The Indian stock market experienced a sharp pullback today, with the benchmark Nifty 50 index plunging 274 points to 22,373.35, down 1.21% after hitting an all-time high of 22,794 in the morning session. The BSE Sensex has also tumbled, shedding 986.07 points,1.32% to trade at 73,625.04 as of writing

Nifty 50 Index Daily Chart: TradingView

The Nifty Bank index, which tracks the performance of major Indian banks, also succumbed to the selling pressure, tumbling 0.94%, 465 points to 48,766.05. This decline comes as AxisMutualFund launches the NiftyBank Index Fund, an open-ended index fund designed to mirror the Nifty Bank Total Return Index (TRI).

The market’s downward slide comes on the heels of a remarkable rally that saw the Nifty 50 soar to record peaks in recent weeks, fuelled by strong corporate earnings and sustained investor optimism. However, profit-taking appears to have set in, leading to the indices’ retreat from their lofty heights. Let’s look at some of the top stocks’ performances so far.

Reliance Industries

Shares of Reliance Industries, India’s most valuable company, have bore the brunt of the sell-off, plummeting 3.01% to Rs 2,844.90. The conglomerate recently reported its fiscal Q4 2024 earnings, with revenue surging 15.17% year-over-year to Rs 2.45 trillion. Operating expenses, however, also climbed 10.77% to Rs 541.22 billion over the same period.

Despite the sharp decline, Reliance’s market capitalization remains at a staggering Rs 19.40 trillion, stressing its dominance in the Indian corporate landscape.

Tata Consultancy Services (TCS)

The IT services behemoth TCS has witnessed its stock dip 1.12% to Rs 3,820.05 amid the broader market rout. The company’s fiscal Q4 2024 results painted a mixed picture, with revenue growing 3.51% year-over-year to Rs 612.37 billion, but operating expenses declining by 16.85% to Rs 86.20 billion.

Net income rose 9.15% to Rs 124.34 billion, while the net profit margin expanded 5.4 percentage points to 20.30%. Earnings per share (EPS) also increased by 10.37% to Rs 34.37, and EBITDA climbed 8.94% to Rs 167.35 billion. With a market capitalization of over Rs 13.9 trillion, TCS remains a dominant force in the Indian IT sector.

HDFC Bank

This is India’s largest private sector lender and has seen its shares slide 1.23% to Rs 1,513.40. The bank’s fiscal Q4 2024 results revealed a staggering 113.20% year-over-year surge in revenue to Rs 668.89 billion, though operating expenses also skyrocketed by 236.70% to Rs 491.28 billion.

Net income grew 39.92% to Rs 176.22 billion, but the net profit margin contracted by 34.35 percentage points to 26.35%. EPS, however, saw an astronomical 2,653.39% increase to Rs 21.67, potentially reflecting a change in the bank’s share count. HDFC Bank’s market capitalization stands at a formidable Rs 11.51 trillion.

Infosys

IT giant Infosys witnessed a slight 0.24% decline in its stock price, trading at Rs 1,411.05. The company’s fiscal Q4 2024 earnings showed a modest 0.22% year-over-year increase in revenue to $4.57 billion while operating expenses dropped by 0.75% to $398 million. Net income surged 28.90% to $959 million, driving the net profit margin up by 28.66 percentage points to 21.01%. Infosys’ market capitalization currently stands at Rs 5.84 trillion