 trillion, ICICI Bank’s financial performance in the latest quarter in Dec 2023, reported on 20th Jan 2024, exhibited commendable growth, with revenue surging 20.35% year-over-year to Rs 390.51 billion. Although operating expenses rose 16.56% to Rs 239.09 billion, the lender’s net income climbed 25.71% to Rs 110.53 billion, reflecting its ability to navigate the challenging economic landscape adroitly.
Reliance Industries Ltd
The conglomerate Reliance Industries Ltd is trading at Rs 2,938.55, up 0.24% from its previous close of Rs 2,931.50. The stock has traded within a range of Rs 2,918.85 to Rs 2,972.00 so far. Recording a market cap of Rs 19.84 trillion, Reliance remains a top lead in the Indian corporate landscape. The company’s Fiscal Q32, announced in 19th January, exhibited resilience, with revenue growing 3.65% year-over-year to Rs 2.25 trillion. Despite a 7.47% increase in operating expenses to Rs 498.31 billion, Reliance managed to post a 9.33% rise in net income to Rs 172.65 billion, reinforcing its position as a diversified powerhouse.
